Find out why your personal loan application was rejected
Monday December 1, 2008
It can be frustrating and disappointing when you are declined a personal loan as it can drastically alter your plans. But you don't have to despair just yet.
Banks have strict lending criteria to prevent people being unable to repay their loans and defaulting. Banks seldom reveal their lending criteria and may give generic responses when pressed to give an explanation on why the personal loan application was declined.
A personal loan application may be declined on a number of factors. There are main criteria that you can use to improve your chances of being approved.
These include:
- Your current income and ability to repay the personal loan. If the loan repayments can't be supported by your income, you will be declined.
- Your credit worthiness. Banks look at any other debts you currently are paying off and to see if you have any defaults.
If you feel that you may have been declined for these reasons, there are steps you can take to improve your chances of being approved. Take a look at Why was my personal loan application rejected to find out what you can do to build up your position and hopefully have your personal loan application accepted when you apply again.
Secured personal loans can increase your chances of being approved for a personal loan.
St George secured personal loans offer:
- The choice of fixed or variable rates.
- Loan term lengths of between 1 and 7 years
- Quick applications with pre-approval that can give you a decision within as little time as a minute
- Loan amounts of between $3,000 and $80,000 for secured personal loans and between $3,000 to $40,000 for unsecured personal loans
Apply for a St George personal loan today.
Click here to read Why was my personal loan application rejected.
Compare personal loans.
Use our personal loan calculator.