The emergence of digital mobile loans have tremendously contributed towards bridging the gap to credit access that was previously reserved for the employed.
Through the availability of numerous digital lenders, nowadays, both the unemployed and self employed can obtain loans at the comfort of their phones.
However, this can sometimes be easier said than done due to the various factors set by lenders before one’s loan application can be approved.
In a post written by Zash loans via their official Facebook page, users of the loan app were asked why they hadn’t applied for a Zash loan.
This post attracted lots of responses ranging from the lender texting and calling contacts of borrowers when seeking repayment, high interest rates and constant declining of loan applications.
This in turn led to the lender to offer conditions on why they may fail to approve a Zash loan.
Some of these conditions include:
- Borrower’s repayment capability
- Borrower’s working status
- Wrong information provided
- Credit bureau ratings
- Bad loan history form other lenders