Factors Lenders Take Into Account

For some people whether they get credit, a loan or even a mortgage or not seems something of a mystery. Two customers with the same requirements can have one approved and the other rejected.

Being rejected is not nice but many banks and financial institutions say that they are responsible lenders. What does this mean?

Well they take into account factors such as:
- your relationship with the bank to date
- your income
- any existing debts
- your credit reference may also be checked

Clearly if you have a good record and a good income then you are much more attractive than someone who has no job and a bad record. Banks want to lend to those who will pay the money back - when it comes to personal loans - so if you don't get loans then your credit rating is probably quite low.