Even though it's getting easier and easier to get a loan at a good price, you can still make it hard for yourself to get one. If you make these mistakes, you might get turned down for a loan, which could make it hard for you to get another loan. If you want to be turned down for a loan, you should make one of these mistakes.
Not getting your credit in order
The easiest way to get turned down for an unsecured loan is to not clean up your credit history before you apply. Your credit history is used to decide if you can get an unsecured loan, so if it is wrong or bad, you will be turned down. Check your credit report before you apply for a loan to make sure everything is correct and that any problems from the past have been fixed. If you have bad credit, try to fix your finances before you try to get a loan.
Putting in for many loans
Applying for a lot of loans at once is another easy way to get turned down for a loan. If different companies check your credit at the same time, they might think you are trying to get a lot of money all at once. They might think you are likely to not pay back the loan and turn you down. Only apply for one loan at a time when you need one. If you don't get the job, wait a while and then try again. A bad credit score will make it even harder for you to get a loan if you apply for a lot of loans and get turned down.
Not going shopping
Even though it's getting easier to get loans, you can still be turned down if you don't look around for the right lender. You shouldn't try to get a loan from a high-end lender if you have bad credit. Look for lenders who help people in situations like yours all the time. This will make it easier for you to get the loan you want at a better rate.
Putting a lie on your application
If you want to get turned down for a loan and maybe even get in trouble with the law, one way to do this is to lie on your loan application. If you lie about how much money you make or how much money you have in order to get a loan, you are committing a type of fraud and could get into a lot of trouble. Also, if the loan company finds out, you might not get the loan or it might be taken away, and it will show up on your credit report. Even if you don't get the full amount you want, you should always be honest on loan applications.
Figure out when to stop.
If you don't have any of these problems and still can't get a loan, you might want to look into other ways to get money. You may feel like you need a loan, but if you keep getting turned down, it's likely that you'd be better off without one. But if you want more tips on how to make your application successful, you should talk to an independent financial advisor. If you don't do these things and aren't in serious financial trouble, it will be much easier to get a loan.
