Loan

The Main Reasons for Refusing Loan

The reasons for refusing a loan can be conditionally divided into standard and non-standard ones. The former ones depend on the borrower, his or her past credit behavior, current financial and career situation, and are influenced. The latter are independent, and at first glance, they may even seem random. The borrower cannot influence them in any way. Standard Reasons for Refusing a Loan The presence of late payments and other negative information in the credit history. If you are not paying the loan to another bank now, the new one will not approve the loan. Or you have had experience with large arrears recently, a personal loan Singapore will also refuse you. Even if you have successfully closed a debt, it takes time for delays to influence the decision to give a new loan.You have a small income or you cannot verify its source. Everything is simple here. To be sure of repaying the loan, the bank should see you have a stable and high enough income to pay it back. If you don’t have it or can’t confirm it, then you will be refused in giving it.Information about the employer. Also, the stability of your income depends on the…