What to expect when you are not expecting – a loan rejection!

A personal loan online or a left-swipe on Tinder – both can leave you with a bad ‘Ouch!’ But, try to wrap your head around loan rejection reasons and solutions.  So, drop the Devdas-mode. Be cool. It’s 2018. Not 1918.

“18, 19, 20….wait, stop right there! Get back on the treadmill for a while.”

I watched Armaan walking back after the gym-instructor banned him from the action-zone. Bench-presses and rope-hurling, Armaan the bundle of energy he was, had crept into a cross-fitness huddle 15 minutes back. Now I would have to come up with some man-to-man words of reassurance. How do women do this! I found it awkward even to broach the subject.

But to my surprise, and relief, Armaan didn’t seem disappointed. He patted his face with a towel as if he had just beaten The Rock with his left hand.

I stammered, “Sorry, you got thrown out.”

Armaan turned to me – confused. “What? Oh, no I am been sent to get some rest Ankit.”

I felt fevicol settling into a sandwich on my lips. What should I say next?

But Armaan was already gulping some wheat-grass juice, admiring fellow-trainers from his seat. “Bro! Rejection is not a slap.” He continued looking wise, “It is just feedback. You do not get antsy about it, you simply learn more about yourself and move forward. That applies to that loan-application too.”

My jaw dropped (if I had not been 26, it would have been dentures and more heavy to pick). How did Armaan always manage to pull this carefree-yet-smart side off? “You came here for that, right?” Armaan asked.

He kept going. And I let him. After all, it was him, who had encouraged me to apply for quick personal loans through a new app. I trusted Armaan’s prudence – there must be something he is doing right if he is able to enjoy life’s little luxuries as a salaried person without any anyone’s help.

So I listened intently as Armaan explained. “Every loan is different and every loan-giver can have different criteria, some are even more stringent than others! You just need to find out what went wrong! But before that, ask yourself: When was the last time you checked your credit score? Chances are, that for a lot of reasons, it could have dipped. Try rapid-rescoring! Also, didn’t you change your job last month; signed up as a guarantor for your cousin’s car; and took that home loan too? Your income-levels and eligibility can look different under different circumstances.”

“I just got married yaar, we wanted to move to Delhi. We are going through a lot of changes presently.” I interjected.

“It’s completely fine!” Armaan consoled, “It is about how much down-payment and EMI you can manage. A lender would worry if the loan-to-value ratio is not great or if the case is over-leveraged. Why don’t you try the EMI calculator given on the app. That will surely rid a lot of what-ifs away, before the application goes in. Also, did check all the documents correctly before submitting?”

I umm-ed and err-ed and Armaan shot me a serious look. “Bro, I understand this is an online loan but that does not mean you get sloppy about the documentation. A good lender, no matter how prompt or friendly, will never compromise on due-diligence. It is for everyone’s safety!”

I digested all of it with a new-found clarity. I realized that while imparting this wisdom; Armaan worked up a few more sets and bench-reps. He was all bright-eyed-and-bushy-tailed to walk towards the instructor again.

I picked up my duffel, feeling pumped, now that I know the possible loan rejection reasons and solutions.

“It’s all feedback”, I mumbled just before I turned to bid good-bye to Armaan. But he was in a Sparta-mode now. I smiled as I watched more jaws drop, as wicked Armaan picked up the ropes again.

Thank God, he is not a dentist – I thought as I walked out.