Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


What to Do if You're Denied a Loan

Written by: John Mussi

Sometimes, finding the best loan offer isn't the end of the lending process... after you fill out your loan paperwork and submit your final application, your loan comes back as being denied. It may seem like you're not going to be able to get the money that you need, but that's not true; it's simply going to take a bit more work on your part to find another lender that will approve your loan. In order to do so you'll have to revisit old loan quotes, contact other lenders again, and put a little bit more effort into finding the lender that's really right for your needs.

So that you don't have to start the process from scratch, here are a few pointers to help you along your way.

Reconsider Old Quotes

The first thing that you should do when you're denied a loan is to begin looking at old loan quotes again to determine which ones are the best. Obviously, you have already applied for the loan that was the best overall from the quotes that you had received, but there is a good chance that some of the loan quotes were relatively close to the one that you had originally decided upon. You should choose the best three or five quotes from those remaining, setting them aside so that you might investigate them further. The remaining quotes can be kept if you choose, though it's likely that you won't need to go through all of them to find the lender that will grant you the loan that you want.

Contact Lenders Again

Once you've determined which loan quotes are the best out of those that remain, it's time to contact the lenders that originally made the quote again. Explain that you're still looking for a loan and that you had received a quote from them previously, and confirm the interest rates and loan terms that they had previously offered you. Interest rates may have changed slightly, but there's a good chance that you'll be able to get a new quote that is close to the original if they have.

Once you've confirmed that the lenders are still wanting to potentially do business with you using the rates and terms that they had quoted you before, then you can move on to the next step in trying to get one of them to issue you a loan.

Request Pre-Approval

In order to avoid the hassle of applying for your loan and then waiting for a decision, ask the potential lenders if they offer pre-approval on their loans. The pre-approval process means that they go ahead and run a credit check and make the pertinent approval decisions before your final application is processed. This means that you'll know beforehand whether or not you'll be able to get the loan, and if the lender isn't going to be able to grant the loan then it will save both you and them quite a bit of money.

It's important to make sure that you don't request pre-approval on too many loans at once, however, because having a large number of inquiries made on your credit score at one time can actually have a negative effect on your credit.

Make sure that you've narrowed down the lenders sufficiently to the ones that you want to try to get a loan from, and ask fro pre-approval from there.

Should you not be able to get an approval at this point, you might want to reconsider your loan's collateral, and look at a few new lenders that specialize in your type of loan.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the author:

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans. co.uk website.


Other Related Articles:

Secured Loans – Put Your Home’s Equity At Work To Cash Out Money
My family was desperate to make big changes at home. But, I couldn’t fulfill their desires due to lack of sufficient funds. It was only at that time I got to know about secured loan that gave me a ray of hope and helped me in making my family’s...read more

Reaping financial rewards – bad credit home equity loans
Home is the place you inhabit. It is the place where you live, breathe, grow, thrive. It does more than just providing a living space. The moment you build up this house, or moved to your present apartment, you did not realize that you have struck...read more

The Pro's and Con's Of Debt Consolidation Loans
You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment. Simply making the minimum payments is causing your distress and certainly not getting you out of debt. What should you do? Some people...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map