refused credit loan

Refused credit loans

If you need to get a loan (that you have already carefully considered and thought about whether you can afford to take out) but have been refused credit, you may be left feeling frustrated as well as worried, especially if you need access to cash in an emergency – for example, due to an unexpected bill. Luckily, Proper Finance can provide you with a refused credit loan through one of the variety of financial products we provide through our associated lenders.

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Why have I been refused credit?

You may have been refused for a loan due to a variety of factors. The most commonly cited by lenders tend to be the following listed:

  • You have a poor credit history
  • You have a number of missed loan repayments on file
  • You have CCJs on file
  • Bankruptcy

However, here at Proper Finance, we do not believe people should be simply refused credit because they have a few missed payments on file – it could happen to any one of us. That is why we carefully review each individual application before deciding to accept or refuse the loan.

Types of refused credit loans available

There are a number of products you could choose from when it comes to refused credit loans. These include:

  • Payday loan – if you require short-term finance for a minimal period of time
  • No credit loan – if you have been refused credit as you lack a credit history
  • Guarantor loans – enable you to loan a larger sum, but you will require a guarantor that has a good credit score to back it on your behalf. If you do not keep up with loan repayments, they will be obliged to pay the loan back.

What are the criteria for a refused credit loan?

Depending on one of the lenders that Proper Finance is partnered with, you may find that eligibility criteria varies among them.  However, you will typically need to meet the following eligibility criteria to be able to apply for a refused credit loan.
  • The requirement of a guarantor
  • Employed on a full or part-time basis
  • Be a UK based resident
  • Be over the age of 18
  • Be able to keep up with monthly loan repayments
  • To get a secured loan, a lender may require you to be a homeowner or car owner.

How to apply for a refused credit loan with Proper Finance

Would you like to apply for a refused credit loan with Proper Finance today?

To apply on our site is easy to do. All that you will need to do, is just click apply now, which will take you to our online application form.

A few basic questions will be first asked in order to determine your eligibility, and completing this form will only take you a few minutes at most.

You will receive an instantaneous decision as to whether the loan application can go ahead, giving you peace of mind.

If the loan process can continue, we  can start working together with you and our FCA authorised lenders to help you find the very best deal. So, what are you waiting for? Get in contact with us today!

What about if I can’t pay back the refused credit loan?

If you miss a number of repayments, you will find this can leave an impact on your credit score, affecting your ability to apply for further finance in the future.

Consequently it is important that you carefully consider whether you are able to afford taking out a loan before applying.

Nevertheless, we also do understand that unforeseen circumstances occur, meaning that you could end up making a late payment occasionally. If this happens you should always inform the lender directly beforehand so they are aware of any potential difficulties.

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