Will there be a SMS reminder if the loan is not approved?

Generally speaking, if the loan is rejected, a text message will be sent. The more formal the lending institution is and the more standardized the procedures are, the loan applicant will be informed.

For example, if a bank loan is not approved, it will contact the applicant directly and tell him that he cannot apply for a loan. Generally, the applicant will also be told the specific reasons for refusing the visa, and there will be a way out to give the applicant a chance to re-apply.

Like some mobile phone loans, applicants usually send messages through the client, of course, some will notify by SMS or telephone.

There are many reasons for refusing loans, such as low income, poor cash salary, poor credit information, white households, occupational restrictions, too many micro-loans, too high debts, guaranteeing others and so on. After receiving the short message of loan rejection, the applicant should take the initiative to contact the lending institution to find out the reasons for rejection, so as to facilitate the next loan application.

So much for texting when a loan is refused. Please pay attention to keep accurate contact information in the process of loan application, so as to get the review progress in time.