As a responsible lender, we don't want to put you at risk of taking on debt you can't sustain.
Please don't be disheartened. We encourage you to re-apply when your personal finances change. Indeed, rather than asking yourself "why was my application declined?", a better question to answer is "what can I do to improve my application?"
To this end, please be aware that when you apply we look at a range of affordability and creditworthiness criteria. These include:
- Your level of debt and your debt-to-income ratio
- If you are making payments to a debt management plan provider or debt collector
- Your employment status and income
- Your credit score and credit history (such as whether you have defaulted on a loan or have an active country court judgement)
A good place to start is to learn how to access your credit report, so you can see what information is held on you by credit reference agencies. We also recommend checking out the free tools provided by Step Change on managing debt.