Reasons Why People Are Denied for Debt Consolidation Loans
Denial or rejection is also a common scenario for some Canadians seeking a debt consolidation loan. Unfortunately, not everyone can get approved for debt consolidation. People trying to obtain a debt consolidation loan are often looing to reduce their debt by merging their credit card debts, personal loans and other unsecured type of debt. National Debt Relief Services can help Canadians get approved for a debt consolidation program. We are a trusted debt relief provider in Canada and continuously help hundreds of Canadians get rid of debt every day. Top Reason for Debt Consolidation Rejection 1. Bad Credit This is a common reason why someone will get rejected for a debt consolidation. Your credit is a big factor to gauge your creditworthiness. This indicates how well you will be able to maintain your debt repayments. 2. Debt-To-Income Ratio (DTI) Having unmanageable debt, usually, debt being too high can lead to rejection too. Creditors want t