Ever in the position where I Need a Loan But Keep Getting Declined or Been Declined Loan recently?
There are only a handful of things more frustrating than applying for a loan that you so desperately need and being declined and keep being refused a loan over and over again.
The overwhelming majority of people out there that have reported that they are dealing with stress, pressure and anxiety report that they are dealing with these emotional issues mostly because of money problems.
Searching for I Need a Loan But Keep Getting Declined?
It should not come as a surprise to anyone that has been strapped for cash or flat-out broke at one point or another, that money issues can lead to some seriously bad behaviour, but getting denied for a loan over and over only makes things worse especially when I need a loan but keep getting declined.
There are a bunch of different things that you’ll have the opportunity to do to improve your chances of getting your hands on the loan you so desperately need and we are going to share a couple of them with you below so as you will not Keep Being Declined Loan, when you are really saying I need a loan.
Get your finances in order
You are going to want to make sure that you have your financial life in order as much as humanly possible before you apply for your next loan or you’re just going to be going through the Ground-hog Day scenario time after time.
Have all of your financial information available at your fingertips, clean-up as much of your outstanding debt as possible and show them how you plan to repay your loan without it being an undue burden.
All of this legwork is going to pay off big time when it’s time to apply for the loan you need.
I Need a Loan But Keep Getting Declined Should I Bring collateral?
Unsecured loans are very difficult to get approved for when you are dealing with poor credit or no credit situations, which is why you want to try and bring as much collateral as you can to the table to improve your odds.
Only you and your lender are going to be able to determine exactly what is acceptable as far as collateral is concerned (as well as how much you have to put up), but it’s a conversation that you’re definitely going to want to have.
Take advantage of opportunities to rebuild or re-establish better credit
Lastly, you’re going to need to take advantage of as many opportunities as possible to rebuild and reestablish better credit.
There are a lot of different programs out there that will help you re-establish better credit, that will get you back on your feet and that will allow you to prove to lenders that you’re someone that they’ll be able to trust.
Start to take advantage of those opportunities ASAP and if you are saying I Need a Loan But Keep Getting Declined, you can reverse that scenario and get accepted instead and never get a Loan Application Declined!
Why do I Keep Being Declined Loan? – It is frustrating when you need cash and keep being declined for loans.
There are several reasons this happens and there are ways to change this to obtain keep being declined loans.
Keep applying but keep being declined loan?
State and government regulations are in place in order to require lenders to lend responsibly. In this process a lender needs to verify that you have the ability to repay the loan. Poor credit is the number one reason people are declined for loans.
If you have poor credit and keep getting declined especially by traditional lending institutions, you can turn to non-traditional routes to receive small loans to help you through a cash crunch.
Non-traditional lenders are payday loans, personal loans and door to door lenders. These lenders offer short term loans in small amounts and require a credit check. The key thing these lenders look for is your ability to repay the loan.
Different loan types for poor credit
In the case of Payday loans the lender verifies your employment and takes your next pay cheque as collateral for repayment of the loan. Unlike traditional lenders, payday lenders are not concerned with your debt-to-income ratio or collateral.
They divert their risk by charging high interest rates and fees. They often set up automatic withdrawal plans to receive their money on your scheduled pay day.
Personal lenders are more flexible with repayment and offer monthly payments to fit your budget. These too are high interest loans with Annual Percentage Rates that can reach the 1000 percentile.
When you are looking for a keep being declined loan, the personal loan lenders are a viable options. Some of these lenders report to credit bureaus so this can be used as an opportunity to establish or re-establish credit.
Door to door lenders work in a similar manner but they come to your home every week to collect the scheduled payment. These payments are generally small and it is best to repay these loans as fast as possible to avoid the extremely high accrued interest.
Working with door to door agents provides a much more personal manner of receiving loans when you have been declined previously. The agents work with you on a personal level to ensure you are able to repay and if you run into trouble they will help arrange for an acceptable solution.
Keep being declined loan is available for those who don’t fit the mould of traditional lenders.
There are several options with non-traditional lenders but these loans are expensive and should only be used in emergency situations or to strategically build credit.