CashMart is one of the trusted or established money lending companies in Singapore. Which makes loans available to borrowers very easily and quickly and with less paperwork.But there are some circumstances due to which the company has to take strict steps and reject the application and it is within the full authority of the company.
Given that this is inside information, a banking firm, in this case CashMart money lender, has the right to reject an applicant for a loan without providing any justification. CashMart may reject an application for a variety of reasons, though.
After putting so much effort into qualifying for a loan—whether it’s for a home, a personal item, or a vehicle—getting rejected can be demoralising. But let’s not dwell on this sad conclusion because you can learn from it and utilise it to better your financial situation. Check out these explanations for why your loan application was denied.
It has been seen in many cases that Many people get fake documents made to get loan quickly. But many times people apply for loan by creating fake documents to cheat the company. Due to which the company can also suffer a huge loss and legal actions can also be taken against the company.When such a situation arises where there is scope for cheating, the company uses its right to reject the application.
Applicant not having any permanent residence
Many times it has been seen that the applicant does not have any permanent residence. Due to which the company has less trust on him.The Company reserves the right to keep a record of the applicant’s location till the period of loan payback.As per the loan terms of the company.
If the candidate regularly relocates. At the time of application, the borrower had to have resided permanently at the same residence for at least six months.
Due to the low monthly income of the applicant
Low salary of the applicant is also one of the main reasons for loan application rejection.Due to low salary, there is a danger that the person taking the loan will not be able to repay the loan on time.And to repay one loan he will take another loan. Due to which his debt will increase.To avoid such a situation, the company rejects the loan application of such an applicant.
Non-matching of the applicant with the requirements of the company
The application doesn’t adhere to the standards set by CashMart. Before requesting a loan from CashMart, the applicant should thoroughly review all of its conditions.Otherwise the application is rejected by the company.It is necessary for the applicant to have a permanent source of income and a permanent job.
When the applicant does not answer the loan officer’s call
In many circumstances it happens that the applicant does not answer the loan officer’s call. Or many times the loan applicant loses interest after applying for the loan. Or many times the officer is not able to get in touch with the applicant due to wrong contacts given by the applicant, due to which the applicantion has to be rejected.
If the applicant attaches his incomplete documents in the application. And if the documents are bad or in mutilated condition.Therefore, it is the advice of the company to check their documents. So that the chances of their applications getting rejected do not increase.
When the applicant is insolvent or a fraud
The company receives lakhs of loan applications every day, in which many fraud applications are also there.The company does not take much time to deal with these applications and immediately rejects them.So the applicant should make sure that he is not doing any fraud work.
So these were some of the points due to which CashMart company rejects the loan application.These are all small mistakes which are often made by the applicants and spoil their efforts.That’s why it is very important to keep in mind all these points to avoid getting your application rejected.
I Hope this article has explained you the relevant points of Cashmart loan application in a simple way. Plz dont forget to comment down in comment section.