It can be difficult to come up with a concrete explanation of why a customer has been denied a loan application. At William Boldwood we do not get a justification from the banks as to why a customer has been denied. However, there are some general factors that come into play when the bank makes a credit rating.
Have you got a rejection
If you have applied for a loan and then received a refusal from the bank, it may sound a bit violent. In addition, it can cause frustration, as there has been a reason why you have applied for a loan. However, the refusal just means that the banks have made a credit assessment of your finances and assessed that there is not enough air in the economy for you to take out a loan. Therefore, the bank cannot offer you a loan.
Your finances play in when you want to borrow money
“ A co-applicant can increase your chances of getting the loan approved and for better interest rates.
Of course, the banks also assess your income during the credit rating, as they must consider whether you have the opportunity to pay off on the monthly benefit. Therefore, it will always be an advantage if you have a co-applicant on the loan. By having a co-applicant on the loan, his or her income also comes into the credit rating, and this can increase your chances of getting the loan approved and for better interest rates.
Moreover, if you have been refused a relatively high loan amount, it may be recommended that you apply for a small amount next time if you have to borrow money. You can. even try to figure out how much money you have available each month after your overheads. In addition, a good idea is to set a budget to find out how much you can deduct per month.
Also read How to put a budget
Are you registered in RKI
If you are registered in the RKI or Debtor Register, it is very difficult to get a loan from most banks. This also applies to the banks with which William Boldwood cooperates. The purpose of the RKI is to signal to other creditors that you have not paid your bills as well as to protect borrowers and prevent them from taking up more debt.
Instead, consider how to get out of the RKI. First of all, it is recommended that you start by getting an overview of which lenders you owe money and how much debt you have with each one. Then you should always contact your creditors for the purpose of investigating whether you can find a repayment arrangement that works for both parties. Read also Registration and deletion from RKI
Remember to enter the correct debt
” If you do not specify the correct debt in your loan application, you risk getting a loan offer from a bank which is subsequently withdrawn.
When you apply for a loan, you must always state all your debts. That is, all the places you have a loan, for example. a mortgage, car loans, consumer loans, etc. If you have many loans in several places, it can be difficult to find out exactly how much debt you have taken.
If you do not specify the correct debt in your loan application, you risk getting a loan offer from a bank which is subsequently withdrawn. If the information obtained by the banks via SKAT does not correspond to those you have stated in the loan application, you can already be rejected by the bank immediately on the basis of this discrepancy.
Also read How to find your debt items
Do you want to receive tips and tricks to find the cheapest loan?
Sign up and receive our newsletter, as well as marketing financial products and related services