Are you wondering what to do if a loan is refused on your credit application to a bank or a financial institution in 2018? You’re in the right place.
As you already know, unfortunately, the loan requests you will make to banks and financial companies will not always have a positive outcome.
In fact, it may happen that you find yourself refused your request for funding , with all the consequences of the case.
But what can you do if a loan is rejected ?
First, do not get down, and keep reading the article, updated September 2018.
You will find updated information on what to do in this event.
In case you have questions, you only have to ask for a comment, we will answer you in the day!
Why is a loan rejected?
First, it turns out to be of fundamental interest to find out why a loan is refused to you .
If, in fact, you are able to find out why the loan has been refused, you can put in place the appropriate actions to prevent this from happening again, and therefore limit your page on the Central System Risk to be filled with negative ratings.
Unfortunately, however, it should be remembered that the bank is not obliged to tell you for what reasons you have refused the loan . In any case, most of the time what your new creditor could have become will not be spared in explanations.
It could therefore reveal that you have too many debts to be able to request another , or that you are asking for too much money, or maybe that you have negative reports (a previous delay in payments?) That prevent the bank to go further in the practice of financing.
In short, try to find out more, since this awareness will allow you to plan a new request for funding in a clearer and more effective way!
As you know, most of the time a loan is refused because the creditworthiness of the applicant is not considered suitable to obtain a new loan . Which can happen for a long series of reasons, which you might try to share with those who have refused funding. For example:
- do you have a work situation deemed “at risk” (a fixed-term contract that is about to expire?)
- you have too many ongoing loan installments (remember that the amount of loan installments in progress + the new installment of the loan on request, should not exceed 30-35% of your net salary)
- you have had negative reports (delayed payments, protests, etc.).
What to do in case of refusal?
Knowing the reason for a denied loan will allow you to put in place the appropriate “response” actions. If for example the loan has been denied to you because there is a negative report against you, but instead you do not have delays in payments or protests, you can make a Crif request to find out who was reporting this negative, and request the consequent corrective measures.
If instead the loan has been refused because your work situation is not considered suitable (fixed-term contract expiring, etc.), you can take action to present to the bank or to the financial institution that has refused the loan any documentation that can reassure stability of your workplace.
Again, if the loan has been refused to you because there are other requests in other banks , you can ask the other lenders for a loan release, with which you will be sure that you have deliberately waived these loan requests online or at other banks. on “territory” (the update in Central Risks is not in real time, and therefore it may take several days for the changes in the status of the loan application to appear in the telematic system).
Finally, if the loan has been refused because the bank believes you have too many installments in progress and therefore does not have room for new borrowing, you can study with the same bank, or other financial companies the possibility of to be able to review your entire debt situation .
You can therefore consider asking for a new loan of greater amount, which can lengthen the repayment plan, with a consequent lowering of the monthly installments and “space” for new liquidity with which to meet your personal or family needs.