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How to Get a Loan When No One Will Let You Borrow

Wondering how to get a loan when all the banks won't give one to you? You’ve come to the right place! Here, we are going to discuss everything you need to know about why banks won't lend you money and where to look for emergency cash.

Why Won't Banks Lend You Money?

There are plenty of reasons why banks won't lend you money. Several of the most common ones can be found below.

1. Your Credit Score is Poor

This is the main reason that can stop your "how to get a loan from banks" quest short. Typically, banks want to see a perfect credit score, This a problem for many people, considering the fact that the average credit score of Americans aged 25-49 is 680 and lower.

2. Your Credit Report Is Linked to Someone Else

If you have joint credit agreements (mortgage, credit cards, etc.) with somebody who has a poor credit history, your score will likely become affected. It's a good idea to talk to the other person to figure out how you can work things out together to increase their score and so that it doesn’t hurt yours.

3. The Bank Believes You Can't Afford to Repay the Loan

If you are living paycheck to paycheck, banks will decide that you can't afford to repay the loan. Try cutting down on unnecessary costs before applying so your debt-to-income ratio improves.

4. You Do Not Earn Enough to Meet the Income Threshold

Banks usually require you to meet an income threshold to be approved. If that sounds familiar to you, look for alternatives. Use online search tools (Money Supermarket's Smart Search Tool, for example) to find lenders who do not have a threshold.

How to Get a Loan When No One Will Let You Borrow

It can be hard to get a loan when regular banks keep telling you No. However, there’s always a solution to any problem that exists. We have come up with a few options that you may need to consider if you don’t know how to get a loan when no one will let you borrow.

1. Take Out Payday Loans

Payday loans offer a way to receive money to pay for emergencies when traditional banks won't lend you due to bad credit scores. You can borrow between $100 and $500 with Alabama Title Loans, Inc. to fund medical bills, repair your home, and pay for unexpected travel costs.

You can choose to apply in-store or online, and the list of required items is identical for both methods. To get approved for Alabama online payday loans, you will need the following items:

  • A recent bank statement from an active checking account in your name
  • Your social security card
  • Your state-issued identification card/driver’s license
  • Your most recent paystub
  • A blank check from your active checking account

You can start the process online or in one of our stores, and it takes as little as 30 minutes to obtain it from the beginning to the end. When you’re short of ideas about how to get a loan when no one will let you borrow, just follow these steps:

  1. Fill out the form on the top left of this website.
  2. Wait for a loan representative to give you a call. They will tell you about the process and answer any of your questions.
  3. Bring your ID, social security card, most recent paystub, a bank statement, and a blank checking account check to your nearest location.
  4. Once our loan experts have verified your details, they will walk you through the final steps of the process.
  5. If you do gain approval, you will receive your cash on the same day!

2. Try Title Pawns

Title pawns may be another solution when you have no idea how to get a loan when no one will let you borrow. A title pawn is a short-term type of financial aid that allows you to borrow a lump sum of money depending on the value of your vehicle (car, van, or truck).

Financial relief with title pawn

With us at Alabama Title Loans, Inc, you can receive up to $15,000 with title pawns. All you need is a photo identification, a lien-free vehicle title, and your vehicle. Plus, the entire process typically only takes around 30 minutes.

The best part: you can keep your vehicle while you are repaying the pawn! See exactly how to acquire one of these financial aids below:

  1. Complete the inquiry form found on our website.
  2. Sit back and wait for one of our friendly loan representatives from your closest Alabama Title Loans, Inc location to give you a call. They will tell you about the documents you need to bring, answer your questions, and explain the rest of the process.
  3. After the phone call, head to the meeting location. This doesn't have to be the store, it can be a place that’s most comfortable for you to travel. Make sure you bring your driver's license (or a different state-issued ID card), your lien-free vehicle title, and your vehicle with you.
  4. Wait while our loan representative examines your title and ID. They will also evaluate your vehicle and determine the amount you qualify for.
  5. If they qualify you for approval, you will receive the amount on the same day.

Get Started Today with Title Pawns

Finally, you can stop searching "how to get a loan" and begin the process today, as the information presented above can equip you enough with what you need to know about getting a loan when no one will let you borrow. You can get approved for Alabama title pawns or payday loans online today and get your cash in as little as 30 minutes if you fill out a short intake form located on the top left of our website!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.


Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.