Have you ever applied for loan then got rejected?

Abdul01 · Jun 12, 2023

Sometimes our loan application might be rejected due to some reason which includes but not limited to low source of income compare to the amount you needed,a mismatch between what you need the loan for and the lender's loan purpose requirement, unstable employment and so on..
Have your loan application ever been rejected??
What is the reason for the rejection?

Heatman · Jun 12, 2023

I have not applied for any kind of loan for any reason whatsoever. I'm not a fan of getting loans for business purposes. I like using my saved money to do business.

cherry123 · Jun 12, 2023

No I'm yet to try out loan getting. I don't know I try not to delve into loan borrowing. I prefer to use my savings or borrow from close people

Stardom22 · Jun 12, 2023

In my country there are so many loan applications. However I have a couple of those apps that can loan me and I have worked with them for a longer period of time by now. However whenever I try to get a loan from a new app, I am always rejected.

Springtime · Jun 12, 2023

The only time I got a loan was when I bought my apartment years ago. I applied for a mortgage loan. As I had a full time job, stable income, and good credit rating, my application was accepted.

Abdul01 · Jun 12, 2023

Stardom22 said:
In my country there are so many loan applications. However I have a couple of those apps that can loan me and I have worked with them for a longer period of time by now. However whenever I try to get a loan from a new app, I am always rejected.

Ohh, What could then be the reason why you got rejected??. Could it be that you didn't submit the necessary documents for verification process, or maybe they want to get acquainted with you first.

aovurevu · Jun 12, 2023

Well, actually I don't really borrow loans and I have not done that in past years , but sometimes I used to get my mobile data subscription on credit on my mobile bank app and then pay later.

Sanjeev · Jun 12, 2023

I never applied for a loan, now I am thinking of taking a loan from the bank because I am thinking of buying a house to give on rent for my passive income.

Niyi Briggs · Jun 12, 2023

"We don't finance start-ups. Go and run your business for a year and come back for a loan".
That's the line I always heard
from banks anytime I went to apply for a loan to use and start my business. I had to save funds to start my business and it paid off.

Stardom22 · Jun 12, 2023

Abdul01 said:
Ohh, What could then be the reason why you got rejected??. Could it be that you didn't submit the necessary documents for verification process, or maybe they want to get acquainted with you first.

I usually submit the same documents and details for the new apps that I intend to borrow from as the same as the ones I use in the old apps.

olaniyi · Jun 12, 2023

Yes I once applied for a non interest student loan when I was in school to start a business but I was rejected because a number of people requested but people are later choosen base on some hiden criteria

IB D · Jun 12, 2023

Stardom22 said:
I usually submit the same documents and details for the new apps that I intend to borrow from as the same as the ones I use in the old apps.

It could be that the different apps have different policies for giving out loans. Some might be requiring a high credit score while others may be cool with a lowered credit score.

Abdul01 · Jun 13, 2023

olaniyi said:
Yes I once applied for a non interest student loan when I was in school to start a business but I was rejected because a number of people requested but people are later choosen base on some hiden criteria

Ohh, this happens too , it could be based on what you filled on your application form and they might really want to give those that needed it badly and not just anyone applying .

Shavkat · Jun 13, 2023

I did not experience this because I have not tried to apply any loans in my entire life. It is not because I am not qualified. I just do not want to be in debt due having loans.

Etini Willie · Jun 13, 2023

Y

Shavkat said:
I did not experience this because I have not tried to apply any loans in my entire life. It is not because I am not qualified. I just do not want to be in debt due having loans.

You have really tried to pursue and hold on to this stance. I shared this same stance for a long period it time but I had to budge when it became apparent I couldn't sustain it. I have been turned down from loans several times by various financial institutions.

Yohanna · Jun 13, 2023

I applied for loan in a bank and I was rejected . This is why I do not like to apply for loan as I prefer to invest with an amount that I can afford at that particular moment.

fcbetting · Jun 13, 2023

Thank God I just had one loan and I paid it before deadline. I was not rejected since it was small loan and I have good salary with stabile job. I didn't need anymore loans so far but I will need in future.

eldavis · Jun 13, 2023

No i have never applied for a loan before though and i really hope i do not find myself in a situation where i would have to take loan. Though these days there are apps that makes it a lot easier to get loans.

flower · Jun 13, 2023

I have been rejected multiple times when I applied for loans. The basic reason is that most of the requirement to meet are difficult and once these are not met, it'll be difficult to take the loan.

IB D · Jun 13, 2023

Some institutions are very strict with their loan approval and disbursement. They would double check and be sure you are in a strong financial position to pau back the loan. And some wouldn still deny you the loan and tell you to try again.

Have you ever applied for loan then got rejected?

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