Credit refused: explanations and advice for applying

A credit refused by the bank or a loan refused by Bankate, Viloan or anyone else is never a pleasure. Fortunately, there are solutions. We must not remain on a first failure and challenge our project definitively. The refusal criteria are not the same from one bank to another. We will see how to make or reapply for a loan with the maximum chance of reaching an agreement.

Consumer credit refused by the bank

Consumer credit refused by the bank

Almost one in two consumer loans is refused by banks on average. Traditional banks do not prioritize consumer credit. This is the reason why companies like Bankate, Good Finance and even Zaloan were born.

To be able to grant a loan, you have to know how to assess a client’s risk as well as possible. To earn money, a bank must succeed in lending only to customers who will repay it best. However to assess the risk of a customer on a consumer credit, the credit file certainly requires supporting documents but much less than for a mortgage. Banks find it difficult to assess the situation and the repayment capacity of those they do not know. They especially do not want to invest time to process the files on small amounts, preferring to focus on the mortgage.

Online organizations in response to credit refused by its banker

As the banks do not specialize in consumer loans, their conditions for obtaining credit are different from those of online credit specialists.

To hope to obtain a credit in a bank, it is generally necessary to be an excellent customer for a long time (ten years), to have savings and an irreproachable account management.

It is common for a credit refused by your bank to be accepted by a credit organization such as Viloan, Zaloan, Bankate, Oney or others. In the event of a loan being refused, financial organizations have the full right not to communicate the reasons for their decision.

Note: It is important to always provide the correct information when applying for credit online. Organizations rely on supporting documents to verify the accuracy of the information. A wrong entry can lead to a credit being accepted and then refused later. An avoidable waste of time.

The Benefits of Online Organizations

As we have just explained, knowing how to assess the financial risk of an unknown client requires know-how. This is exactly the skills that organizations such as Viloan, Good Finance and Franfinance have developed. Their job is to know who they can lend money to and at what rate.

To give our customers a better chance of obtaining an agreement, we have developed a unique solution.

Credit refused by Bankate, Viloan, Zaloan or other: how to do it?

In the event of a credit being refused by AStro bank, Good Finance, Bankate or the others, we may wonder if we will end up finding someone who will accept his file. There are several cases. As we detailed in our article Credit refused without reason, a loan refused by the agencies is generally refused for a question of logic.

Reasons for Refused Credit

  • Generic refusal rule : this type of rule corresponds, for example, to being on file with the Banque de France or to the payment incident file. Or may be the result of too much debt, insufficient living space per homemaker, etc. In all these cases, there is practically nothing to do. The credit will be refused by most, if not all, players. The only possibility in the event of too much debt is to consider buying back credits.
  • “Score” refusal rule : if we are not in the previous case, this is where our system intervenes. The credit can be refused simply because his file corresponds to files that have had repayment problems. In this case, it is entirely possible that a specialist refuses the request for rapid credit but that another accepts it without problem. That’s the point of using a comparator with immediate response.

Credit comparator with immediate response

Credit comparator with immediate response

We are certainly a credit comparator which allows us to obtain credit at the best rate, but we have above all developed an exclusive system.

It makes it possible to have a better chance of obtaining your loan at the best rate in case of credit refused by the bank or financial companies.

Since the latter do not all have the same credit score (or criteria for accepting a credit), it is never surprising that people are refused by one organization but accepted by others.

We have developed a single questionnaire allowing the best three organisms to be questioned simultaneously, based on the APR rate. Our system therefore concentrates several requests in one. Save time and more chances of reaching a pre-accepted credit. These steps are obviously not engaging.

Example of the results of a credit simulation:

 

In this example of a request for a 10,000 euros personal loan over 48 months, the best organization (Zaloan) does not accept the application. Bankate, ranked second, however agrees in principle. A percentage of acceptability greater than 50% indicates that the credit is accepted, provided that the credit documents correspond with the information indicated in our questionnaire.

Credit refused by the bank: Home loan

Credit refused by the bank: Home loan

The home loan is not an easy credit application. If the credit turned down by the bank is a mortgage, the approach is similar. Just because a bank refused your file does not mean that another bank will not be able to accept it. Even if it is even more annoying that our own bank refuses to support us in a project as important as the purchase of a house or an apartment, this is not a reason to abandon its project.

As we have explained for consumer loans, in the event of mortgage loans refused by the bank, competition must be brought into play. Because beyond the credit score as we saw before, when it comes to a mortgage loan refused, there may be other reasons that come into play.

For example, for young people, it is rare that a loan without contribution passes easily. The type of property (house, apartment) can also affect the credit decision, as can the geographic area. There are many reasons to get a declined credit.

Home loan refused: what options?

You have to make competition to not stay on a mortgage refused by the bank; but also and above all to lower the rate. This is exactly the role of a broker. But unlike consumer credit, when it comes to home loans, rates may vary by region. And mounting the request is much more technical.

Our comparator is adapted to the specifics of the mortgage. To seriously assess everyone’s file, we have set up a completely free service. It makes it possible to make a first point on the request and to understand the reason for the credit refused by the bank, but especially to assess the different possibilities.

Once the online credit application is completed, if the file is assessed as eligible, our specialist mortgage loan partners will get in touch quickly to study the file and explain the borrowing possibilities.