Personal Loan Rejected? Know The Reason Why!
A personal loan can definitely help you to any emergency financial needs, but being rejected every time you request can be a little bit alarming. If the moneylender in the Philippines is hesitant to inform you the reasons why you are rejected, here are the few criteria you should review.
You have a bad credit history
This is a self-explanatory factor why your loan is rejected. Just imagine yourself lending money to a friend who’s not disciplined enough to pay you back, are you be willing to lend him again? Of course not, just like in a moneylending business. If the applicant for a personal loan has a bad credit history in credit cards, appliance companies, 100% of the request is rejected.
The details you have provided are incomplete
Transparency is the key when applying for a personal loan. Most of the moneylending companies in the Philippines have designated team for verifying and collecting data as well as funds. Not providing the exact address of your location, complete name and proofs of billing, tendency loan request is rejected. Submitting incorrect requirements to the moneylending company makes them think that you are a spam or a competitor trying to lurk their system.
You are a job hopper
Requesting for a personal loan then you’re a job hopper may not go as you planned. You must have a steady source of income if you want to apply for a loan. Other than having a steady income, the following are also essentials:
- You must be in the legal age of at least 21 years old and above and working
- You must be employed for more than two years
- Your personal loan amount should not exceed your average monthly income.
Always review these factors when applying for a personal loan. By now, you should work on your credit history if you want your loan to be approved.