Steps to Take After Your Installment Loan Online Has Been Rejected - Warped Factor - Words in the Key of Geek.

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Steps to Take After Your Installment Loan Online Has Been Rejected

There are several reasons why people get turned down by credit facilities. From bad credit scores to lower paychecks—being turned down for a loan can be annoying. And the worst thing is that you will be subjected to background checks. But with the right steps you can still secure a loan. So, don’t let your poor credit record pin you down. The following tips will help you secure a loan with no credit checks.

Stop Applying Repeatedly
Don’t keep applying if your loan application has not been approved. Remember, any loan application you make will be reflected on your credit score. So, if your loan has been rejected, stop applying. Think before making another application. Making numerous applications will make lenders believe that you are in desperate need for money. Plus making numerous applications can taint your credit record. It can also increase the amount of interest charged on your loan.

Determine Your Needs
Your next step is to prove why you need a credit facility. Why are you looking for a loan? If it’s to pay off other loans, then consulting with a debt advisor can be a nice decision. With a debt advisor, you will be able to design a plan –helping you not to sink into more debt-related issues.

Or are you looking for a loan to purchase a new car? Well, if you can afford to repay it, go for it. However, be sure to check your credit score first. Your lender will approve your loan based on your credit rating. You can get your credit report for free from different credit agencies.

Use a Budget Planner
Don’t let the idea of being denied a loan pin you down. So, before looking for another lender, use a budget planner. Ascertain if you can save money. Plus, it might be the best time to evaluate your current financial situation. Also, you can talk to someone—preferably a debt advisor—about your current loans. You can get this advice for free from different organizations out there.

Alternative Borrowing Options with No Credit Checks
Having a poor credit rating doesn’t mean that your financial life is done. You have options. Plus, you can take some measures to improve your credit rating. The following are options you can pursue if you really need the cash.

Credit Unions
Do your research. Determine if there is a credit union in your locality. With credit unions, you have non-profit organizations that are dedicated to helping solve pressing financial issues. So, turn to credit unions. On average, credit unions charge a 3 percent interest per month on all their loans. This translates to an annual APR of about 42.6 percent. In countries such as North Ireland, the cap is at 1 percent per month.

Loans from credit unions don’t usually come with hidden charges, penalties or fees. You are only required to repay your loan on time. However, you will need to make savings for some time before your loan application is approved.

Social Fund
Another popular option you can use is the Social Fund. So, apply for an interest –free budgeting loan with the Social Fund. Also, you can turn to your local authority. Learn the requirements and do thorough research before making a loan application.

Payday Loans
Before taking a payday loan from a home credit and pawnbroker, think carefully. Also, don’t go for loans from illegal sharks. They can sink you into untold financial problems.

Of course, payday loans can help you with any financial issue. However, they can be expensive. They attract a higher interest rate and can result into a huge financial burden—especially if you default payments. So, think carefully before taking a payday loan. Take a loan for the right reasons. Also, take a loan from the best lender like Personal Money Network.

Home Credit
You can also go for a home credit. Also referred to as doorstep lending, home credit is a situation where a company lends you some money and collects it on a weekly basis. However, this option can be expensive and risky. Don’t fall prey to scammers who want to issue you loans at your home.

You can also turn to Pawnbrokers for loans. However, you might be charged a higher interest rate. Plus, they will require you to leave a collateral as security against the loan. If you won’t payback, the collateral will be sold to cover for the loan. If you decide to pursue this route, consider checking if that pawnbroker is certified by the National Pawnbrokers Association.

Cash for Gold
If you don’t have any other option and you are in a serious financial mess, you can try cash for gold. The following options can help you sell your valuables for cash.
  • TV gold websites—you can sell your TV on these sites and get good cash to finance any financial issue.
  • Postal gold websites—Postal gold websites are another great option when it comes to gold for cash.
  • Traditional pawnbrokers—you can also try traditional pawnbrokers.
  • Specialist gold merchants—there are numerous specialized gold merchants out there. So, do your research and only settle for the best one.
Loan Sharks
Of course, it’s tempting to borrow money from loan sharks. However, you should be extremely cautious. These are considered illegal lenders. So, stay away from them. Usually, they charge exorbitantly and can create havoc in your life. Even more, they can send people to harass you—especially if you default repayments.

Rebuild Your Credit Score
Rebuilding your credit rating is another option. But you need patience. If you can settle past loans, then do it. Boost your income levels. Consolidate your loans. Pay your mortgage on time. The same applies to your insurance.

The Bottom-Line
Don’t be overwhelmed by the idea of getting turned down for a loan. There are certain steps you can take to secure an affordable. The above information will help you get a payday loan that you can be proud of. No credit checks are done. So, what are you still waiting for?

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