Currently loans are very popular. Many citizens are addressed to this service, and there are a lot of reasons for getting a loan. The list is quite extensive, but you can list several common needs for which people take credit — the urgent need, buying property, buying transport, health, and ordinary desires. But, because credit products approve not everyone.
Why is this happening and what are the main causes of loans failures? Let’s try to figure it out.
If you have already paid loans in the past, and led themselves unfairly, namely, regular delay was allowed, or did not pay a loan at all, respectively, your credit history was spoiled. You can not know or forget about it. But banks store information. Therefore, if in the past you had such an error, then be prepared in the future to fail.
If you have no credit history. It would seem that if there is no credit history, then there is nothing wrong with that. But, banks consider differently. Once there is no credit history, it means there are no information about you. And what is your borrower, and whether it is worth dealing with you. Therefore, before applying for a major loan, try to start opening your credit history. This can be done by taking a small amount on credit, or the technique.
To pay monthly payments, you need to be income. Accordingly, if you do not have income, then the loan is most likely not approved, because you will have nothing to pay it. Banks preferably want of course official employment. After all, with official employment, you can provide a certificate to the bank about your income.
If in the past you allowed overdue payments on housing and communal services, or fines, and those in turn were transferred to court. After filing the application, the bank carefully checks the history of the borrower, so this information will become affordable.
If you are a happy owner of not a single loan, and several, in approval of the new one you may refuse. Since your financial solvency will not allow you to take another credit obligations. But this is already at the discretion of the bank itself.
If you have already applied for a loan product, but you have come to fail. Bank has a certain period, after which you can send a request again. Basically, these are 30 calendar days. So before sending the application again, it is better to make sure that this period has passed.
If you were a guarantor of a person who is currently delay, or evasion from its monthly obligations. This factor also poorly affects your credit history.
Well, the last, from explicit reasons for refusal — an indication of unreliable information about yourself. It is worth remembering that banks rather carefully check the information obtained from the borrower. And an attempt to deceive the bank, most likely leads you to the abandonment of the desired loan.
Now you know what reasons can affect the refusal of lending, do not allow them and a positive decision of the bank will always be on your side.