A credit refusal is not without a solution, as there are several ways to reverse the trend. The reasons that push banks not to provide a payday loan are diverse, but you have to try to know them in order to recover them.
Compliance with the criteria
Credit institutions are determined to improve the quality of the requests they receive and do not hesitate to give a negative answer in case of an incomplete application. It is therefore imperative to meet all conditions and provide all supporting documents in order to expect a favorable return.
In addition, only ask for the amount that you really need, because too much can be a reason to refuse, because it is considered too risky in case of a life-threatening incident (loss of work, divorce, death, etc.) Or unforeseen circumstances (illness, accident, disaster, etc.).
It would be pointless to apply for a high loan if you have a temporary or temporary fixed term contract because the process will inevitably lead to a refusal. Banks rarely accept negotiations on high debt or insufficient income, but you can still request an extension of the term of your payday loan to reduce monthly payments.
Reasons for credit agencies
Over-indebtedness is the most common reason for banks to decline credit. To convince and reassure them, you should try to lower your debt ratio as much as possible, at least below 30%. Unfortunately, if you are on the file, you need to settle the situation and ask to cancel the registration before renewing your payday loan application.
To do this, you must pay your creditors as soon as possible. In the case of a banking history, try to prove that this is a simple travel incident and not a normal situation.
Doing an online simulation is an excellent way to evaluate the chances of getting a credit or not. This means that you can only register with the organizations with which your file is most likely to be processed. In addition, the online comparators give you a ranking of the best rates so that you can make a wise choice. This allows you to send different requests, which will increase your chance of validating your file.
It is advisable to appeal to the same bank in the first instance in case of refusal, as it is often sufficient to provide other evidence or to solve a small problem in order to eventually obtain an agreement and it also prevents you from must reconfigure the file. If this attempt fails, try your luck with a competing company by submitting an improved application and, if possible, accompanied by a broker.
The latter will be able to highlight your strengths and find effective solutions to the negative points of your case. He or she can also advise you on the most suitable setting for your situation. The broker will also negotiate the rate of your payday loan to minimize the cost of your payday loan.