Did Your Personal Loan Get Rejected?
Checkout Here 5 Common Reasons For Personal Loan Rejection And How To Overcome Them
#1 - Low Credit Score
Your bank or lender may reject your loan application if your credit score is below 700.
Repay existing loans to improve your credit score.
#2 - Incorrect Document Submission
Wrong or incomplete records may lead to loan rejection.
Check all the details before submitting the personal loan application form.
#3 - High Number Of Existing Debts
Too many existing debts - home loans, car loan, etc., can lead to personal loan rejection.
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#4 - Irregular Income Stream
Lenders could reject your application if you don’t have any stable source of income.
Develop a stable source of income to gain your lender’s trust.
#5 - Multiple Loan Enquiries
Personal loan can get rejected if you apply for multiple loans in quick succession.
Wait for a few months & try to repay the maximum loan amount before applying.
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