Not being able to get a loan can be devastating, especially if it’s for an emergency. The problem is that banks don’t really like to hand out loans to people or businesses they don’t know.
Knowing why you were rejected is very important as it will inform what you should do next. You could’ve been rejected because you had no credit history or a bad one, a high debt to income ratio, or unverifiable income information.
If the reason why you were rejected is poor credit, you need to get copies of your credit report immediately. Get copies of your report from both Equifax and TransUnion and review them.
If your credit is in horrible shape but you still have a regular and verifiable source of income, you could always look at a payday loan. These are especially good if you need money for an emergency and feel confident in your ability to repay the loan.
Some services will give you an e-transfer loan on the same day you apply if you meet their requirements, so that could be perfect for you if you need money fast and have exhausted all of your options.