7 Factors of Failure in Submitting a Payday Loan

Sometimes, people are faced with several choices so that they can choose what is best for themselves. However, not a few of those who have no other choice so inevitably that choice must be taken. Of course, not everyone wants to apply for a payday loan including payday loans without collateral. However, sometimes the economic or financial conditions which then encourage to take this loan. However, not all loans can be received easily.

There are at least 7 factors that cause loan applications to fail. Please note.

Verification Failure

personal loan

Verification failure can be caused by many things. When you fill out the loan application form, you will also be asked to write down numbers that can be contacted both personal numbers and office numbers. The lender or lender may not have contacted you and that means the loan application has been declined. It could be that writing a form that is not clear, the number dialed is not active or when contacted is not answered. There are many things that happen during the verification process.

 

Fraud or fraud

Fraud or fraud

Furthermore, what makes a loan application rejected is data forgery or fraud. Faking personal data, documents or other information is a fatal mistake in the world of credit or banking. Therefore, if it is proven to be false, it is not only one bank or lender that will reject it but also other banks. The name of the borrower who falsified data can also be entered into the Black List, meaning that any future submissions will be rejected.

 

Document Unreadable

Document Unreadable

Even though the form has been filled in completely and is readable, it is possible that the document provided was not read during the verification process. This can be caused by several things such as unclear photocopies, unclear writing and various other things. If the document is not readable, the next process cannot be executed. This means that the loan application will not be processed because the documents provided are not legible by their system or by the computerized system they are using.

 

The Amount of Credit Submitted is Too Large

credit loan

The next factor is the amount of credit submitted is too large. Of course, every borrower or borrower wants to apply for a large amount of credit in the hope that he will build a business or the money obtained can be used for many things. However, each loan will be subject to limits or limits depending on the amount of income or other things. Therefore, the loan application includes a payday loan without collateral, if it is too large and exceeds the limit, then it will not be processed or rejected by the bank.

 

Credit Card Bill Arrears

Credit Card

If all the above processes have been carried out starting from verification OK, No Fraud, documents are also read, the amount of credit submitted is also appropriate, but not necessarily the bank or lender will simply lend money. The bank will see how many credit card bills are in arrears. If outstanding bills cannot be tolerated, it is certain that the loan application will also be rejected by the bank. The bank does not want to take risks.

 

Bad Credit History

Bad Credit History

The Bank will also see the credit history of the borrower or borrower through BI Checking. If the results of this BI Checking are negative, it means that a bad credit history can be too many fines, late payment and various other things, then the loan application will also be rejected by the bank. Once again, the Bank does not want to take a big risk.

 

X factor

personal loan

Yes, it cannot be denied if the failure to apply for a loan can also be caused by a factor of X. These X factors come in various forms and cannot be easily understood. If all processes from start to finish are OK, then it turns out to be rejected, it means that the X factor also works. The X Factor here can be anything including the country’s economic condition, financial condition of the bank and so on.

From some of the points above, it is known that borrowing some money for any purpose has become part of the needs of some people. However, failure to borrow money due to several factors above is not the end of everything. There are still other ways such as borrowing from family, friends, or in financial institutions with a peer-to-peer lending system that is now starting to emerge in the community.

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