If your loan application was returned, it was probably for one of these reasons:
- Documents are vague and unreadable.
- The document is broken or incomplete.
- The documents are expired or outdated.
- The document provided is different from that specified by the lender.
- The document was uploaded incorrectly.
- The documents provided are insufficient (for example, only three months of documents are provided but the lender needs another six months).
- Photographs or documents have nothing to do with your business and the products/ services you provide.
Follow these tips to improve your loan application:
- Take bright photos of your business and documents. There should be no shadows especially in the documents you upload.
- The contents of the document are clear and legible.
- Read the instructions carefully. If the document that needs to be provided is set at "3 months 'worth", make sure that another three months' document is provided.
- Make sure the documents are new and have not expired.
- If possible, take photos with your business name and showing what products and services you offer.
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