Rejection is never taken lightly by anyone. If it is a rejection of your loan application, it can cause you some deal of stress and tension. You may have pinned your hopes on the loan to pay for your education or to buy a home. Your world would seem to come crashing down and dreams turn to dust. If you are in such a situation, take heart, all is not lost.



If you have thought of taking a loan you would have already calculated the amount you would be able to pay in monthly installments. This would indicate that you have done at least the basic math and have some repayment potential. This is good news.

The lender would probably have his own reason for turning you down. And you could have your own as well. Maybe your credit score scared the lender away. Or you could not accept the loan at the hiked up rate of interest. It could be that the fine print was too exacting and you were not comfortable with the clauses.

The reasons could be many. Being turned down by one lender would not necessarily mean that all is lost. It should be viewed as an opportunity to source a better deal.

Chances are that you may have approached the first lender you heard about or one whose advertising was more prominent. Generally, that would mean you did not do much research before choosing to apply. So that's the first step. Research the market. You would be surprised to note that there could be lenders who may not view you as a high credit risk person. This could be after viewing your scores as well. Remember different lenders use different criteria to decide. So that's good news for you. Apply again and you could be pleasantly surprised.

Sometimes your credit report can show a red mark. Maybe there is some unpaid bill or an over due issue. Contact your creditor and work out a settlement. Though such remarks continue on your credit report for upto seven years, a payment settled may be viewed positively by the lender.

A number of banks offer you a loan and a credit card with it as well. See if you can take this facility and discontinue your other credit cards. Often the banks do not approve a loan without the credit card. Call it marketing genius or an evil necessity, if you can manage this, you may get your loan as well.

If all else fails, try getting a loan from your family or friends on friendly terms. If you have strong relationships, you can benefit from this in trying times. After all ?a friend in need is a friend indeed'.