What do I do if my fast credit is denied?Fast Credit
Nowadays, the very popular fast credit is a short term loan that should only be used as a last resort and only when you need a small amount of money for a very short period of time. While quick loans are easy and quick to apply for and relatively easy to obtain, not all consumers who apply for this type of loan are granted it. What are some of the most common reasons why you are denied fast credit?
Do you have a regular monthly income?
Some consumers applying for a fast credit are denied because they do not receive the minimum income required by each creditor. Although the fast credit industry is often criticized for not evaluating borrowers’ financial position and their ability to repay, even the most flexible non-bank lenders will not lend to a person who does not receive at least the minimum wage.
Did you provide the correct information during sign up?
When registering with any non-bank creditor, you will need to fill out a loan application form asking the creditor to provide:
- Name and surname;
- Personal code;
- A mobile phone number which you can then borrow again if necessary via MMS;
- Bank account number, as the credit is granted only if you have an account with one of Latvian commercial banks;
- The amount of monthly income and expenses.
In the event that you have provided inaccurate or incorrect information, you will most likely be denied credit. If you find yourself in such a situation, you can contact the lender’s customer service center and have the help of their specialists correct the problem.
Have you paid off your previously taken out loan?
Non-bank lenders are very careful about the credit history of their customers, so if you have already borrowed one loan from this lender but have not yet paid it back, a new quick lender will probably not give you one. If you still need another quick credit, be careful with this decision as it indicates that you want to spend money that you do not have, which can lead to a very problematic situation.
Haven’t you been blacklisted?
Non-bank lenders have access to a database of information about consumers who have taken several loans with several lenders but have not returned them. Such customers are blacklisted and will certainly be denied a new quick credit. If you are among these consumers, plan your budget carefully, consult with credit specialists, and seek solutions to the situation that may otherwise arise, and due to the size of your credit penalties and loan extension interest rates, it will increase significantly in the short term and make it difficult to repay.
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