Loan rejected ? Do you have doubts about motivation and want to understand how to solve the problem?
Read the article to learn more about the topic.
If you have been refused a funding request you can contact us for a free consultation
Did they refuse you a loan?
In recent years there has been a significant increase in requests for loans from Italian families.
This has clearly led to an increase in loans refused by credit intermediaries (banks and financial institutions) without the granting of credit to the consumer.
In the latter case the following question may be asked: what were the main causes that led to the refusal of the loan?
Let’s see together what are the problems that could lead to the refusal of a loan request.
Loan rejected: possible causes.
The main ones are:
- unsuitable work contract (fixed term, on-call contract etc)
- reports to the main databases for late payments and / or outstanding payments (bad payer)
- pending negative news from other credit institutions or other banks (for example in the case of deferred payments or complaints;
- over-indebtedness with a very high installment / income ratio (over 40%)
- protested checks
- the guarantor of the loan does not appear to have fulfilled the obligation of regular payments of the loan installments;
- crif reporting as a bad payer;
- loan repayments in the past
- problems related to the guarantor or the co-holder of the contract
- Loan refused because not registered
Did they refuse you a loan and you don’t know why?
We help you Loan rejected. When can I request another one?
If the bank or a financial institution were to refuse the personal loan application, it will often be necessary to allow a lapse of time before turning to another bank or credit institution.
This is because all the information collected is automatically reported to the CRIF (body responsible for collecting all the news regarding the assets of the private individual) and to the other credit information systems (SIC).
The data is stored for 30 days. After this time, the person who has been denied the loan will be able to present a new loan application to another credit institution clearly making sure that he has solved the problem that caused the loan to be refused.
The cancellation of the loan request and / or refusal should take place automatically within 30 days but often this is not the case. It is therefore good to make sure this is done.
In some cases, if for example the loan refused is due to the presence of too many loans or a fixed-term contract (even if paid regularly) the problem can be remedied by presenting the case with a second guarantee signature (guarantor or co-obligator).
This could increase the applicant’s economic capacity by lowering insolvency risks. We will have to make sure that the person chosen as guarantor is a good payer and that he has not defaulted or delayed payment to avoid a new refusal.
In the case of refusal to report as a bad payer to obtain a personal loan, one must wait for the delays and unpaid debts to be canceled by the loan banks (CRIF, CR, etc.).
In most cases, it occurs automatically one year after the payment of outstanding payments (up to a maximum of two consecutive unpaid installments) and after two years if the unpaid installments are greater than two.
So even in the case of a protest you have to wait for the correct timing to proceed with the cancellation process to be able to make a new loan request.
This is part of the credit rehabilitation process necessary to return to request another loan to solve the problems that caused the rejection of the loan.
How to successfully obtain a loan, even in a state of insolvency
Employee loans. If we had no time to wait for the timing of the cancellation by the Crif or for the cancellation of the protest or we had no possibility to present a guarantor another solution is given by the formula of the assignment of the fifth.
The bank or the financial company in this case withholds the installment to be paid directly from the pension or salary. In fact the credit institution will have significant guarantees with this type of loan as the installment will be withdrawn directly from the pension or salary by the employer and will be paid each month to the finance company.
Furthermore, the salary assignment provides for a mandatory insurance cover that guarantees reimbursement even in the event of death or dismissal of the employee.
This is a type of financing dedicated exclusively to permanent or retired employees with a contributory and survivor’s pension.
Loans between private individuals. Private loans have been present in the Italian market for a few years. The money is lent by natural persons through specific platforms that manage the various loan requests.
They have low rates and could sometimes be granted even to those who have had some minor problems. In this case there may be a higher rate due to a higher risk.
The loans issued are repaid through the payment of bills of exchange. CFR for employees or a guarantor’s signature could be required as a guarantee.
It is possible for a loan to be loaned in the event of a loan refused due to late payment as there is a strong guarantee as are bills of exchange.
If the refusal of the loan is due instead to a claim of credit title it is very difficult to obtain it.
Did they refuse you a loan and you don’t know why? We help you
It may seem strange but sometimes it happens that a loan request is rejected because we don’t have a credit history having never borrowed before.
The financial companies in assessing creditworthiness consider the loans regularly paid very positively and some companies in the absence of regularly paid or terminated loans prefer not to grant a loan.
In this case the best thing is to present the application at our bank where we have a current account maybe with the crediting of the salary or pension.
Alternatively we can request a finalized loan for the purchase of a mobile phone or any other consumer product as we will not have problems getting the loan and we will have a positive record that will lead us to not have to refuse loans for this reason.