Income and outgoings
The second reason why personal loans are rejected is insufficient income. Lenders will look at bank statements and wage slips to determine how much income you have. They may have a minimum income threshold. Income is compared with expenses to gauge whether you are able to make the monthly repayments for the loan.
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Your existing debt will be taken into account too. If you have a lot of outstanding debts then this will weigh against your income. If you have applied for too many loans, or it has been too soon since your last loan or application, then this too can be reason for rejection.
purpose of a loan
The purpose of a loan is of interest to the lender. They will want to see that the money is being used for a legitimate purpose, and may have restrictions on what you can borrow money for. For example, gambling is usually off the cards, as is using the loan to make a deposit on another loan, and recently some personal loan companies have discouraged using the lend for crypto investment.
You have to be truthful about what you are using the loan for. If it’s for business, then lay out your business plan. If it’s solid, then it will likely work in your favor. Lying about the purpose of your loan is considered a fraud.
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Always make financial decisions wisely. Examine your own situation and make sure that you can afford repayments. Consider other ways to raise capital such as crowdfunding. personal loans can be a great way to fund your business, but remember that they come with personal liability, so be careful. Make sure your application is always filled in correctly, as not doing so can lead to delays or rejection.