Why is it that when I applied for a loan today from Northern Rock it got declined?
I applied for a loan from Northern rock for a loan of 17k, they were offering 5.8 % APR. I was declined. I have a very good credit rating. No defaults CCJ's etc etc and never have, I earn about 3 1/2 times the national average. Have 2 properties with loads of equity. Do they just not want to lend at that rate?? are they breaking the law? I applied to my Bank Cahoot and was immediatly accepted, (not as good a rate)
Whats going on????
2007-01-15 05:34:22 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Coda2 is correct. The bank should inform you why your loan request was turned down. All it takes is a sentence in the denial letter.
It may be that your debt to available credit is too high for them, or perhaps they do not think you have enough spare income after servicing your other debts.
Screw them. If you would have had no problem repaying the loan then they just lost a good customer. Their loss, not yours.
2007-01-15 06:01:28 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
They have to disclose why you were denied the loan. Ask them. They should have sent you a denial letter showing the reason. Maybe you have something on your credit report that is negative. Maybe you have too much credit. Maybe you have a credit card or two that you owe more than 50% of the credit line (that makes it a negative even if you pay on time).
Contact them and ask.
2007-01-15 05:40:11 · answer #2 · answered by Coda2 3 · 1⤊ 0⤋
What security could you offer them? Good job, prospects?
Most banks etc do not refuse for no good reason.
They would go out of buissness!
2007-01-15 05:40:43 · answer #3 · answered by Anonymous · 0⤊ 1⤋
you got declined because they don't want to loan you any money. maybe they don't have any more to lend out.
2007-01-15 05:45:50 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Maybe your credit is good, but maybe it is not good enough.
2007-01-15 06:10:17 · answer #5 · answered by victorschool1 5 · 0⤊ 0⤋
don't worry try this you can get loans from many banks
http://www.freewebs.com/***********
2007-01-15 05:38:57 · answer #6 · answered by rai t 2 · 0⤊ 1⤋