Unfortunately it can happen that the request for a loan is not successful as a result of a refusal by the bank or financial institution to which it was addressed. The most important thing is to understand what is the reason why the loan was refused and above all if and when it is possible to request a new one. Let’s see all the details together.
Why Is A Loan Refused?
As we have previously said, the most important thing is to understand what are the reasons why a bank or credit institution refuses the loan. This may be useful at the time of a subsequent request.
But let’s analyze in detail the possible reasons for a rejected loan:
- Insufficient or unstable income: the loan installment would therefore be too high compared to the monthly salary received or the income indicated in the tax return;
- Registration with the Crif as a bad payer following late payments or non-payment of installments of previous loans contracted;
- Many ongoing loans from which an excessive debt condition arises.
When a loan is refused it is good to understand what the reasons are before resubmitting a new request.
What Happens If A Loan Is Refused
In the event that the loan request is refused, it takes place reporting to the CRIF: this involves entering your name in the databases of credit information systems. This does not correspond to being reported as bad payers but simply to a denied loan registration.
Usually this registration to the CRIF lasts for 30 days, after which it is deleted: è an absolutely normal practice which serves to inform companies in the sector on the reasons that led to a negative evaluation for the granting of the loan.
Loan Rejected: Can I Request Another One?
We have seen that following a refused loan, you are reported to the CRIF and that this report remains for 30 days.
After these 30 days it is possible to submit a new loan request without running the risk of being refused due to reporting to databases.
This does not mean that the next request will be successful with certainty but during the period between one request and another it is possible to check the causes of the refusal to avoid re-occurring in the same situation.
The best thing is inquire about loan solutions that are available to us, talking to industry consultants who can recommend the most suitable form of financing for that specific need.
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