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Loan refusal

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  • 17-08-2010 12:21pm
    #1
    Laminations
    Registered Users Posts: 4,693 ✭✭✭


    Is a bank obliged/required to give reasons for a personal loan being denied?

    Just told it has been denied, they wont give a reason and I can't apply for any other personal loan (e.g. a smaller amount) from them for 6 months. No obvious reasons popping out at me.


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    #2
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Banks don't have to give a reason. Check out www.icb.ie to see your credit history, might be something on there affecting your application.


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    #3
    Random
    Closed Accounts Posts: 19,082 ✭✭✭✭Random


    and I can't apply for any other personal loan (e.g. a smaller amount) from them for 6 months.
    i was told this before. i applied again 2 days later for a smaller amount and it was granted. this was about 18 months ago though so obviously a lot of things going on since.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Laminations wrote: »
    Is a bank obliged/required to give reasons for a personal loan being denied?

    Just told it has been denied, they wont give a reason and I can't apply for any other personal loan (e.g. a smaller amount) from them for 6 months. No obvious reasons popping out at me.

    Well they're usually fairly obvious.... and it more than likely revolves around repayment capacity.

    But other things such as current account operation (days credit, are payments being honoured) is taken into account.


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