5 reasons why your loan application was rejected

Your request for payday pay was rejected? A non-banking company will most likely not give you a reason why it will not sign a contract with you. Check what are the most common reasons why a short-term loan application is rejected.

Have you just received a negative response to your application for a non-bank loan? You must know that you still have the chance to receive money. Since both banks and non-bank companies do not inform customers about the reasons for rejecting an application, you should know the most common reasons for such a decision. Below are the 5 most common reasons. Check what to avoid.

You have too low a credit rating

You have too low a credit rating

Although the policy of non-banking companies is more flexible than that of banks, they also want and need to protect themselves against unpaid borrowers. Most of these entities carefully check the risk involved in granting the loan to the applicant. If you cannot boast of high income, your application may have been rejected for this reason. What can you do?

Since you need cash almost immediately, changing jobs is not an option. A better solution is to apply for a lower amount. By lowering the amount of the loan, you may have a chance to receive money, because for a lower amount you will already have creditworthiness.

You have a bad credit history

You have a bad credit history

To assess the risk of lending money to an individual customer, the loan company not only determines its creditworthiness, but also checks its credit history. Information on how to pay liabilities is collected by many databases, e.g. BIK, BIG or KRD. Do you have overdue liabilities and the borrower, e.g. a bank, managed to put your name in one of these databases? This does not prevent your chances of getting a loan.

As a person interested in getting payday loans, you need to know that there are non-bank loan companies on the market for people with a negative credit history and in debt. So make an application with a company that is willing to lend money to people in financial difficulties.

Incorrectly completed form

Incorrectly completed form

You must complete a special form to apply for a loan. It may happen that by filling out individual fields, you will make mistakes, e.g. you will incorrectly enter the amount of income obtained.

If you made a typo in the surname, then of course the non-banking company will not be able to confirm your personal data, and this means that the application will also be rejected. For this reason, you should check the information it contains at least twice before sending the completed form.

Do you have the impression that you made a mistake at this stage? In that case, it’s time to complete the form again. To avoid further mistakes, do it when you have time – in this case acting under time pressure is not the best solution, it can only lead to the fact that the whole operation will take you much more time.

Formal errors, or what?


When starting a business, each non-banking company creates regulations and determines who will lend money to. Although the offer is wide, you must know that, for example, people who have just picked up their ID card have a problem with receiving payday loans. Why? Some companies providing short-term loans believe that such people are financially unreliable – most often they do not work, do not have a credit history, and thus, granting them a loan is risky. The situation is similar in the case of retirees – not every company is willing to borrow money to a 70-year-old, despite the fact that he earns income.

Formal errors, e.g. failure to comply with the age condition, may be the reason why your application is rejected. Before you apply for money, you should check to whom the company is willing to borrow money and what policy it pursues.

Verification transfer – you can also make mistakes here

Verification transfer - you can also make mistakes here

Each non-banking company wants to confirm the identity of the person who applied for the loan. Today, one of the most popular ways to verify data is to make a verification transfer by a potential customer. In this regard, companies offering loans without BIK have specific requirements – the transfer must be made from the personal account of the person who requested the money.

Have you made a verification transfer from a bank account kept by the bank for you and your spouse? Or maybe you run a company and made a transfer from a company account? You must take into account that your application will be rejected – the company will not verify your identity. If you do not have a personal bank account, and you urgently need extra money, then you should remember that you can also apply for it online. Having a personal account and performing a verification transfer from it, you will meet the formal requirements set by the bank. Then you can count on getting funds.

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