“I Cant Get Loan Anywhere” so what can you do? Most people need a few loans in a lifetime. Home loan, car loan, student loan and a personal loan are the most common. Entrepreneurs or business owners will also need a business loan.
From uncertain expenses to medical treatments, there could be myriad reasons why you may need a loan. If you have a great credit history or credit score and you meet all the qualifying criteria preset by a bank or financial institution then you don’t have to worry about getting approved.
If you don’t meet the qualifying criteria or something is amiss in your application, then you will get rejected.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Please help as I cant get loan anywhere
I cant get loan anywhere is an extreme scenario. It is quite possible that all banks will reject your application. No traditional financial institution or lender will entertain your request.
It is quite normal to have all avenues shut leaving you with no conventional solution. What is it that you should do in such a situation?
“I cant get loan anywhere”: The Reasons
Getting rejected by any and sundry is cause for disappointment but you must have a rational approach. You should delve into the reasons why your application has been rejected.
It could be due to all credit types. The purpose of your loan may not have been substantiated properly. Your financial profile, bank statement or employment status may not have satiated the needs for the bank or lender.
Your existing financial liabilities may prevent you from getting a loan. Your tax returns, improper filing of the application and asking for a huge loan amount that somehow is not permissible according to the policies of the bank or lender are also some common reasons.
There could be one, two or several factors working against you. It is necessary that you unearth these reasons. Most lenders will tell you frankly why your application has been rejected.
What Can You Do?
There are two approaches you can have. One is to look for alternate source of funding. The other is to make yourself eligible. The latter will take time but is often the only option if the alternate sources of funding are not appropriate.
The alternate sources of funding will include unsecured loans from private lenders, peer to peer lending networks, payday loans, credit unions and lines of credit from a bank or cash advance from your employer.
Certain unconventional avenues such as payday loans, credit unions and private lenders including peer to peer lending will not take into account your credit score. Hence, even if you have a all credit types score, you can still get the loan approved.
If you wish to prepare yourself for a conventional loan, say from a bank or financial institution, then you have to take steps so the reasons for rejection are undone.
You can improve your credit score, reduce your financial obligations, increase your income or come up with a higher down payment so the loan amount required is reduced and you would have better chances of getting approved.
Try some of the lenders we have, to see if you can get your new loan application approved today.