What happened to my fast online loan?

Submitting a loan application online means arriving at the end of a decision at an urgent time or a specific need for money. Just when you need that money most, and suddenly the application is denied. Why is it like this?

What happened to my fast online loan?

What happened to my fast online loan?

Resorting to urgent loans without a bureau is a good idea to reach a quick and paperless solution, but when the online process notifies that the application was not accepted by the entity, what can you do?

The most important thing is not to lose your temper. There are many reasons why this may have happened and they have a solution (apart from looking for another entity and trying again)

First, when a cash loan is requested, Mexican entities can verify if the applicant has other loans that are currently active, if they have sent other applications in recent days or if they are requesting that money to cancel another loan.

Some entities will use these reasons to deny the request, and others may use them to assess whether the person has sufficient capacity to pay the loans.

Other reasons for denial of loans

Cash loans are more difficult to approve if the person requesting them is unemployed at the time of application. Not having a formal job or a monthly salary can make the possibilities worse.

However, there are many entities in Mexico that offer quick loans to people without a fixed salary or job, considering themselves at greater risk of default. Each entity sets its criteria in this regard, you just have to look for the ones that offer it.

This situation can also occur with those who receive their salary in cash, instead of the bank account.

Finally, not complying with other requirements of the entity may imply that the request is not approved: age, nationality, address, bank account or mobile phone are relevant points in that regard.

What can be done to solve it and approve the loan application?

What can be done to solve it and approve the loan application?

The most recommended option for a cashless loan application without a success depends on each case to verify the requirements of the lender first. Once you are sure that these requirements are met, there is a good chance that the loan will be approved.

Avoiding over-indebtedness or accumulation of loans is another good idea to avoid rejection of new applications. These products are supposedly for timely financing at specific times, not on a regular basis, and monthly credit payments should not exceed one-third of household income.