Loan request denied

[The Raven]

Has it ever happened to you that your loan request has been denied?  If so, what was the reason for it? How complicated it is to get a loan from the bank and not being refused? I think that if somebody wants loan for house bank is very cautious on this because it is a loan for decades and what if you fail to pay it out? Well, they will just kick you out and sell the house to take that money back and you will have to give what is left over.

[Lily]

My loan requests have never been denied. Loan denials often stem from various factors. A low credit score, indicating a history of late payments or defaults, is a primary reason. Insufficient income or unstable employment may raise concerns about repayment ability. High debt-to-income ratios suggest an individual is already burdened with significant obligations. Lack of collateral or a co-signer can also contribute, especially for larger loans. Additionally, a limited credit history or recent bankruptcies may heighten the risk for lenders. Understanding and addressing these factors is crucial to improve one's eligibility for loans and secure better financial outcomes.

[Starmix]

I have never applied for a loan, however, one of my friend's loans was denied. Her collateral was insufficient and her co-makers were also not having good salaries. It was also learned that she had a bad record of her previous loan. We need to be responsible in paying our loans.