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 to be reasonably sure the borrower is able to pay the debt within a reasonable time frame, so they’ll take a look at someone’s debt-to-income ratio (DTI).



 

3.      Low Income

Even if you have a good credit score, lenders want to be sure you can afford their loan, and so they’ll take a look at your income level in relation to your debt. If your total income is deemed too low and you’re denied, you may still be able to acquire a smaller loan, but if it’s not enough to wrap up all your unsecured debts into one, may defeat the purpose entirely.

 

Need Help with Debt Consolidation?

Get a free consultation and speak to one of our debt specialists to know your debt relief options in Canada. We will help you create a personalized debt relief program based on your financial situation

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