Who Is Not Issued Personal Online Loans and Why It Happens
By applying to the bank for a loan, a borrower prepares for the worst – to be rejected. Clients of microfinance institutions are more likely to succeed – 90% of applications are approved, but still, there is a chance of being among the 10%. Both beginners and experienced borrowers are at risk of hearing “no” from MFIs. Why a microloan is denied cannot be clarified, since financial institutions do not explain the reasons for a negative answer. However, it is possible to highlight a few main points.
Who Can Be Denied?
Sometimes customers applying for an online loan are rejected because they do not meet the criteria for obtaining credit in terms of social status. The risk group includes: