Loan Accepted Then Declined? Someone’s To Blame! There is nothing so frustrating, as most people have the loan funds already earmarked for spending the money on already. To be told that you are approved and then be told, oh sorry, you are not approved after all is not nice.
Have you ever had a loan accepted then declined?
If so, then you would know how difficult it is to manage such a situation of a loan accepted then declined.
You may have purchased a car or might have some massive expenditure to take care of which might have compelled you to seek a personal loan.
It could be any type of loan either through a broker or directly from a lender that can get approved and then you may get declined in a few hours, days or you may have the horrifying experience of getting the notification after you commit to a purchase or actually make the purchase.
Someone is to be blamed and held accountable when you have a loan accepted then declined. It could be the fault of the broker, the lender or even the applicant not entering correct details.
There are many types of loan brokerage firms and individuals. If you are buying a car using the financing through a dealer, then the dealer is effectively the broker.
You are entitled to all the details
There may be third party financing at the dealership which you may have opted for. You are still protected by financial and consumer law.
You may use a broker for personal loans, student loans or any other type of loan that you need and therein you may get the letter of approval only to get rejected at the time of getting the loan disbursed.
Your entire plan can go haywire in such cases and it is possible to find out who is in breach of contract or who is to blame.
Unless you know the full picture and the exact reasons why you were approved and then rejected, there isn’t much you can do but to look for alternate sources of funding.
When banks and financial institutions approve you a loan and then reject the loan then it is either due to factual changes in the purpose and particulars of the loan or there has been a policy change that would dictate the banks and financial institutions to act that way.
You may have got approved six months before actually seeking the loan, which is not uncommon, but then the policies governing the terms of loan approval may have got reviewed and changed.
If certain particulars of your loan get changed due to some new requirements of yours, then the banks and financial institutions are fully within their right to reject the loan.
With the companies we use on this page, once you apply and are accepted online, you can get your cash quickly, so there is very little chance of being declined later.
It is worth also getting a copy of your credit report to make sure all is in order their too.