Today, no doubt, banks have eased norms for disbursing loans; however, your little carelessness can still get your personal loan application rejected. Personal loan application rejection is a serious blow, especially when your finance needs are immediate! So, first, it is crucial to be aware of the key points that may be responsible for turning you down for a personal loan, and second, the tips to get your personal loan application across the line.

The secrets behind loan application rejection

Documents Mismatch: Fabricating documents such as payslips to be eligible for a higher loan amount will end your chance of applying for personal loans today and tomorrow. So, you must avoid it!
Disability to Pay the EMI: Of course, you can only pay a certain amount of your income towards EMIs. If you’re already paying for a credit card or loan EMI, then your loan application can be rejected by the banks.

Nature Of Your Job: For the approval of your loan application, the bank considers the nature of your job. If you are on a probation period or are changing your job often, your loan application is likely to get rejected.

Error on your credit report: Payments being reported incorrectly and closed accounts still showing up as open; inaccuracies involving late payments can all drop your credit score.

Uncertain loan purpose: If your loan purpose isn’t credible, your loan is likely to be rejected! If the asset you want to use as security doesn’t fulfil the eligibility criteria for a secured loan, most probably your chances of loan approval drop!

AHA! Simple Solutions to Improve Your Chances of Personal Loan Approval

1) Apply for a Credit Card: Having trouble getting a personal loan in Jamaica? It’s easy to fix! Rather than trying to get a personal loan, first, apply for a credit card. It is always ideal to maintain credit cards so that you have a credit history to show to the banks whilst applying for personal loans in the future. Use credit cards wisely!

2) All About Maintaining a Positive Credit Record: Be it your loan or credit card, you must ensure to repay punctually if you want an acceptable credit score (Your credit score should be at least 750 to be considered for approval). If you make late payments or credit card settlements, then your loan application approval is endangered.

3) Perfect Paper Work: Although, for personal loans, only minimum paperwork is required, provided the minimum paperwork it no less than perfect! You must check your details and information several times before you actually submit your application (you don’t want to give your lender a single reason to reject your loan, do you?) Check your application to be filled out entirely and make sure there is nothing incorrect mentioned in it!

4) Check the minimum income criteria: Every lender has distinct minimum income requirements for personal loan in Jamaica. You must confirm criteria before you apply for the loan. You can talk to the bank directly for this purpose or visit their website.

5) Sufficient Collateral: Check what your lender needs regarding collateral and see to it that the asset you plan to use fulfils the bank demands. If in doubt, you can always get in touch with the lender before you apply for a personal loan in Jamaica.

6) The key to success- Co-operation: “It is through cooperation, rather than conflict, that your greatest successes will be derived.” Make sure you co-operate well throughout the total loan application process with your lender, after all, it is you who’s going to experience profit or loss at the end of it.

Applying for personal loans and getting an approval has never been a child’s play. But it’s not pure luck too! If you do what is required out of you, your personal loan will be disbursed before you even know it.

Worldnet Investment Co. Ltd. is the premier Micro Financial Institution in Jamaica, focused on providing personal loans to both private and public companies. Whether you’re looking for secured loans or unsecured loans, all your personal loan needs in Jamaica are satisfied at Worldnet! Contact us today if you wish to apply for a hassle-free personal loan in Jamaica.