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Every rejected personal loan application is listed on your credit file. Receive just one rejection and the next lender may see this as a red flag, which may be enough to reject you again. Herein lies a big obstacle. That's why it's important to learn how to avoid personal loan rejection as best you can.
While there's no fool-proof trick to being approved for a personal loan, but there are some little-known ways that you can avoid the rejection pile. Read on to find out how you can avoid your personal loan being rejected.
Common reasons personal loans are rejected
How to avoid personal loan rejection
Personal loan comparison
Now that you know what to look for when comparing personal loans, compare a range of loans below. Once you have compared, you can continue reading to find out what not to do.
Breakdown of things to consider when applying
- Avoid multiple applications. When you apply for a personal loan, the creditor will list it on your credit file. Too many applications in a short space of time can have a negative impact on your credit rating and may result in rejection.
- Keep your record clean. You can make this happen by paying your debts on time and avoid defaulting on any loans. Keep track of your financials and don’t take on loans that you can’t handle to avoid defaults.
- Check your credit report. You should keep monitoring your credit file and ensure the information is up to date. You need to take out outdated data, erroneous entries and other irrelevant information.
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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