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When anyone applies for a personal loan, it's not simply a question of the loan provider accepting or rejecting your request arbitrarily - it is all about your credit rating.
Your score is a financial reflection of the credit risk you present - specifically, whether a loan provider should offer you a personal loan or should not, all determined by whether you are regarded as an acceptable or unacceptable risk. Your credit record - which is held by all the leading credit referencing agencies, like Equifax and Experian - shows whatever credit you have had in the past (extending back for the last 6 years), including any present responsibilities.
When you apply for a personal loan, the loan company will do a credit search - and will allocate you a credit score established from the facts from your file. If you have a lot of debts - and notably if you have not made payments or have been overdue with them - you will have a poor credit score.
The lesser your credit rating, the less likelihood you have of obtaining credit because a low credit rating indicates there is a high risk of you failing to pay off your debt on time.
It also indicates if you are on the electoral roll and any financial associations. If you are not on the electoral roll, it might affect your potential for being accepted for credit, because your home address is not 'substantiated'. A financial association is someone with whom you have been financially associated, currently or before. It might be a past partner, your parents, or possibly a person who lived at your place of residence previously and whose information is not yet deleted from your credit file.
When the person or people named as a financial association are no longer associated to you - i.e. you have no mutual financial responsibilities and they are not living in the same place as you - then you can ask that the credit record agency correct the information.
Continuing to have them on your record - especially if they have experienced financial struggles previously - can have a damaging impact on you accessing any credit.
When looking at approving a personal loan, loan companies will also examine what sum of money you are spending on other debts - if you have lots of them, they might decline you for credit, even when your rating is good. This is as they could deem you to be financially overextended with yet another debt to meet.
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