If your personal loan application is declined, learn how to improve your chances of being approved
Tuesday December 2, 2008
It's incredibly annoying when you are declined a personal loan as it can drastically alter your plans. But this is no reason to give up.
Banks may give obscure responses when you press for an explanation on why your personal loan application was declined. Banks have protected lending criteria to prevent people exploiting the system. This lending criterion also protects the bank from losing money if the customer has to default - which in turn also protects the potential customer.
While banks have different lending rules, they do look at two important factors when processing your application. These are:
- Your current income - If the loan repayments can't be supported by your income, you will be declined.
- Your credit history - Banks look at any other debts you have and check if you have any defaults.
If you feel that you may have been declined due to one of these reasons, there are steps you can take to improve your chances of being approved.
Take a look at Why was my Personal Loan Application Declined and find out what you can do to improve your chances of being approved when you apply for a personal loan again.
If you're still looking for a personal loan, ANZ personal loans offers personal loans with a choice of competitive variable or fixed interest rates.
Variable rates start from 14.27%p.a. and fixed rates start from 14.25%p.a.
ANZ personal loans also come with:
- Larger repayments with no additional charges (available on variable rate personal loans).
- Personal loan terms that range from 1 year up to 7 years.
- Simple repayment methods via direct debit, phone banking and online banking.
- Weekly, fortnightly, or monthly repayment options.
- Redraw facilities.
- Optional insurance is available, the ANZ Loan Protection - ANZ Loan Protection can cover your payments for you under certain circumstances
Apply online for the ANZ Personal Loan and for ANZ Car Loans.
Compare personal loans and car loans today and find the best deal for you today.
Use our personal loan calculator and our car loan calculator to estimate your repayments.
If you've been declined a personal loan in the past, find out how you can improve your chances of approval when you apply for a personal loan.