Reasons Why You Were Declined for a Fast Loan Charlottetown PEI

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Getting declined for a fast loan Charlottetown PEI is hard. Most are shocked that they’re lacking while others might despair over not securing much-needed funds. The best move for you after a rejection is to find out why your loan application was denied. You can then work on overcoming that. Luckily, lenders are obliged to tell you what went wrong. 

Why You Were Declined for a Quick Loan

  • You didn’t meet their requirements. Every lender has its own distinct set of requirements. Many loan applications are rejected because the lender wasn’t able to provide the right document. 
  • You didn’t meet the credit score requirements. Most lending companies require borrowers to have a specific credit score. For instance, banks prefer applicants to have a rating of 700 or better. But companies specializing in car equity loans don’t have any restrictions on credit scores because of the collateral. 
  • Your debt-to-income (DTI) ratio is too high. Your DTI shows the amount of debt you have compared to your income. Lenders are wary of approving applications of borrowers with a high DTI since there’s a chance they’ll struggle with the payments. 
  • Your reason for getting the loan doesn’t meet the lender’s criteria. Most conventional lenders provide loans for a specific purpose. A mortgage lender won’t approve a loan that’s going to be used to pay for college. 

Lowest Interest Rates You Can Find

Apply at Premier Loans Canada today and get the cash you need in a few hours. We’re one of the country’s more reliable lenders, and we can provide loans as high as $100,000. Our company has the lowest interest rates and monthly payments around. We also offer extended loan terms and flexible payment plans. Sign up on our website or call our toll-free number at 1-855-965-1650.

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