My Loan Appication Is Declined – What Can I Do?
Despite a credit rejection, the credit request can still be realized.
The car, the long awaited renovation or the necessary replacement of a defective washing machine. The occasions to take out a loan are numerous. The reasons for a refusal unfortunately also. If a loan application was rejected, emotional reactions are quite understandable, please do not take our decision personally. Now it is important to recognise why the loan was rejected and how the loan request can still be realised.
If the credit request is rejected, this does not mean that you generally have a bad credit rating. It only says that we cannot make you a suitable offer at the current time. The decision is the final result of a thorough examination of your documents and our own standardized assessment procedures. Checks are carried out by means of an automatic credit decision. Information from SCHUFA and other credit agencies is also used. This is to ensure to a large extent that the repayment of the credit can be made without difficulty according to the information available.
Frequent reason for refusal
A frequent reason for refusing a credit application is a negative characteristic of a credit agency such as SCHUFA, which affects your creditworthiness. As long as the corresponding feature has not been deleted, a note of completion is not sufficient for this, we are unfortunately unable to make you an offer. If you have any questions about credit agencies, please contact them directly.
Important for you to know: A rejection by us has no negative effects on your SCHUFA score or your creditworthiness. Credit company only carries out condition enquiries for customer enquiries as standard, these are neutral in terms of the credit rating.
Contact details of the largest credit agencies in UK.
What are the consequences of a refusal?
Because it did not work out with the current request, this does not mean that you can never get an Credit company again. Your personal circumstances may change over time and so your credit request may be fulfilled at a later date. Despite rejection, there is still another possibility how you can get an Credit company in the near future.
Together it is easier
You can also order an Credit company together with a second applicant. Whether with your spouse, life partner, parents or other confidants. Together it is even easier, as the involvement of a partner can have a positive effect on the credit decision.
Transparency and fairness with the Credit company Financial Compass
If your credit is rejected, you will receive your personal Credit company financial compass. This contains a very detailed overview of your financial situation. This enables us to describe your individual reasons for refusing a loan and to explain to you in a transparent and comprehensible manner the data on which we base the calculation. You will receive the Credit company Financial Compass by post if you make an online inquiry or by your advisor if you make an inquiry via one of our partner banks. In this way, we offer you partnership-based support in all financial situations.