It is normal for credit requests to be rejected. Depending on the reason given for the loan refusal, it is sometimes even possible to successfully submit a new application to the same bank.
Submit the rejected loan application to the same bank again
Submitting a loan to the same bank again despite the rejection of a first request makes sense if the credit institution makes a proposal in the rejection letter to remedy the loan request. This is often the case when the household bill for the loan initially applied for results in a monthly charge that is too high compared to income. In this case, the applicant submits a new loan application after the rejection over a smaller amount or over a longer loan term.
In the case of married loan applicants in particular, financial institutions often point out that they will approve a loan application that was initially rejected if both spouses sign it. In this case, the loan seeker submits the improved application for a loan to the previous bank despite the rejection.
Find another financial institution as a contractual partner
In most cases, consumers re-apply for a loan from another bank despite a bank rejecting the loan request. Before doing this, it is advisable to analyze the reason for the non-approval of the loan application. Sometimes this is easy because the applicant initially wanted to take out a loan from an institution whose openly communicated procurement guidelines exclude him as a customer.
This applies above all to the self-employed and employees in temporary employment agencies, since not all institutes accept this group of people as credit customers. Consumers with income from different sources make sure when applying for a new loan after the rejection that the bank does not only include the main income in the budget account.
Organized personal loan websites also offer a good chance of getting a loan despite being rejected by a bank. When it comes to deciding which credit inquiries to draw, investors who are registered on personal loan platforms are often guided by the purpose and social characteristics rather than strict creditworthiness criteria.