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Reasons Why You Are Not Getting Your Loan Approved
7Newswire
25 May 2021, 20:02 GMT+10
Securing any loan, including a business loan, can be challenging. Not employing the right techniques can deny you a good loan. Plus, there are factors that can prevent you from securing a loan. This guide is going to walk you through the factors that can deny you a good loan.
Poor Credit Rating
Business loans are based on credit reports. Your lender will look at your credit report before giving you a business loan. So, if your credit report is bad, you may be denied a business loan. According to experts, the credit reports indicate your ability to repay. If you have been repaying your loans on time, your credit report will be good. However, if you are a defaulter, you will have a poor credit report.