Have you always been denied a personal loan? Do you know the reasons why you were rejected and others were approved? These days, loans are very helpful during financial crisis and being denied of securing them can be very disappointing. Therefore, knowing how to get away with loan rejection must be a part of everyone’s bucket list so as to ensure being approved of a loan the next time around. Below are two of the common reasons of loan rejection and how you can remedy such situation.
1. No Credit History. Many are beginners in securing a loan. Being such, a lot of us have no credit history. While for many this can be a good thing because it shows that you have been doing well with your finances without the need to secure a loan, for lenders this is not an eye-candy. They see borrowers with no credit history as unreliable prospects. They think not being able to show a credit history is an inability to prove how a borrower can be a good payer.
Remedy: To turn this situation around, those with no credit histories must start securing loans or credit. You can start by borrowing credits as low as $100 to $500. Starting from borrowing a lower amount can help you in paying it efficiently and effectively. This would mean that you can easily obtain a good credit record.
2. No Employment Record. While there are loans approved to those currently unemployed, generally only people with a good employment records can easily have a personal loan approved. The reason boils down to being able to show your capacity to repay the loan obtained. If you have no source of income, lenders would have no reason to doubt your capacity to pay off a loan.
Remedy: Get a job; no matter how hard that is and start having some other sources of income may it be through business or through freelancing. If you can’t do anything to solve this then resort to Aurora car title loans.
Why Choose Aurora Car Title Loans?
Whenever you need immediate cash and you can’t obtain a loan from a traditional funding agency because you either have no credit history or no employment record, secure an Aurora car title loan. This reason is because those above-mentioned criteria for rejection are not available to car title loans. Anyone, even those with bad credit or those currently unemployed, can avail of a car title loan. What is important with such loans is that the borrower owns a car. Such vehicle will be used as collateral to the loan. And because Aurora car title loans come with collaterals, borrowers can expect the interest rates to be lesser.