In this article:
- Understanding Why Your Loan Was Denied
- Building Your Credit Before Applying Again
If you've recently applied for a loan from the OKash app and your application was declined, it may feel like an insult. It's nothing personal, though, and there are several potential reasons for the denial.
To improve your chances of getting approved the next time, it's important to first understand why your request may have been denied and how to make the right changes to increase your odds of getting approved.
Understanding why your OKash loan was denied
Two primary factors that lead any lender to deny loan applications are: problems with credit and problems with income. And OKash is no exception. Here we focus on the credit aspect.
Credit
Your credit history and credit scores are the primary factors that the OKash app system will consider when you submit a loan application.
If significant negative items on your credit report or other red flags are found, the OKash Artificial Intelligence system may determine that as a borrower, you're too risky to be approved at the moment.
You can also be denied if your credit score is lower than the OKash minimum requirement.
Building your Credit for the future
Regardless of the reason for your OKash loan denial, focus on practising good credit habits that include but not limited to:
a). Repaying your OKash loans on time.
Your loans repayment history on the OKash app and elsewhere is the most important factor in your credit score. Loan repayments that are made 30 days late or longer will always reflect on your credit report negatively.
b). Checking your credit reports.
If you are a regular borrower on the OKash app or any other platform, reviewing your credit reports regularly to make sure they are accurate, can be of much significance.