Today, many choose to apply for loans, but not all of them are successful. So, you might wonder: What factors might influence my loan application? Five factors explain the frequent rejection of loan applications。

What are the reasons for the unsuccessful loan application

First, let's look at the age limits of the lending institutions. Typically, lending institutions tend to place borrowers between the ages of 22 and 60. Those too young or too old may be excluded。

Next is the income situation. If the gap between monthly income and expenditure is small, i.e., the ability to repay the loan is poor, then a loan application may also be rejected。

On the other hand, stable work is also a factor that lending institutions value. A loan application may not be accepted if the borrower does not have a stable job, such as a freelance or self-employed person, or if the time worked at the current job is less than six months。

There's nothing more important than a credit record. If there have been multiple overdue payments in your credit records, particularly more than three in six months, six in one year or three consecutive months in the last two years, your loan application is likely to be refused directly。

A special reminder is that once you have submitted a loan application, the bank's client manager will check your credit records before the approval process begins. Therefore, even if your loan application is not approved, it will leave a review record in your credit report。