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Possible Reasons behind loan rejection!
Loans are the useful fund and become valuable at the dearth financial situation when you need to finance your business or personal needs. You might be alert of several possible reasons a bank may reject your loan application. Applying for a loan involves preparation on different fronts. You are required to update your credit score such as ensuring close-out existing loans or credible loan track, proper payment of credit cards, proper tracking of other existing loans on property or assets, good income tax report and sound salary figure with healthy bank statement. These are the basics and prerequisites of the loan preparation as well as approval.
However, there are several other bold factors that can lead to your loan application rejection!
The first and foremost reason is your inconsistency in a particular job. This is the prime reason behind loan denial by banks. If you are not consistent in a job for more than six months then many banks consider your case as a weak loan application. Now days it is a common practice to switch jobs from one organization to other to gain a salary hike or get rid of job pressure or for a change. Banks pay considerable attention on job stability. So better to stick with a good organization as it hampers your credit worthiness and also you can avail prepayments by your employer at critical times.
Your profile is negative or not in line with the internal policies of bank may be the next reason. Every bank has its own internal policies and guidelines and they define credit profiles or geographical regions according to their policies as negative for loan. If you fall under this radar then the banking institutions will not lend you loan. Though there is an escaping space as your profile considered as negative by one bank may not be negative for rest banks. Also, one can present additional documents as security such as fixed deposits, insurance policies or other securities.
Apart from these, rest reasons are falling of your residential address in the banks defaulter zone, loan application for an old or disputed property or your loan application has been rejected before. But you can avail loan even if you are under these loan rejection radars by providing valid and convincing proofs against those reasons to the bank. It is better to approach a bank, for loan purpose, which is near your residence or the bank where your salary is deposited. Banks are ready to address your valid reason for loan application and latterly awarding you with loan approval.
Doorstep loans: Easy cash without going out
Today when loan help is going to become a need for everyone, still it was very hard for the some borrower to get apply because of busy working schedule. To support such people doorstep loans are designed to make application for loan simple and hassle free. Now you can simply apply for external financial help and borrow quick cash at your doorway. These loans are perfect to get desired money whenever you need instant approval.
Most the lenders offer an amount which is ranges from £100 to £1500 but amount varies and depends upon the monthly salary of the applicant. Generally the repayment tenure of this cash advance is 14 to 31 days but in case of non payment you can take more time from the lender by paying some additional penalty fee.
You might need to give post-dated cheque to your lender as a security so that when your salary cheque comes lender can take his money back with interest rate. However, this instant approval loan is free from tedious procedure that is credit check and long paperwork. So, if you are suffering from the bad credit rating then also apply for it. Additionally, bankruptcy and foreclosures is also getting easy approval. No collateral is making the procedure more smooth and open the gate of quick approval.
You can use the borrowed amount for multiple purposes like medical emergency, collage fees, car repairing, shopping, organize a tour etc. You can use the amount according to your preferences no body is going to ask about the reason of the need.
You can make your application online and also send your request online. First search a leading company that meet your requirements and offers you affordable terms and conditions. As far as eligibility conditions are concerned, you should be resident of UK with an ID proof. Your age should be more than 18 years with a permanent job with the basic salary at least £1000. Finally, you must have a bank account under your name. Once you provide personal information to the lender he will approve your fund and wait for your cash.