Why Your Bank Loan Was Denied or Approved

Basically, whether you get approved or denied for a loan depends on how much risk the financial institutions is willing to take on and how risky your credit application looks. If your loan is approved, the interest rate you are given will also be based on your potential risk to the financial institution. The more risk (or chance you will default on your loan), the higher the loan is going to cost you through the interest rate if you are approved. You can swear that you will pay back a loan, but the sad truth is people lie and the financial institution can't tell which ones are honest and which ones aren't. And, even people that truly mean to pay back loans, sometimes fall into situations whe