Can I apply again?
Yes. There is no legal prohibition on applying again after a rejection.
However, each repeat loan application adds information to your credit history. Law No. 2704-IV (Article 7) provides for a register of inquiries that records information about lenders’ requests for credit reports.
In other words, every time an application is reviewed, the financial institution contacts a credit history bureau, and information about that request is entered in the register.
Reapplying for a loan: how long should you wait?
You should not submit a new application immediately after a rejection because a large number of consecutive requests can lower your scoring result.
It is better to apply again after 7–14 days. During this time, it is advisable to address the reason for the previous rejection and improve your financial profile. Possible reasons for a negative decision on an application can be found here.
When reviewing an application, the lender must assess the borrower’s creditworthiness. Law No. 1734-VIII provides that this assessment takes into account, in particular, current credit obligations and credit history. Therefore, before applying again, it is worth addressing factors that may affect the decision. For example:
- Pay off any existing overdue debt.
- Check your credit history for errors.
- Request a smaller amount.
How to improve your chances of approval when reapplying
- Reduce the loan amount. A smaller amount means a lower debt burden, which may positively affect the assessment of the application.
- Choose another MFI with a higher approval rate. Different lenders use different internal assessment criteria. Therefore, after being rejected by one MFI, you may receive a positive decision from another. iPay.ua publishes its own real statistics on rejections and approvals.
- Confirm your income via BankID. This allows verified information that affects the creditworthiness assessment to be provided to the lender.
- Check and correct errors in your credit history. If your credit history contains incorrect information, you may request that it be corrected. After a lender rejects an application, the borrower has the right to review their credit history free of charge (Article 13 of Law No. 2704-IV).
Why you should not submit many applications in a row
Every loan application leaves an information trail — to review the application, the lender submits a request for access to your credit history, and this request is recorded by the bureau in accordance with the law. Therefore, during a subsequent check, another lender will see your previous applications.
If you submit many loan applications within a short period, the scoring model may interpret this as a sign of increased risk. A large number of consecutive applications may indicate that the borrower is in a difficult financial situation or is trying to obtain several loans at the same time.
Final summary
You can reapply after a rejection, but you should not do so immediately. It is best to wait 7–14 days and, during that time, check your credit history, correct any errors, resolve overdue debt, or reduce the loan amount.
Important to know: The information is for informational purposes only and does not constitute financial or legal advice. The recommendations on how to improve your chances of getting a loan do not guarantee that an application will be approved.