What to Do if You’re Turned Down for a Loan

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Getting rejected for a loan can feel like a kick in the teeth. No way around it, rejection is painful. But a loan rejection may be a gift in disguise. All too often, borrowers get the loan they want and end up wishing they hadn’t because they can’t afford the payments.

Lenders have good reasons for denying loans; they need to know you will be able to repay the amount you borrow from them. With some effort, you can turn your credit situation around so that you get approved for a loan you can afford the next time you apply. Here’s how to get started.

Find out why you were rejected

Upon reading those “We are sorry but…” words in your rejection letter, you may feel the urge to crumple and pitch the letter into the trash. Instead, read it, in full. That letter has useful information about the exact reasons for your loan denial. Maybe you’re late on paying bills, or the lender feels you’re already borrowing too much compared to your income.

Get a copy of your credit report

The denial letter also will state which credit bureau the lender used in making the loan decision. And it will tell you how to contact the agency to obtain a free copy of your credit report. Get a copy and check it over closely.

What to do if you find errors

Mistakes are not uncommon. If you find any errors on your report, contact the credit bureau. Ask that a corrected copy be sent to any lender that recently received the inaccurate report. Check for errors in your report at the other two bureaus, too.

Get expert help

Start by talking with the people at your credit union. Someone there may be able to work with you to devise a credit repair plan, or you may get a referral to a free or low-cost outside counseling resource.

 

With a little investigative work and some clean-up, you’ll be on your way to getting a “yes” on your next loan request.

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The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members. A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.

For more details, please contact lfrysinger@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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Midwest Community Federal Credit Union is looking for a Member Service Representative to process transactions, accurately perform end of day balancing procedures, follow company policies and utilize the core data processing system and various software applications, including electronic banking services. We are seeking candidates who are punctual, honest, friendly, and have outstanding communication skills. Please see the job description for a full list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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