Why your personal loan not approved??? 4 reason banks deny your loan!!

23 Sep 2021

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You’re in a mad rush to get your hands on some much-needed cash, when someone suggests a personal loan as a viable option. So, you apply for one and wait patiently. But alas, your loan has been rejected!

 

If you’ve been in this situation before, it’s frustrating to say the least. But don’t fret just yet; your loan rejection could serve as a much-needed eye opener to help you fix possible red flags on your current financial status. Understanding the cause or causes of rejection might improve your chances for getting your next personal loan application approved.

 

Here are some of the usual reasons banks deny you your loan.

1.You have a bad credit score

2.You have too many loans

3.Your salary falls short of the bank’s requirements

4.You have no credit history