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Can a lender decline my pre-approved application?
Can a lender decline my pre-approved application?
Updated over a week ago

Yes. A lender can decline your pre-approved application if you don’t pass their checks.

It’s important you check your information in the ‘My details’ section of your account is up-to-date before searching for a product, to make sure your results are accurate.

If you’ve changed any info since updating your TotallyMoney account, this may impact your application, as the pre-approved rating would be based on your previous information.

A lender can also decline your application if, when completing its Responsible Lending checks, it finds new information that shows that you can’t afford the repayments or indicates that you may be in a financially vulnerable situation.

Reasons why the lender could decline your pre-approved application include:

  • You are not found by different Credit Reference Agencies

  • You changed your details on the application form

  • You have a duplicate application with the Lender (including an application made to a sister company)

  • You fail fraud and Anti-Money Laundering checks

  • Your income verification fails / your income is inaccurate

  • You fail to provide additional documents requested by the lender

  • You have missed repayments on your credit agreements, since the lender made an offer to you

  • Checks show that you have been gambling excessively

  • Checks show that you have taken out a number of payday loans

  • Checks show that you have credit agreements with debt collectors

  • Checks show that you have bounced direct debit payments

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