Here are the Top Loan Application Reject Reasons

and Tips on How You Can Avoid Them.

Follow these tips to maximize your chances for loan approval!

1. CANCELLED CREDIT CARD/S WITH BALANCE

Did you know that your credit history will define your credit rating? If you have cancelled credit cards, it is reported to the Credit Management Association of the Philippines (CMAP) by member banks. The report is available to member banks to check your credit history.

TIP:  If you have already settled your outstanding balance from your former credit card issuer, ask for a clearance and submit it as part of your requirements for the Chinatrust Loan processing.

GOOD NEWS:  Chinatrust Bank is approving loan applications of clients with previously cancelled credit card/s if they can submit a copy of the clearance/s to show that the balance has been paid for at least 6 months!

2. DUPLICATE APPLICATION

Did you know that multiple sending of applications and requirements to different agents will not speed up the processing of your loan request but rather complicate it which could result to rejection?

TIP: Once you have submitted your application and requirements to your Mc Loan Pro Agent, do not send the same to another agent. Each application is tagged by the bank. Therefore, if your application has been tagged twice and handled by two different credit investigators, just imagine what would happen if they have differing opinions with regard to your application! This complication will not speed up the processing of your application but rather lead to unfavorable result.

GOOD NEWS: Mc Loan Pro Agents are well-organized and competent in their field of expertise. They are trained to screen and assess your submitted documents and requirements to give you a sound advice with regards to your loan application. They are trustworthy and will handle your account with utmost care and confidentiality. Most of all they are fast and efficient.

3. INCOMPLETE REQUIREMENTS AND/OR INFORMATION

Did you know that incomplete information on your submitted Chinatrust loan application form could also result to rejected application? Missing required documents would also delay the processing of your loan. Other documents aside from the usual may also be required by the bank.

TIP: All fields required on the application form must be filled out. If an item is not applicable, write N/A. Your Mc Loan Pro Agent will inform you of any missing information and requirement, your part is to submit immediately the requested information and/or missing document/s.

GOOD NEWS: Rejected applications due to missing information and requirements could be reprocessed once completed.

4. FAILED IN SCORING

This is a system generated credit scoring based on the submitted data and other documents by the client. You may have passed the minimum qualifications to avail of the loan (gross income, age, work tenure, serviceable area, industry type, etc.) but failed in scoring based on your expenses and deductions on the proof of income submitted.

Sample Client Profile:  Basic salary is P 45,000, residence type is rented at P35,000/month, Married but spouse is not working with 3 dependents and with existing SSS Loan as indicated on the pay slip submitted.  

TIP: Reasses your data, you might be renting at P35,000/month but sharing the apartment and the rental fee with a relative thereby cutting down the expense by half; your wife may be self-employed, however small the business such as a mini store which could help in upgrading your income.

GOOD NEWS: Applications rejected due to failed in scoring could be reprocessed subject to the bank’s reconsideration if client’s company is included in the Top 7,000 Corporation and client is a credit card holder.