When you get a refused Bank Popular credit decision, you can be a little disillusioned. We have reviewed the reasons that can lead to having a Bank Popular loan refused. We will also offer objective alternatives to try to obtain a favorable opinion at the best rate.
Credit Bank Popular refused: the reasons?
It is important to remember that credit organizations and banks have no obligation to justify a credit refusal, no more Bank Popular than other banks. We explored in detail how the risk assessment of credit companies works in our article on loans refused by banks.
The conclusion was that know-how in terms of risk assessment (and therefore acceptance) was the most important know-how in this type of profession. It is not illogical that it should remain confidential. Even a more legal analysis of the CNIL goes in this direction.
Nevertheless, our knowledge of the market allows us to have the main tracks of the reasons for a credit refusal and therefore for a credit refused for no apparent reason by the establishment. A loan will generally not be granted if:
The reasons for the credit refused by Bank Popular
- Borrower is too young, under 25
- The borrower is not in CDI (CDD and interim get very little agreement)
- Significant debt ratio (too much credit already held)
- The overall assessment score is not enough
The refusal score is the majority rule of the refused credits, and also the least understandable. This is a credit acceptance criterion at the discretion of each establishment.
Each credit agency gives notes to the responses that borrowers provide in the credit questionnaire. For example, the borrower will get a better rating if he is a landlord than a tenant. All these notes added together give an overall score. If it is sufficient, the client obtains a first agreement in principle.
We can therefore have a loan refused by Bank Popular because this overall assessment is not sufficient. In this case, there is no specific reason for the refusal. One can always choose to ask for explanations. There is little chance of obtaining it in this case.
In addition to controlling the risk specific to each credit organization, they also all offer different credit rates. And it is not possible to talk about denied credit without talking about customer pricing. Indeed, the two go together. You just have to imagine that the more low a credit rating agency is, the more it will tend to refuse requests.
Indeed, cheap credit rates are generally reserved for the best records. Indeed, if the rate is low, the credit company will earn less money. It makes sense to avoid delinquencies at all costs. So, in the event that Bank Popular credit is refused, it may be because it was the best rate on the market. But how do you get credit at the right rate? This is what we will see in the last part.
Credit accepted then refused by Bank Popular: file review
The credit can be accepted at first and then refused during the complete examination of the file. Accepted and then refused credit is a classic in the field of consumer credit.
Indeed, it is not because you get a first agreement in principle online that you are sure to have the money. Once the first step has been completed with an agreement, all credit vouchers must be sent.
These supporting documents will allow organizations to verify the declarations of the questionnaire entered online. That is why there is no point in making false statements. They will in particular verify the identity, the amounts of income and charges, that there are no other credits in progress, etc. And in the end, Bank Popular may refuse the credit because of additional information on the supporting documents intervened.
How to get credit at the best rate
Basically, we built a credit comparator based on the best market rates. We offer a classification based on rates for all amounts, all durations and all projects. However, we have seen many customers contact us by email to tell us that their requests do not go to the cheapest organizations. Even if it is not illogical to have refusals, around 50% of requests on average, we decided to find a solution for these customers to maximize the chances of getting a deal at the best rate.
We have developed a credit questionnaire allowing real-time questions from credit organizations. At the end of the entry, the request is automatically sent to the cheapest organization. The client sees in real time if his file obtains an agreement in principle. For example, if Bank Cashie is the cheapest and the answer is Bank Cashie credit refused, it will be possible to query the second and third organizations with a single click. With this system, clients are most likely to obtain an agreement at the best rate for their file.
What to think of Bank Popular credit?
Bank Popular credit comes in several forms, from personal loans without proof to car loans, work, etc. The bank also regularly offers promotions on credit rates. In terms of refused Bank Popular credit, this is without doubt one of the points where they can progress the most. As well as on their website where the credit simulation is not available.