Firstly, we know that getting rejected for a loan hurts. We know that you need money to pay bills, buy books, pay for wedding expenses, pay tuition fees, buy a car etc. Not getting approved may not allow you to do these things.
There could be a lot of reasons for a loan rejection and we try to mention those as clearly as possible in the email. Getting rejected for a loan doesn't mean that no one will give you a loan and it should not be seen as a lifetime rejection. The decisions are made for a loan amount, loan term, and your information at the time of application.
We try to make the best possible decision with the available information at the time of application. Your situation may change over time and so would our decision. If your loan application is denied once doesn't mean it will be denied in the future.
You can still get approved for a loan in the future but only if there are material changes in your application.
Here are some examples of material changes in the application:
1. New Visa - sometimes applications are denied because their visa is valid for a really short term (or not of the eligible type) and the chances of renewal cannot be determined or chances are really low.
2. Job Offer - if we determine that you don't have a sufficient income or a stable enough source of income to pay for the loans, you can apply again after you've received a job offer that you have accepted
3. Income Verification - if we are not able to verify your source of income and you can add pay stubs or other income sources, this can increase your chances of approval
4. Financial Behavior - if you have had hiccups in responsible financial behavior, it can be corrected with time and after a few months (at least 6 months) and better financial behavior increases your chances of approval
Please note that these are just broad areas where applications are mostly rejected and guidelines on how they can be approved.
We are not promising that your application will be approved if you do any of these things. We consider your complete application when making a final decision.