Banks and lenders are not likely to play dice with your personal loan application. In case, you have been wondering why your personal loan application has been rejected, then you should step back and look at your important credentials. Find below the various reasons why your loan tends to be rejected and how should you gain guaranteed approval for bpi personal loan requirements.
Incorrect and unclear information
The first step of every loan application would be filling out incredibly lengthy forms. You might think that these lengthy forms have been just a part of rigorous procedure of loan application; every item would go through the checking process. For instance, you would need to specify a phone number and when the bank or lender calls on that number, it does not exist and you would be liable to face rejection. These simple missteps would get your application rejected. As a result, make sure that every inch of given information in your loan application should be verified and factual. You would be required to go over your application form again in order to make sure.
Before further dwelling into the subject, let us understand what fraud is. When you supply incorrect or forged information with respect to your credit history, use identity of another person or use deceptive methods knowingly, you have committed fraud with the bank or financial institution. Apart from having loan application rejected, you would also face the consequences from law. You would face criminal charges, as committing fraud is a criminal offence. If you believe you could get away after committing fraud with the bank, you would be in for big trouble with law.
Bad credit score
You should not keep previous loans or credit card payments pending prior to applying for new personal loan. In case, you have spotty credit history, chances of your loan application being rejected would be higher. It is pertinent that before you apply for personal loan, you should have cleared your past credit history. You should have paid all your bills on time and have straightened your financial records. However, you have to keep in mind about banks sharing various lists of clients having spotty credit history. Therefore, the only possible way for getting approval for loan would be getting over your credit issues and problems.
Borrowing huge loan amount
You would also have to think on how much money you would like to borrow. When you would be asked about how much money you would like to borrow from the bank, the most likely answer would be ‘as much as possible.’ Regardless, you would have to abide by the strict policy of the banks when it comes to lending money to the applicant. The computations would be based on your credit history and other essential information that would tell about your financial health. The amount of money to be loaned to you would be based on your earnings and your repayment ability. You must remember big loans would encompass big income. You have to compare different bpi personal loan rates before you actually apply for personal loan.