A Letter to Decline Loan Approval due to Ongoing Multiple Loans

Dear Ms “Full name” 

Further to your ongoing loan application, this is to prompt you that we won’t have the option to extend a loan to you.

We have gone through your application quite exhaustively and it seems you already have 3 ongoing loans and have nothing to give as collateral and hence we dont find us in a situation of giving a loan to you. Though we feel that in a couple of months when you are done repaying for your Car, we will be happy to re-evaluate your application for loans.

We must advise you to not hoard loans when you dont have much savings or ways to pay back because then it will be causing huge harm to your credit score and hence it will be an issue for any bank to help you in the future. If you have any queries you can reach us out on our customer care lines or our executive can call you up anytime. 

Regards

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