What Do You Do Next?
Have you recently been turned down for a personal loan? If so, then you are probably wondering what the next step would be. This all depends on who turned you down and what the reason was that they turned you down. Here is a breakdown of what to do when you are turned down for a personal loan.
If the bank turns you down….
If you have been turned down for a personal loan by your bank, then the firs thing to do is find out why. If it was because your credit is not good enough, then ask them if they have any type of credit repair program or if they have any advice to help you. Also, ask them if they know of any other lenders that deal with bad credit personal loans that might be able to help you.
Then, if they give you a referral go see that company first. If not, then you are on your own to find a bad credit personal loan company. This can be done by searching the internet for non conventional lenders or bad credit lenders. They are out there and you might have to do some searching, but you an find them. Also, if they give you any advice about your credit, then follow that advice.
If you were turned down by a non conventional lender….
If you have been turned down by a lender that deals with bad credit, then again the first step is to find out why. It might have to do with your income, your current debts, or it could be your credit. If this is the case, then you still have a couple of options that you can try out.
Start by going to a website called Prosper. Sign up and fill out the complete profile with your income information and personal details. Then, you will be assigned a credit rating. You can now create a loan listing and tell the community why you need the loan, how you will pay it back, and why you have the credit rating you have. Individuals can read your listing and bid to help fund your loan.
Another option is to use a cash advance or payday loan. These are higher risk and short term, but if you really need the cash and you need it in a hurry, then they are a good option. They do not check credit and they only require that you make $1,000 a month. This might be the best way for you to get approved.