Being turned down by the bank for a loan isn’t the greatest feeling in the world to say the least, but it’s important to remember that new, stricter regulations have made lending institutions wary of loaning out money and that you have other options to turn to.
If you need cash for personal use or for necessities in an emergency, it can be a real let down when the banks turn you away. Tribecca Finance is here to help. Here are some common reasons you may have been turned away and how we can help.
Banks are wary
As we stated above, new regulations have tightened the money lending industry. It just isn’t as free-flowing as it used to be. You may have qualified for a loan a few years ago, changed nothing, and now have been rejected. It is no fault of your own. Don’t take it personally and don’t give up hope.
Your credit score may have dipped
Banks now pay closer attention to credit scores. If your credit score has taken a hit, it is probably the main reason for being turned down.
You don’t have enough stability in your job
Many times, a bank will look to see how long you’ve been with the same company. They like stability. That means a greater chance of getting their money back. If you haven’t been at your job long enough, then there is a chance that they won’t offer you a loan.
What can you do from here?
Tribecca Finance is a lender that caters to the needs of its very diverse client base and understands that everyone’s needs are unique. We will not subject you to the same stringent criteria as other banking institutions and will work with your background, assets, and experience to come up with the best loan and the right repayment plan for you.
Being turned down by the banks for a loan can be a difficult pill to swallow, but remember it isn’t always your fault, and certainly isn’t a reflection of your personal character. There are many things outside of your control that go into the approval process. It is important to know that you have other options. Visit us on the web today to find out how Tribecca can help you get the loan that you’ve been looking for.