Why Do I Keep Getting Rejected by Online Loan Platforms in Nigeria?

Frustrated with loan app rejections in Nigeria? Find out why online lenders reject applications and how Scorewise can help you finally get approved.

Getting rejected by multiple online loan platforms can be frustrating and confusing. In Nigeria today, digital lenders use strict criteria to decide who qualifies for quick loans. If you find yourself getting denied over and over, it’s often because of hidden issues in your credit history or financial profile.

One of the reasons for rejection is a low credit score. Most Nigerian loan apps like Palmcredit, Carbon, and FairMoney report to credit bureaus such as CRC Credit Bureau and FirstCentral Credit Bureau. If you’ve ever defaulted on a loan, paid late, or accumulated unpaid debts, your score might be too low to meet their minimum requirements.

Incorrect or outdated information can also lead to rejection. If your BVN details don’t match your application, or if your phone number, email, or employer information is outdated, your application may be flagged immediately.

Your income level matters too. Lenders analyze your bank account history to determine if you have enough steady income to repay a loan. Accounts that show frequent overdrafts, unstable deposits, or suspicious transactions can cause your application to be declined.

Many people unknowingly hurt their chances by applying for too many loans at once. When lenders notice multiple inquiries across different platforms, it creates a red flag that you may be desperate for cash, increasing your risk profile.

To fix this, start by reviewing your credit report. Understand your weak points and work to improve them. Ensure your application information matches your BVN details exactly. Maintain a healthy bank balance and avoid multiple applications at the same time.

Most importantly, use a trusted tool like Scorewise to check and monitor your credit score before applying. Scorewise shows you your credit standing, suggests how to improve it, and helps you make smarter borrowing decisions.

Download Scorewise available on Apple store or playstore to know your real credit score and boost your chances of loan approval.