Money Saving

Can’t Get A Loan? Fix It!

Nothing in life comes for free. But just because you know it doesn’t, doesn’t mean that you can’t afford it.

There are, unfortunately, too many situations where people need to become resourceful and inventive to pay unexpected bills or even find a way to secure their future.

Everything that happens in life is somehow connected to money. And while nobody is saying that having money is a guarantee of happiness, it certainly can smooth out a lot of obstacles and remove a lot of stress in your day-to-day activities.

credit cards in back pocket

However, when you can’t pay for things, you need to be able to find a way of funding your needs. Applying for a traditional bank loan is a preferred solution to face large expenses, such as home improvements or even preparing your honeymoon – not all expenses have to be linked to unhappy events.

But what happens when the bank refuse the loan and rejects your application?

Here are some ideas to get you through the financial rollercoaster that follows a loan rejection.


Can your savings do?

How urgently do you need money?

If you’re planning for a long-term project, you might be able to secure a major part – if not the totality – of your funds through clever saving tips.

Indeed, savings, as dull as it might sound, is by far the best solution when it comes to planning future projects. Of course, you need to develop saving habits that are easy to follow.

cute piggy bank

For instance, you need to understand the difference between saving a few pennies on grocery items and saving a percentage on a more significant purchase. Getting 10% off your car beats 10p off a pack of spaghetti, so save wisely!

Additionally, you can also save a lot by learning new skills, such as sewing – learning to take up your trousers at home can avoid unnecessary expenses.

Saving is all about your mindset and the ability to project into the future.


The emergency solution for urgent payments

There are some payments you can’t delay.

When a traditional loan won’t do, you can find other lenders who offer guarantor loans for small amounts. However, you need to make sure that the guarantor fully understands that they will be responsible for the payments if you can’t make them.

These last-minute loans can save you a lot of troubles for emergency repairs and unexpected bills. Nevertheless, if you’re looking at a relatively small amount – up to £1,000 –, it might be worth asking your bank if you can obtain a credit limit increase, as a temporary or permanent solution.

get a loan

If you’ve been a loyal customer at your bank, you might be able to convince them. This will allow you to cover the expenses through your credit card.


Understand your credit score

Your credit history is one of the factors that lenders consider to offer you a loan.

Needless to say, a low credit score makes it more difficult for your application to be successful. However, there are things you can do to actively improve your credit score, starting by understanding what lies behind it.

For instance, you can appeal against
information in your credit report, such as credit applications that might have been wrongly notified.

The safest way to show that you’re in a stable financial situation is to own a credit card – aka to have been granted a credit application.

Not having any credit history is as bad as a poor credit score, as you can’t display evidence of bill payment.


Have you thought of crowdfunding it?

You don’t have to pay for everything by yourself. Crowdfunding platforms are designed to help members of the public secure the funds they need for their projects.

You, however, need to keep in mind that these platforms ask people to give you money. Crudely speaking, you appeal to the generosity of other Internet users.

Consequently, there are projects that perform well, such as asking people to help you fund a life-saving treatment as the NHS nurse Laura is doing. You can also ask investors to help you kickstart your business idea, or repay your student debts.

woman holding credit card


When nothing else works

Are you on your last straw?

You’ve tried everything you could think of, and still nothing works?

If this is the case, you can consider asking a friend or a relative for financial support.

Bear in mind that this should be used as a last resort, as borrowing money can put your relationship at risk. Additionally, you need to be clear about your responsibility and set a formal agreement with them, so that they can be assured of your good will.


It’s time to think outside the box. When the bank won’t lend you money, you can explore other financial alternatives to reach your objectives.

Go on, fund your dreams!

Disclaimer: This is a collaborative post.

You May Also Enjoy These Posts:

Leave a Reply

Your email address will not be published. Required fields are marked *

5 − 2 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: