Has Your Loan Application Ever Been Rejected?

[Good-Guy]

Applying for a loan is something that many people do when they need money. Many times people seek to apply for a loan from financial institutions, banks, loans department, lending organizations, governmental organizations, etc. This is where they mostly get their loan application accepted. Unfortunately, getting a loan is not an easy process and most of the time, many banks and financial organizations often reject the loans of many people. Some of the main reasons why many banks reject loans is due to various different issues such as mortgages problem, documentation issues, failure to convince the bank regarding repayment of loans, violation of terms and conditions, etc.

There could a be a lots of reasons for that, but most of the time loans get rejected because many companies fail to meet the requirements of the banks. Personal loans and student loans might also be rejected for various different problems faced by the party that seeks loans. I have never applied for a loan and I just hope that I will never do that because I do not think that seeking loan is a blessing for the borrower. However, I am sure that there might be some folks who got their application rejected, so has such a thing ever happened to you?

 

[Kingsley]

I hardly make any application for loans as I don't think it is necessary infact the only time I seek such was the only loan applications for a very quick fix, and after that time I never bothered to check back on it. Because I believe many of those organizations are out there to exploit their client as their interest rate seem to be very alarming and highly unreasonable. This is why somany people get stuck in their debt trap. I have helped many people And I have discouraged them from accessing those loans that will evidently get them stucked. Those loans were not designed as a safety net but a debt trap. I really some businesses are living off solely by loan which very bad for any true busienss man and woman.

So far so good I have ever gotten any rejections and I hopeto help more people to get out of the temptations of those loans, as it doesn't get to serve it purposes most of the times and it makes people live on credit.

 

[Alexandoy]

When I was able to buy a lot that I intended to build a house for a home for my family I went to the bank to apply for a loan. I was really dejected to learn that a housing loan would require a high salary and a co-maker (one who has a bigger salary than what I was earning). Maybe that was the standard during that time which is quite impossible for me to get a loan. In short, my application was not approved because I could not satisfy the requirement of having a co-maker. It came to pass that I eventually sold the lot and didn't dream of getting a housing loan again. That was the reason why we lived on a rented place - the apartment for 2 years and a house of a friend for 5 years. Fortunately the bank where I worked for gave me the benefit of a housing loan and the rest is history.

 

[Caramelle]

The only loans I've ever applied for were those offered by government agencies and these are usually low-interest loans that need to be paid within 2 years. It's easier to get a loan if you are an employee of a stable company, much easier if you are a government employee, but these salary loans are often subject to limitations as to the amount. Loans aren't always bad. They can be used to take advantage of rare opportunities that can't wait for you to accumulate your savings. Of course, they carry risks, but as long as the risks are manageable, it could be worth taking them. People have varying tolerance for risks. Younger people are usually more aggressive risk-takers because they usually have more time to recover. Failed business ventures often impart important lessons that you can carry forward to your next ventures so they are not totally worthless.​

 

[Abigael]

Applying for a loan is something that becomes an option sometimes for sure. But it should never be done frequently as being in debt always will hinder your financial stability. Personally, my loan has ever been rejected. The reason was that I had a negative credit reputation. This was after I paid one of my loans very late.

A negative credit history is one thing that makes many people's loan application get rejected. This negative credit history could be due to having unpaid loans or because you frequently pay loans late. Therefore, if you want a future that grants you a loan when you actually need it, then keep your credit history positive.

Another reason that people's application for loans get rejected is because the have failed to proof their ability to pay it back. For example, taking loans for a startup is something that most loan lending companies won't trust. This is because you are not really sure if you will earn the profits to pay back the loans. Loan lending institutions trusts an established business taking loans for expansion than one taking it for startup.

Lastly, your documents are also very important when doing loan application. One may be easily rejected for not having some documents. Especially the most important ones like national identification card.