How to make an appeal expandable section
If your application is declined and you believe we haven’t taken into account all of your circ*mstances, you have the right to appeal our decision. You need to submit your appeal within 30 days of the date of the decline letter.
If you do wish to appeal, please let us know if there is any other information you could show us in support of your appeal.
You can call our business management team to make an appeal. If your annual turnover is less than £3 million, call 0345 072 5555. If your turnover is above £3 million, call 0800 022 4378. Lines are open Monday to Friday 8am to 6pm, except on UK bank holidays. Please quote ‘Lending application' if you call us so we can get you to the right team as quickly as possible.
If your circ*mstances have changed, we'd be happy to reassess your application.
You also have the right to appeal if you’re unhappy with the conditions relating to agreed lending, such as the need to provide security, regular financial trading information or up-to-date property valuations.
Appeals can only be submitted before you draw down on the credit facility. You cannot appeal the proposed costs of agreed lending, such as interest rates, fees and costs or the standard terms and conditions, nor appeal after funds have been drawn down.
What is the appeals process? expandable section
You can appeal the decline decision and have it independently reviewed by a specialist in our lending appeals team.
You also have the right to appeal conditions relating to your requested lending, but not the proposed costs of lending, such as interest rates, fees and costs, or the standard terms and conditions.
You can call our business management team to make an appeal. If your annual turnover is less than £3 million, call 0345 072 5555. If your turnover is above £3 million, call 0800 022 4378. Lines are open Monday to Friday 8am to 6pm, except on UK bank holidays. Please quote ‘Lending application' if you call us so we can get you to the right team as quickly as possible.
For which products and circ*mstances can I appeal a decision? expandable section
You can appeal a decision relating to any business borrowing facility such as loans, overdrafts, commercial mortgages, business credit cards, invoice financing, asset finance and trade finance.
You can appeal following any formally declined lending decision. An application is considered formal when we receive the correct information that makes a decision possible.
You can also appeal any of the conditions concerning your lending request, but not the proposed costs of agreed lending such as interest rates, fees and costs, or our standard terms and conditions.
If you submit an appeal relating to lending condition(s), this could delay how long it takes to implement your lending facility; however, we aim to deal with 90 percent of all appeals within 15 days of receipt.
Requesting an appeal does not guarantee that a decline decision will be overturned.
FAQs
I've been declined following a credit check, can I appeal this decision? Yes, you have 30 days from the date the outcome is known to raise your appeal.
What is an appeal in finance? ›
An appeal is a formal request to obtain additional financial aid from a college or university due to special circ*mstances. Appeals are often meant to be small, but meaningful amounts of aid that can help make a college or university financially feasible for the family and student.
What are good excuses for a SAP appeal? ›
Valid reasons for an appeal include:
- medical emergencies.
- severe health issues.
- severe personal or family problems.
- financial or personal catastrophe.
- return for a second degree or certificate.
The Bottom Line
If you're denied for a personal loan, you can reapply—and potentially be approved. However, before you reapply, make sure you've learned why your application was rejected in the first place so that you can improve your situation and increase your chances of approval.
How can I get a loan after being denied? ›
If you were denied because of a minor issue, such as a typo, reach out to the lender immediately to address the problem. If you need to build your credit, lower your debt or increase your income, consider waiting at least one month — but likely a few months — before reapplying.
Can a loan denial be reversed? ›
Depending on why you were rejected for a personal loan, there are some things you can do to change the situation or even bump yourself past a lender's eligibility threshold. You can then apply for a loan again — sometimes even sooner than the lender's stated waiting period — and potentially get approved.
What not to say in an appeal letter? ›
Don't clutter your letter with information or requests that have no essential connection to the main message. Threatening, cajoling, begging, pleading, flattery and making extravagant promises are manipulative and usually ineffective methods.
How do you write a strong appeal letter? ›
Content and Tone
- Opening Statement. The first sentence or two should state the purpose of the letter clearly. ...
- Be Factual. Include factual detail but avoid dramatizing the situation. ...
- Be Specific. ...
- Documentation. ...
- Stick to the Point. ...
- Do Not Try to Manipulate the Reader. ...
- How to Talk About Feelings. ...
- Be Brief.
The approval rate of SAP (Satisfactory Academic Progress) appeals varies depending on the specific circ*mstances of the student and the policies of the institution. Generally, appeals that are well-written and supported by appropriate documentation have a higher chance of being approved.
Can I sue for being denied a loan? ›
The FHA prohibits discrimination in residential real estate and mortgage transactions. If a creditor or lender discriminates against you in violation of the ECOA or FHA, you can complain about the issue to the creditor or a government agency, or you may sue the creditor.
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
How do I appeal a loan? ›
Appeals must be routed through the Loan Officers at the respective Higher Education Institution who will collect all appeals from his/her respective institution and submit them under a covering letter to the Board. The Board will not accept any appeal that will be submitted directly by students to the Board.
Can I get a loan back after declining it? ›
The good news is that if you reject a student loan and then change your mind later in the same academic year, you can reinstate your loan. The same goes if you took less than you actually qualify for — you can increase your loan amount later on.
What happens if a loan is declined? ›
The bottom line. If you have been denied a loan, take the time to review your application and see what went wrong. Then, work on improving the aspects that got you denied in the first place. For instance, if the main issue is that your DTI is too high, consider paying down debt before reapplying.
Is it possible to renegotiate a loan? ›
Terms that can be renegotiated include the interest rate, maturity, payment schedule, and so on. Lenders will often agree to renegotiate the terms of a loan as it helps ensure they will be repaid in the future and avoid the borrower defaulting.
