The trend of personal loans and credits in Spain has been increasing for several consecutive years, and family financing has more and more alternatives. However, many loan and credit applications are denied, both in banks and online entities. Why? What can you do if you have been denied a loan?
Banks and online financial institutions are based on general criteria to grant or not loans to their clients. The first thing they will look at is personal income. The entities highly value this fact together with the application, and analyze if you have the capacity to return the money through the regular income that you have in the agreed time.
It may also be that loans are denied if the applicant does not meet other basic requirements, such as being of legal age, having a valid DNI or NIE (not expired), or being the holder of their own checking account in a Spanish bank.
Third, another great factor that can tip the balance is if we have outstanding debts, and, especially, bank debts or other loans. If this situation occurs, it may be that the original entity has registered us in a file such as ASNEF or RAI, and that usually dynamites the options of obtaining loans in other entities.
If you wonder what you can do to increase our chances of being granted a loan, you have to first assess the reason why the previous one has been denied, and from there you have several options.
First of all, you can resubmit a request with that same entity after a while, sometimes these processes do not go as they should and it could be an error. Nothing prevents you from trying again. On the other hand, you can look for other entities and apply for the loan with them. This is important if, for example, you are in Financial Credit Institutions: you should look for an entity that accepts people in Financial Credit Institutions , to increase your chances of getting the money approved. Regardless, improving your credit history is always positive, so it is advisable to try to get out of listings such as Financial Credit Institutions by exercising your rights or paying off the pending debt. This greatly improves the options you will have when requesting money online, since the range of entities that you can go to is practically multiplied by two.
If it is an error due to expired documentation or you have written something wrong in the application form, contact the entity so that it can be corrected and your credit will surely be approved.