Desperate For Loan And Not Been Excepted
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When you apply for a personal loan, it is not a simple case of the creditor saying 'yes' or 'no' arbitrarily - it all focuses on your credit rating.
Your credit score is a financial picture of your credit risk - that is to say, whether a lender should give you a personal loan or should not, entirely based on whether you are regarded as a favourable or unfavourable risk. Your credit record - which is kept by all the major credit record agencies, for instance, Experian and Equifax - presents what credit you have had in your history (extending back 6 years), including any present debts.
When you fill out an application for credit, the loan company will execute a credit search - and will give you a credit rating derived from the information recorded in your file. If you have lots of debts - and notably if you have failed to make repayments or made them late - you will end up with a poor credit rating.
The lesser your credit rating, the fewer the possibilities for being granted credit as a small rating suggests there is a high risk of you not settling your debt on time.
It also verifies whether you are on the electoral roll plus any financial associations. If you are not on the electoral roll, it can have an impact on your chances of qualifying for credit, because your place of residence is not 'substantiated'. A financial association is anyone with whom you have been financially connected, currently or at some other time. It could be an ex-partner, either of your parents, or perhaps a person who lived at your home address before you did and who has not been eliminated from your file.
If the person or people mentioned as a financial association are not presently associated with you - i.e. you have no joint financial commitments and the person is not living with you - then you may ask that the credit record agency remove the details.
Keeping them on your file - particularly if they have experienced financial problems in their history - can have a harmful impact on you receiving any credit.
When determining whether to approve credit, loan companies will also examine what amount of money you are paying out on any other debts you have - if you have too many, they may well reject your request for a personal loan, even when your score isn't that low. This is as they may consider you to be exceeding your financial ability with an additional debt to meet.
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