Reasons of why the loan application gets rejected for a new loan application

Do you want to take a new loan with the same lender? Then, you need to have a good credit history with the lender. Moreover, the previous loan you availed should be cleared to apply for a new loan. Even, if you apply for a new loan with the same lender, there are high chances of your loan application getting rejected. There are many lenders who are providing instant loans for the borrowers. You can find a new lender to approve your loan amount with ease. However, you need to compare the terms and conditions and interest rates side by side prior to signing on the terms paper to avoid facing nasty surprises in the near future.

Few of the reasons of why the loan application gets rejected despite of applying for a Seriffilaina new loan from other lenders
Same company running with different names: There are a few lenders who run different companies, but have sole management. This is done by the lenders to get customers easily. The same company that is operating with different names may offer different types of loans such as business loans, personal loans, instant loans, etc. Here, each company is specialized in offering each set of loans. People will run many such companies to gain new customers to their business quickly. If a customer has applied for a loan that is run by the same lender from which he has availed the loan before and is on the revocation list, then the company will reject the loan application of the borrower.
New loan service consortium with other companies: The Company from which you have availed the loan may be working in alliance with other companies. Basically, the large lenders will maintain subsidiaries. If you are on the revocation list of these lenders, then you cannot get the loan approved.
The above are a few two reasons of why you cannot get the loan if you are on the revocation list of the lenders.

Raquel (Author)