Why Was My Loan Not Approved?
QuickCheck requires loan applicants to meet minimum criteria. If these criteria are not met, it is possible that your application will not be approved.
The reasons for not accepting your loan application could be:
- Incomplete/incorrect data submission – You must ensure that all the provided information is complete and accurate to receive a loan from QuickCheck.
- Insufficient data – To grant loans, QuickCheck carries out credit scoring which determines the eligibility of the applicant. If the borrower does not have sufficient data on their smartphone for proper evaluation, the loan is not approved.
- Owing another lending platform – We carry out a thorough check before issuing loans to determine whether the borrower has a record of owing to other lending platforms. If found to be owing, the applicants loan request is not approved.
- Loan request exceeds 30% of monthly income – If a borrower’s loan request exceeds thirty percent of their monthly income, the loan is not approved.
- Bad credit history – When loans are repaid late, QuickCheck is unable to grant the borrowers’ loan request because they have a poor credit record.
- Falsified Data – If any of the information provided is found to be falsified, a borrowers request is rejected. QuickCheck places emphasis on applicants providing the right information during application.
Please Note – Loan decision criteria are implemented by an automated (non-human) algorithm that is continuously refined. Multiple attempts are sometimes required before a loan is granted.