A loan is usually required to overcome a moment of liquidity constraint. There are many personal reasons why you need financial help, such as paying unexpected bills, repairing your car, or having to bear the costs within the family. It is these moments of possible economic difficulty that lead to an increase in the number of applications for credit and can therefore sometimes lead to a rejection that is recorded.
There is no fixed rule in weeks, months or years within which we can respond with a clear answer. However, we can give you some pointers on how to avoid negative reports that can lead to future blockages and how to get a loan despite being declined.
Accelerate the loan response with the necessary documentation
A credit request can also be answered within 24 business hours. The internet has helped to simplify the application process, also because a physical presence at a bank is no longer required. In the meantime, all financial institutions, banks and professional credit advisors have implemented credit calculators that can be used from anywhere and at any time of day.
In order to further speed up the decision-making process, the person can send the required documents after the application : a copy of a valid document (front / back), the last three salary slips or, for self-employed workers, proof of the last tax return. Some websites offer the possibility to upload documents directly in the online loan application.
Provide correct dates to avoid loan refusal
The provision of incorrect data to promote a positive result must be avoided at all costs. Not only because a reputable financial institution can check the accuracy of the data directly at the source, e.g. it can contact the employer or apply for an original rental agreement, but also because every rejection is recorded within the Credit Information Center. The reported rejection remains listed for several years , which is why the customer can only receive negative answers at a later time, even in times of insolvency
For this reason, it is not recommended to submit too many loan applications to different institutions at the same time. In this case too, the requests are signaled and can lead to unnecessary rejections.
Professional advice to avoid rejection and increase the chances for future loans
With the help of a financial advisor who analyzes the reasons for denial of credit at source, you can make small improvements to your financial situation. The measures that often help multiply the likelihood of a positive response to a loan request are often minimal .