Refused a Loan

The most common reason for loan refusal is problems with credit history. Then the best thing to do is try to fix it. If it was refused due to an incorrectly completed application, try to submit it again correcting personal information. If you do not meet the requirements of the lender, contact another company, more loyal to the clients. Pay off existing debts if you were refused because of them. Many companies do not tell their customers the reasons for rejection. However, it is useful for the borrower to know why he cannot get a payday loan. So he will understand what needs to be done to correct the situation.

What to do if the MFIs refused a loan?

  • Check your credit history. It is recommended to contact the bureau for this and get a detailed statement. This way you will know exactly what is preventing you from taking a payday loan. Perhaps you have a debt that you are not aware of – for example, an outstanding overdraft on a bank card. If there are indeed problems, contact the credit institution, which offers assistance in fixing them.
  • The MFI may refuse a payday loan if you already have open loans (including a mortgage) or loans, even if you are paying them off consistently. Then it is better to pay off existing debts, and after that take new loans.
  • If the problem is in an incorrectly completed application, wait one or two days and try filling out the form again. Before sending, check the information that you provided in the application several times.
  • Also, you may not meet the qualificaton requirements that the company imposes on borrowers. Usually, this is a certain age (from 18 or 21 years old), legal residence, a fairly high and stable income. Here it will be easier to choose another company that is not so demanding of its customers.
  • You may end up on themicrofinancial organization blacklist if you have previously tried to take out a loan by fraud – for example, forged documents for this. Also, your information could be stolen by a fraudster in order to get money with their help – then they will also be included in this list. If you are sure that you were blacklisted due to a misunderstanding, then discuss this issue with the company’s support service.

In any case, Payday Loans in Massachusetts also advise you to contact a company that does not have strict requirements and approves almost all applications. For example, this option could be the online loan. He can approve the loan even if you have problems with your credit history. The terms of this and other companies can be found on our website.