Have you been turned down for a loan?

Being declined for a loan doesn’t mean you won’t be accepted in the future. You can improve your chances.

However, if you’ve been declined by a credit union, it might take longer to turn your situation around. Most credit unions will lend to people with a poorer credit history. Therefore, being declined by a credit union may be a sign of financial difficulty. Seek advice about your options.


How lenders make credit decisions

Lenders don’t like recent missed payments. If you’re constantly close to zero on your bank balance, you’re likely to be declined. NestEgg’s lenders don’t decide a loan on credit score alone. Nevertheless, credit score will be taken into account.

How lenders make credit decisions in detail

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Whilst lenders on NestEgg look beyond your credit score, actions taken to improve your score may have a wider beneficial impact.


If you’ve been declined by a lender on the NestEgg platform, you can receive email tips to help you improve your chances. Get started straight away by reading advice and tips.


Your chances of getting a loan may be improved if you can increase your income. A benefits check is a good place to start: benefit check

Debt relief

Dealing with debt

1. You may need to pay off other debts or need help with day to day living expenses.

2. Owing a lot of money compared to your income might make it hard to meet all your regular expenses.

3. You may not have been able to make all of your payments recently.

For lenders, all of the above might suggest you’d struggle to afford a loan. As a result, you might be declined.t

Getting advice

If you find yourself in such a situation, see what help Citizens Advice can provide. If you’re in Scotland or Northern Ireland the law is different.

A Debt Management Plan can be an affordable way to pay down your debts, but will make it harder to borrow in the near future. Free DMPs are offered by Step Change Debt Charity.


Supporting vulnerable customers

Lenders have a duty to support people who may be vulnerable. This can include people with a disability or physical or mental health conditions. Vulnerability may include people whose first language isn’t English or those with low literacy, numeracy and financial capability skills.
Read more about support for vulnerable customers

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