10 Reasons Your Personal Loan Gets Rejected (And How to Fix Them)

✅ How to Fix It:

• •Check your CCRIS report before applying
• •Pay all bills on time for 6 months to improve score
• •Settle any outstanding debts
• •Dispute any errors in your credit report
• •Apply with lenders who accept fair credit (650+)

✅ How to Fix It:

• •Calculate your DSR: (Total debt ÷ Income) × 100
• •Pay down existing debts before applying
• •Apply for smaller loan amount
• •Show additional income sources (side business, rental)
• •Consider debt consolidation to lower DSR

✅ How to Fix It:

• •Wait until income increases
• •Show 6 months stable employment
• •For self-employed: provide 6-12 months bank statements
• •Add co-applicant with income (if lender allows)
• •Apply to lenders with lower income requirements

✅ How to Fix It:

• •Double-check all documents before submission
• •Ensure IC, bank statements, payslips are clear
• •Update expired documents
• •Match application info exactly with documents
• •Provide additional proof if requested immediately

✅ How to Fix It:

• •Wait 3-6 months between applications
• •Do soft credit check first (doesn't affect score)
• •Apply to max 2-3 lenders simultaneously
• •Research and choose best-fit lender first
• •Don't shotgun applications everywhere

✅ How to Fix It:

• •Stay in job at least 6 months before applying
• •Provide employment letter from company
• •Show EPF/SOCSO contributions
• •For new job: show offer letter + start date
• •Self-employed: show business registration + 12mo statements

✅ How to Fix It:

• •Discharged bankrupts: wait 6-12 months after discharge
• •Settle all outstanding judgments
• •Request removal of settled accounts from blacklist
• •Apply to lenders who accept discharged bankrupts
• •Build new positive credit history slowly

✅ How to Fix It:

• •State legitimate purpose: renovation, medical, education
• •Provide supporting documents for purpose
• •Don't mention risky purposes like investment/forex
• •Be honest - lenders verify fund usage
• •Choose lender that accepts your loan purpose

✅ How to Fix It:

• •Wait until age 21 to apply
• •Some lenders accept up to age 70 - research
• •Foreigners: very limited options, need work permit + PR
• •Apply to age-flexible lenders
• •Consider guarantor (if lender allows)

✅ How to Fix It:

• •Inform employer/HR you applied for loan
• •Provide direct contact of supervisor
• •Ensure all information is accurate
• •Answer phone calls from lender immediately
• •Prepare references who can confirm details