Have you found trying to take out a loan a struggle? If you’ve applied for one in the past only to be turned down, you may simply think that’s the end of the line and not try again. However, this is not necessarily the case.
If you’ve applied for a loan recently and been turned down, you’re not alone. Research* carried out for us in March revealed that, of those who applied for a personal loan in the preceding 12 months, one in six were turned down.
Being rejected for credit can be demoralising, and perhaps the biggest problem is that it’s almost impossible to know why exactly you were turned down.
You see, every lender has its own specific set of criteria that it measures loan applicants against. If a customer fits with its guidelines, they are likely to be accepted; if they miss out on a few points, they may be offered a loan at a higher rate of interest than they applied for; and if a customer fails to meet the majority of the criteria there’s a good chance they could be rejected.
However, just because you are rejected by one lender, it does not always follow that you will be automatically rejected by them all. And that’s because the next lender you apply to will be looking for something else in its applicants.
Help is at hand
Ocean Finance has launched a new personal loans service, which is provided by Moneyway, that’s specifically aimed at those who may have been rejected for loans in the past. Customers can apply for an unsecured loan of between £1,000 and £5,000 and use it for whatever they need – like funding a home renovation project or buying a car, for example.
The loan, which has a rate of 24.9% APR Representative (variable), is available to people with all different circumstances and credit histories. You won’t have to wait around for an answer either, as most applicants will be provided with an instant decision – and there are no arrangement fees.
*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 4th April and 9th April 2014, of whom 500 were Scottish residents.
Disclaimer: All information and links are correct at the time of publishing.