Few Reasons Why Your Loan Request is Rejected

Nowadays in this fast-paced world, nobody has time to do exhaustive paperwork when almost everything is possible with a click of mouse. So, why to visit a number of banks and financial institutions to make enquiries when you can visit their websites and get all the relevant information?

Filling up of forms digitally provides much clear information about you rather than filling the forms with your own handwriting. Also, loan providers can make assessments much quickly rather than archaic way to assess about you in old methods.

However, there are few things that you must remember while applying for CaptainCash loans or any other loan providers so that your application will not be rejected by them.

  • Your low CIBIL score

While applying for any kind of loan, every loan provider will like to see your CIBIL score in order to check whether their money will be safe with such applicant. Your CIBIL score is one of the important indicators about your credit worthiness. Therefore, if your score is below 750 then chances of rejection of your loan application can be very high.

  • Comment on your CIBIL report

Even if you have good CIBIL score, there is no guarantee that your loan application will be approved, if any adverse comments about your past loans are available in your CIBIL report. If there was any difficulty in settling any of your past loans then your application is liable to be rejected.

  • Lack of credit history

If you have never taken any loan in the past then obviously there will be no past credit history available about you. Few loan providers are little apprehensive about such applicants and often it may end up with rejection. Therefore, you need to borrow few amounts from online personal loan to create a history of credit to avoid such rejections.

  • Unstable employment history

Banks and financial institutions usually prefer any stable person to risk their money. If your employment history indicates that you change your jobs too frequently then it reflects your unstable mind. Loan providers are often uncomfortable with such applicants whose stability is questionable.

  • Employed with any startup company

If you are engaged with any startup company then many loan providers often consider you as a risky candidate. They are not sure about the continuity of any startup company. On the other hand, your application may be approved even if you are less credit worthy but work in any well-known company.

In addition to that, if your loan application was ever rejected earlier by any loan provider there are chances of rejection.