CREDIT REQUEST: Why do you get declined?
Everybody hates to hear the following words; ‘NO’, Sorry, you can’t get this, Sorry you have been declined, etc.
At the time of serious needs, all we look forward to is a positive response from all sides, hence customers feel disappointed when they hear these words. They become confused and take those words as arrows shot at them. Unfortunately, we can’t overlook certain risks when it comes to credit and business.
Looking from the customer’s view:
They want an urgent fix to their problem(s) and they trust you to provide a solution. At that moment of application, the only thing in their mind is getting what they need, not minding if they are qualified or not. They want you to trust them as they feel their word of mouth and assurance is all you should rely on.
Looking from the Lender’s view:
First off, it is important to realize that they are running a business to make a profit and not lose money. In as much as they need to sell, it is important to consider the inflow (I will talk more about this in my write-up about Business sustenance) which makes the whole process of attending to a request more thorough.
Dear customers, there are many reasons why you get declined on that credit request, ranging from your capacity, your salary, your spending habits, your loan history, your employer/industry (sometimes), etc. so don’t get angry at a loan company for not granting your request, your risk factor may be too high, especially after your application has been reviewed and analyzed. So what should you do for future applications?
Stay tuned to my page for more updates, meanwhile, share your thoughts and experience with me below.
Thank you.
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