There are many reasons for refusing to grant a loan.
Insufficient repayment capacity (low income)
The loan refused for insufficient repayment ability often depends on whether the monthly salary you have, or your tax return (in the case of self-employed and self-employed professionals), are not high enough to give the credit institution the security that the applicant will be able to repay the loan without difficulty.
One solution could be to ask for the help of a guarantor, who with his own income can help repay the debt (if needed) and who, in any case, undertakes with the financial company to take on the debt. if the principal debtor does not pay.
Bad payer or protested
Reporting as a bad payer or protester is one of the worst situations in which those in need of credit may find themselves, but much depends on individual cases.
The bad payer and the protested person can have several problems in obtaining a loan, especially if they are self-employed. This category of workers, in fact, could have problems in having financing in the event of past financial problems, and one of the few alternatives could be that of financing with bills.
Retirees and employees, on the other hand, even if protested or poor payers, usually have no problem in obtaining a transfer of the fifth (also of the pension), since the presence of the paycheck and TFR for employees, the pension for pensioners (except for some pensions that are excluded), guarantees are considered sufficient in most cases.
Too many debts
This is another reason why a loan is refused.
If the applicant has too many debts, understood as loans already in progress, it is more likely that the bank or the financial company can refuse the application.
The only solution is to review your debt situation with the financial company, aiming to reduce debts or perhaps to evaluate the request for a consolidation loan, that is, a single loan to meet all the debts that you have, and the whose amount may be even greater than the total of current debts.
How long can I apply for another loan?
The minimum waiting time required is 30 days. When the loan is refused, the decision is written in the SIC register and remains there for 30 days.
If you submit another loan application before the 30 days, the bank or the finance company (who will check in SIC if you are bad payers or not) will see the refusal and, consequently, they too will refuse the loan. The only solution is to wait for the requested period, because it is not possible to cancel the indication of the refused loan first.
In the meantime, what you can do is try to understand why a loan has been refused and work to improve your personal situation so as to reduce (or perhaps completely eliminate) the risks of a new refusal when you submit a new application.
Loan refused, conclusions
Each bank and financial company has a specific internal policy for determining when to grant a loan and when, instead, to refuse it, and unfortunately it is not known a priori what the final outcome of its application will be.
A loan that is declined is not the end of all future credit opportunities.