• Advice

How to Get A Loan If the Bank Says No

How to get a loan if the bank says no

Unfortunately, banks can be extremely selective about who they agree to lend to. In some cases, this can result in those in need turning to loan sharks who charge them incredibly high interest rates. It’s a broken system, and that’s where we come in. Here at Crester Credit, we are willing to give people a chance – and we don’t charge them the earth in interest and fees.

Why Banks Say No

Banks can reject your application for a loan for any number of reasons. Here are some of the most common ones which can affect you getting a loan approved.

Credit Score

Having a good credit score can get you far with the major banks. If you don’t have such a great track record with your <https://crester.co.nz/bad-credit/> credit score, this can be a deal-breaker for many banks. You may have failed to make some payments in the past due to hardship, unexpected expenses, or something else. However, banks don’t tend to ask why you couldn’t pay your loan, they will just reject your application. O

Other Debt

Depending on how much other debt you already have, a bank may reject your loan application. This is unfair to those of you who can realistically afford to pay off both loans in a reasonable time frame. So, if you already have a mortgage, car loan, or any other type of loan, a bank might decline your application right away.

Employment Status

If you’re not employed and instead are on a sickness benefit or job seekers benefit, a bank might refuse to offer you a loan. For people in this situation, it can be extremely tricky. You have unexpected expenses, just like everyone else. The difference is that you may not have had the chance to save up money to tuck away for a rainy day. So, without a loan, how can you pay these bills? Banks may even deny a loan application simply because you haven’t been at your job for that long, even though you are gainfully employed.

The Crester Difference

Don’t lose hope – banks are not the only place that you can borrow money from without paying a ton of fees and interest. Crester Credit is here to help. Here’s why we are different from the standard financial institutions.

We Believe in Second Chances

Bad credit score? Shaky history for repaying loans? We understand that people change, and situations evolve all the time. That’s why we are willing to offer a second chance to those who have not had the best record in the past with repaying their debts. If you have turned your financial habits around and are now committed to making payments on time and getting on top of your debt, then we want to help.

We Treat You as A Person, Not a Number

Sometimes banks don’t try to fully understand your financial situation. Maybe you have some collateral you are planning on selling to help pay off your debt. Maybe you’re on a benefit but have figured out that you can afford to pay off $50 a week so that you can have a car to drive your kids to school. Rather than having a checklist where we tick off what you do or don’t meet, our helpful staff will call and ask you questions about your financial situation. We only offer loans at amounts that we think you can realistically afford to pay back.

No Red Tape

The last thing you need when you require a loan is to deal with all of the red tape that can go along with it. Mountains of paperwork, ID that needs to be sighted in person, waiting weeks for the money to come through – we have done away with all of that. Instead, we offer completely digital loans that can be set up and signed online. Once you get approved, the money could be in your account within 24 hours, depending on your bank. We’re not here to make it hard for you to get a loan, instead we make the process simpler.

Applying for A Loan with Crester Credit

We have made our loan application as easy as possible. Just fill out your details via our online application form and one of our friendly staff will give you a call. They are wonderful at discussing your situation and coming up with a solution that suits you.

Work with us to find out how much you could borrow and decide on a repayment schedule that is realistic for your financial situation. If you’ve been rejected by a bank, you’re not in this alone. We are here to help you get back on your feet and get rid of your debt!

Contact us today to find out more about how we can help you turn your financial situation around.

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