Why You May Be Rejected for a Fast Bad Credit Personal Loan


In these crazy economic times, it often seems like the cash for an unexpected emergency, a medical procedure, or some other necessity is never available. On top of that, many Americans have taken hits on their credit histories. To cover the cash needs, many have considered taking out a bad credit personal loan. Before you start applying, or if you have applied and been denied, here are a few things you need to know.

Bad Credit in the Making

Having bad credit scores or a poor credit history pretty much puts the kibosh on being approved for any loans. However, you can apply for a bad credit personal loan. Bad credit can occur because of late payments, non-payments, arrears, defaults, even bankruptcies. Also, having a bunch of banks or other credit-based companies checking your credit can lower your scores considerably.

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Taking Too Many Hits

If you are applying for a variety of loans or seeking cash in large amounts, many lenders will see you as desperate for money and therefore a bad risk. You will have a hit from every lender checking your credit. As an example, if you are applying for a credit cards, seeking a loan from an internet lender, and looking for a car loan all at the same time, you will be rejected by all.

One at a Time

Do one application at a time. Once you have successfully landed the loan, wait a few months and make steady payments. Then, when you go for another loan instrument, you will have that on your record and probably be more likely to be approved. Show that you can make reliable repayments before asking another lender or company to make an investment in you.

Bad Credit More Than Just a Nuisance

No record, except a crime record, is more hurtful than a bad credit record. This can be more than a nuisance if you need an infusion of cash. You have a record of not paying your bills. Or perhaps you are young and new on the credit scene and you have no record whatsoever.

Start to Rebuild

You can build or rebuild your credit record in many ways. One is to open an account with a department store or chain store. Their standards are not usually as strict. Make regular on-time payments and any new lender you approach will be more thoughtful about offering a loan when it is shown that you have a new record of good payment.

Collateral Considerations

Depending on what type of loan you were seeking, you may have been rejected due to offering unacceptable collateral. Collateral is property of value the lender can seize and sell should you default on your loan. As an example, you may have paid $1800 for a plasma screen television, but a year later those sets are selling for $900.

Income Considerations

Your debt to income ration will play a large part when it comes to getting a loan. If your salary is $1500 a month and your usual expenses come in at $1400, you are very unlikely to get a loan. You do not have enough money left over every month to meet your new obligation.

Cosigner Considerations

One rather easy way to get around all these restrictions is to solicit the aid of a cosigner. Mutual trust must exist between you and the cosigner should have good credit and a decent salary. Do not default on this loan as the cosigner will be obligated to step in and take over the loan payments.

Do Not Give Up

You may be rejected by one company, but go right on to the next. You will eventually find a lender willing to give you a bad credit personal loan. Whenever possible, when you are rejected, press the lender to tell you why you were not approved.


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