Why Is It So Hard to Obtain a Loan surveyed consumers from across the U.S. to find out why they had trouble obtaining a home or car loan.


San Francisco, CA -- (SBWIRE) -- 08/22/2014 -- Money is tight for most Americans and obtaining a loan at a reasonable rate is becoming increasingly difficult. (BCRC) surveyed over 1,000 American consumers to find out exactly why they are having a hard time obtaining a home or car loan.

“There are thousands of Americans who would like to be home or car owners, but need a loan to make those dreams a reality,” Carlie McKeon, BCRC PR Director, said. “Unfortunately, many consumers are finding that it is nearly impossible to obtain a loan, and even when they do qualify, the interest rates are astronomical.”

BCRC wanted to find out exactly what is holding America’s consumers from getting these loans.

The most common response amongst consumers was a low credit score. According to the BCRC survey, 42.4% of Americans said that their credit scores were too low and disqualified them from getting a loan.

Following a low credit score, the second most common response was that consumers did not meet the basic requirements to qualify for a loan. Roughly 27.8% of American consumers said that the loan requirements kept them from qualifying.

“It is not surprising that most consumers said that their low credit score was the main contributing factor as to why they could not qualify for a home or car loan,” McKeon stated. “There are ways to help improve that score, but it will take time. As for not meeting requirements, a good credit score should help with that.”

Another 16.7% said that too many negative items on their credit report was the reason they did not qualify for a home/car loan while 13.1% said that they had defaulted on their last loan.

“Credit bureaus make mistakes, which means some of those negative items on your credit report could be an error,” McKeon explained. “There are ways to repair your credit and get some of those items removed.”

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