8 Reasons Why Your Loan Gets Rejected
4. Job Stability
Banks are very particular about the stability of the job that you have. Some banks have also insisted that, to buy a loan the applicant has to be employed in a firm for three years or more to be eligible.
Many times if your work history is unstable your loan application gets rejected. If you are job- hopping and have been unemployed for a long period, you will have tough time in getting your bank loan approved.
5. Your Co- Applicant’s Score Matters
If you are willing to take a loan with your friend or a relative, make sure that you have a good credit score. It is also very important to know that your co- applicant also has maintained a good credit score.
Another important issue is that, you should be aware of your co- applicants financial stability, because for instance if you are buying a loan with your friend make sure that he is capable of repaying the loan that you apply for.