Processing a loan in any financial institution is relatively easy, however there are reasons that people ignore and that often intervene in the process, causing the application to be rejected.
If it has been your case or you do not know if you are a candidate for a loan, in Lending Matters we share the reasons why your credit request was rejected, so that you can improve them and obtain a successful response.
You do not have a credit history
One of the main requirements to be able to process a loan is to have a credit history, since it records all your financial information. If you do not have a bank or departmental card, a telephone plan or another service registered in your name, surely you do not have any credit history that can prove your financial responsibility. You can open a debit or savings account and deposit a fixed amount monthly to start generating a history.
You do not have a regular income
Another requirement also contemplated by financial institutions when granting a loan is that you really have the solvency to cover the debt, through the verification of income. For those who have a fixed job, the payroll they receive is a valid voucher and for those who do not, a bank account with frequent deposits and stable balance is very useful. But if you can not prove that you have a regular income, it is almost impossible to get the loan.
Your data is not correct
Like your documentation, all the data you provide will be corroborated, so it is important that they are correct. If your name, address or date of birth differs from what is in your official documentation (curp, birth certificate or voter’s credential), your credit will be rejected instantly.
Check that your data is correct before requesting a loan or otherwise make the necessary procedure for its correction.
You have a bad credit rating
Although having a credit history is the main requirement for applying for a loan, it does not guarantee that the loan will be approved. The financial institutions consult the information provided by the credit bureau to analyze the credit history of the people. Here all the payments you have made are reflected, if you complied with the indicated or you have had arrears and because of this, it is the most common reason why the requests are rejected. If you have any arrears with your debts and payments, try to settle them as soon as possible and wait for the time necessary for your record to stabilize before making your next request.
You have more than one loan at a time
Some institutions allow you to have more than one loan at a time, regardless of whether they come from other institutions, as long as they are affordable to pay. However, the great majority prefers that the applicant finiquite its previous debt, before authorizing the credit.
Each institution has its own requirements, it’s just a matter of finding the one that suits your needs. In Lending Matters, requesting an online loan is completely easy, you just have to establish the amount you need, fill in all the data and in seconds your credit will be ready. In addition, you can take advantage of the 0% interest when requesting your first loan. We invite you to enter the Lending Matters page, process your loan and enjoy its benefits.