Getting declined for a loan can be frustrating, but it's not the end of the road. If you’ve been turned down, there are effective ways to boost your chances for future approval. From improving your credit score to finding the right lender, here’s what you can do to get the funds you need, even with bad credit.

The best long-term strategy is to work on improving your credit score. However, if you need cash immediately, exploring alternative lenders, such as title loan providers, can be a smart choice.

How To Get Approved For A Loan When You Get Denied

First, you must determine why your loan application was denied. Then, follow these steps to improve your chances of approval and for overcoming loan rejection.

1. Improve Your Credit Score to Increase Loan Approval Chances

The truth is that most lenders want to see a credit score that is over 600. If your score is below that number, then you might want to start working on it to improve your odds of loan approval with bad credit.

• Obtain your credit report and make sure that there are no errors in it (if you have found a mistake, then you would have to dispute it)
• Ask your credit card company for a limit increase on your accounts, but avoid using the card – this will lower credit utilization
• Make sure that you’re paying off your current debts on time (you can set up automatic monthly payments to ensure you never miss a payment) in hopes of overcoming loan rejection
• If you don’t have any credit cards, sign up for one – you can get a card without an annual user fee and use it only for one or two monthly expenses, if you’re afraid of overspending

2. Wait Before Reapplying For Better Approval Odds

Typically, when you apply for a loan, the company representative will perform a hard check. This process is done to check your credit history, but these checks can affect your credit score if too many are conducted in a short period.

Your loan application might have been declined simply because there was an error in the form. In such a case, waiting for about a month is advised, as you’ll have enough time to find out what the mistake was and correct it.

However, if you've been declined for too many hard inquiries, you will need to ‘sit out’ for about 4-6 months before attempting to apply again.

3. Get A Personal Loan With A Co-Signer When You Have A Low Credit Score

If you need a loan but keep getting declined, some lenders will offer you the option of co-signing on a loan. This means that you can apply for the loan alongside a person who has a high credit score and proof of income.

In some cases, this will help boost your application, but you and the co-signer should be aware that you would both be responsible for making the payments. If, for some reason, you are not going to make the payment, both of your scores are going to be affected.

4. Using Collateral For Bad Credit Loan Approval

If you own a vehicle, you can use its lien-free title to get a secured, short-term title loan. Unlike unsecured loans from more traditional banking institutions, title loans do not require a high credit score. You can have low or poor credit scores and still qualify.

Choose The Right Lender For Your Vehicle Title Loan

Comparing lenders is crucial when searching for the best loan option. Tennessee Title Loans, Inc. offers alternatives to traditional loans by providing a quick and easy way to apply for a title loan online or in person.

Tennessee Title Loans, Inc., for example, can offer you a hassle-free vehicle title loan. All you need to qualify are a few simple requirements, such as your driver’s license or government-issued identification, your vehicle, a lien-free title to that vehicle, and proof of income.

If the car title is not in your name, you can always go to the DMV to get it transferred prior to making a loan request.

How To Get A Title Loan If You've Been Declined Elsewhere

Alternatives To Traditional Loans: Step-by-Step Guide To A Title Loan

1. Fill out the online inquiry form on our homepage, Tennessee Title Loans, Inc.
2. Wait for a loan representative to call you. Together, you can choose where you can meet if you prefer not to come to the store.
3. Once you meet in person, the loan representative will quickly inspect your vehicle and examine your required documents. This whole process usually takes only 30 minutes.
4. In the case you get approved, and agree to the loan terms of the lender, you will receive title loan amounts of up to $15,000 the following business day or sometimes even the same day.

By the way, you get to keep the car while you’re repaying the loan. Title loans only require the title itself for approval, and anyone can qualify, whether they have good, bad, or nonexistent credit.

Tennessee Title Loans, Inc. welcomes all credit, works with all types of income, and helps make sure that the whole application process is quick and easy, and loan approval with bad credit is attainable.

Apply Online For Your Title Loan Today! 

Don’t let loan denials hold you back. Start your application for a vehicle title loan today, and get the funds you need fast—even with bad credit. Fill out our online form now to access our loan service and see if you qualify, and receive your money in as little as one banking day.

Don't miss your chance to get the money that you need. Apply online for a title loan today.

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