I felt terrible when my loan application was rejected. I applied, waited, checked my inbox obsessively… and got the “We’re sorry” message. Furthermore, I sometimes think about why my personal loan application was rejected.
But I didn’t stay stuck. Here’s what I did next—online, from my laptop, with no appointments, and no waiting in lines.
1. Find Out Why I was Rejected
I directly went to www.cibil.com and logged into my portal and looked for the actual reason. I got the 2 points from this report.
First: My credit score is 700.
Second: My loan application inquiry is 5 within 1 month.
2. I search for Online Financial Market
In the first step, I understand my loan rejection reason. I need an online platform that connects me with various lenders. Oh, I got the QuickCashs website. Which joined with multiple NBFC companies. I’m looking into getting a personal loan, even with a low CIBIL score.
3. Read Some Articles to Know the Perfect Lender
Now, I read some articles on the QuickCashs site and I landed on the article “Get an Instant Personal Loan for Low CIBIL Score”. From this article, I understand which lenders offer personal loans with low credit scores.
4. Apply for a Loan Again
I know you are shocked that I am applying for a loan again at a 700 score. But I got the lender which is perfect for me. This lender offers personal loans at a 680 credit score and a Rs. 12,000 salary. So, what should I do next? Just apply, as it is a digital platform.
5. Applied for a Smaller Amount Loan
This time, I aimed to lower the loan amount as previous loan rejection. Instead of trying for the full amount I originally wanted, I asked for a smaller loan I was more likely to qualify for. It worked.
I got a modest approval from an online lender, “WeRize” with 36 months of tenure, which is enough to cover what I needed most.
6. Now Main Goal Improve Credit Score
As you know, I got the loan. Now, improving the CIBIL score is one of the important parts now. My credit score is 700, and I have to push it to 750 to avoid loan rejection next time.
I have to follow 3 steps to increase my credit score:
- Check all my EMI dates thoroughly.
- Not all date to pay EMI on time.
- Use a credit card 30% limit on the total amount.
Also Read: Can you get a personal loan with 13,000 salary?
My Opinion
Getting rejected is normal. It was the warning light. I just understand the warning and make a six at the last ball of the over. You can do it too if you know how.
So, if you face loan rejection, do my entire step–by–step process. Defiantly, you will get the solution easily.
