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5 Reason Why People Get Rejected for Personal Loans?

Rejection of any kind never feels good. However, it is an emotion that the majority of us have had to deal with at some point in our lives or the other. Every lender has an eligibility criteria which is followed while reviewing your Personal Loan. Read to know 5 reason about why Personal Loan Applications get rejected. Visit Here for More Info: https://www.fullertonindia.com/knowledge-center/why-personal-loan-application-rejected.aspx

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5 Reason Why People Get Rejected for Personal Loans?

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  1. 5 Reason Why People Get Rejected for Personal Loans?

  2. REASON TO GET REJECTED FOR PERSONAL LOANS There are many reasons that rejected your personal loans: Low or No Credit Score Multiple Loan Enquiries Too Many Existing Debts Eligibility Criteria and Documentation Not Met Unstable Employment History

  3. LOW OR NO CREDIT SCORE The credit score is a numerical value assigned to your profile that lender’s check in order to determine the applicant’s creditworthiness prior to sanctioning any type of credit or loan.

  4. MULTIPLE LOAN ENQUIRIES One may have a requirement for a personal loan which drives them to make multiple enquiries and applications with various lending institutions.

  5. TOO MANY EXISTING DEBTS Existing debts and financial commitments that engulf the maximum portion of your income may also lead to the rejection of your personal loan application.

  6. ELIGIBILITY CRITERIA AND DOCUMENTATION NOT MET Every lender outlines the minimum eligibility criteria that include income as one of the key components for a personal loan request.

  7. UNSTABLE EMPLOYMENT HISTORY The approval of your personal loan is also dependent on your employment history. If you change jobs too often or are unable to show consistent employment across a designated period of time will lead to a rejection of your personal loan request.

  8. R E F E R E N C https://en.wikipedia.org/wiki/Loan U R L : https://www.fullertonindia.com/knowledge- center/why-personal-loan-application-rejected.aspx

  9. T H A N K Y O U !

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