Been Rejected Loans Elsewhere Instant Online Decision
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When anyone applies for a personal loan, it's not simply a question of the lender accepting or rejecting you randomly - it all comes down to your credit scoring.
Your credit score is a financial footprint of the credit risk you pose - specifically, whether a lender should give you credit or whether they shouldn't, solely decided by whether you are considered a favourable or unfavourable risk. Your credit record - which is on file with all the leading credit record agencies, for instance, Experian and Equifax - discloses any credit you have had in the past (going back 6 years), including any present obligations.
When you apply for a personal loan, the loan company will execute a credit search - and will assign you a credit rating determined from the information within your credit file. Should you have a lot of debts - and especially if you have missed repayments or have been overdue with them - you will be assigned a poor credit score.
The lesser your credit score, the more difficulty you will have getting credit since a smaller credit rating means that there is a greater chance of you not settling your debt on time.
It also shows whether you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can affect your chances of obtaining credit, because your place of residence is not 'proved'. A financial association is anyone with whom you have been financially linked, at the present time or in the past. It could possibly be a previous partner, either of your parents, or maybe even a person who lived at your place of residence prior to you being there and who has not been removed from your record.
If the person or people listed as a financial association are not in any way associated with you - i.e. you no longer have joint financial responsibilities and the person is not presently living where you do - then you should ask that the credit recording agency remove the details.
Continuing to have them on your record - particularly when they have had financial trouble previously - can have a damaging influence on you accessing any credit.
When considering approving a personal loan, loan providers will also want to know how much you are paying out on other existing debts - if you have lots of them, they could say \'no\' to credit, even if your score is not so low. This is as they could deem you to be financially overburdened with an additional debt to deal with.
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