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What to Do When You Don’t Get a Loan

Published at January 1, 2015 by Ana-Maria Sanders

We offer tips on how to deal with being rejected for personal financing.

When you can’t secure alternative financing, what’s the alternative? Let’s look at the solutions that may be available when you think there’s nowhere else to turn.

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Take Advantage of Our Related Offers

At LoanStart, our number one goal is to pair you with a personal loan provider. Unfortunately, we don’t always find a lender for everyone who wants a loan.

If we are unable to pair you with one of our loan partners, we will sometimes present you with related offers. We invite you to investigate these offers to see if they are of any benefit to you.

Reach out to Your Creditors

There are many reasons why people use our site to request funding, but one of the most common is for help finding a personal loan online for debt consolidation. Sometimes there is real urgency here. If you need to pay off debt soon or face late payment penalties, it may be time to reach out to your creditors.

If possible, call them on the phone and explain your situation. Let the lender know that you want to pay off your loan but that you need more time to do so. The creditor could move your loan’s due date into the future, which could help you avoid penalties.

It’s certainly no sure thing that your creditors will help you out. But many times, these companies will be willing to extend the length of a loan term if it means that they will be able to get their money eventually and without having to deal with a collection agency.

Speak with an Expert

If you don’t know everything about debt management, don’t beat yourself up – none of us do. We all need help from time to time. A financial advisor might be able to help you reevaluate your spending habits and get your finances back on track.

You should be careful, of course. Financial agencies don’t always have their clients’ best interests in mind. So depending on your situation, it could make sense to work with a non-profit credit counselor first.

Check Your Credit Rating

Chances are if you keep getting rejected it has something to do with your credit rating. It may be even lower than you think, and it might not be your fault. Get a hold of your credit rating and find out what the lenders see.

Look for mistakes. Your score may be lower because of punishments you don’t deserve. You should be able to resolve these errors. It’ll take some work, but it’s worth it to get your credit rating back up.

A higher credit rating doesn’t only increase the likelihood of loan approval; it may also help you get a lower interest rate on the funding.

Consider Borrowing from a Family Member or Friend

Before you can borrow money from anyone, you must convince them that you’re a wise investment. That’s true for lenders, and it’s also true for your friends and family.

So, before you ask the people you know to help you out with a loan, prepare some points on why it makes sense to lend to you. Don’t make it look like a favor. You can write a contract and include a specified interest amount. You can make it clear that this isn’t charity. You can show them how they will make money by lending you money.

If you can make them feel confident that you’re a smart investment, they’ll be a lot more likely to lend you the money.

Final Thoughts

This article assumes that a lender pairing did not occur when you fill out our loan request form. If you haven’t filled the form out yet, then you should do that first – even if you think we won’t be able to find you a lender. You never know until you try.

We hope these tips help you deal with the aftermath of not getting a loan. Money problems can be very stressful. It can get even worse when your alternative funding options don’t pan out. We wish you the best of luck as you plan out what you’ll do next.

Ana-Maria Sanders   LoanStart Marketing Manager
Personal Finance
Ana-Maria Sanders has always enjoyed helping people manage their finances. She has fond memories of helping her grandma cut offers out of the newspaper. As the main content writer and marketing manager for LoanStart, Sanders continues to help guide people through the complicated world of personal finances. She especially likes teaching people how to borrow and pay back loans.

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