Always Money Blog

Whether you’re new to the lending process, just weighing out your options, or looking for creative ways to save money, find the answers you’ve been looking for right here on the Always Money blog. Every week, we’ll update you with the latest loan tips from industry leaders and share insight on practical money-saving tips to put extra cash in your pocket! Also remember, if you like a post, share it with friends!

Turned down for a loan? Ways to get the money you need now

Loan approval is usually subject to meeting the company’s underwriting requirements. If you’ve been turned down for a loan, finding out why is crucial to resolving whatever is holding you back. Are you applying for too much money? Do you have a high debt to income ratio? Do you have no credit or bad credit? A key factor to your financial breakthrough is to first understand where it started, only then can you figure out the possibilities of what the future may hold!


If you’ve been turned down for a loan, don’t worry. You’re not alone. Being denied from one company doesn’t mean there aren’t any alternative ways to help meet your financial needs. Below, we’ll explore both short-term and long-term solutions available to help get you cash now, and also use the loan denial as an opportunity to get to the root of your credit or financial issues!



  1. Apply for a Different Loan. For example, if you’ve applied for a cash advance and was turned down due to a negative bank account, then consider applying for a larger loan such as a secured installment loan even if secured with a soft collateral such as a TV. That way, you’ll be able to get the money now that you need and the company will feel secure in their ability to get their money back if you fail to repay the loan.
  2. Consider Refinancing an Existing Loan. If you have a high debt to income ratio, consider refinancing an existing loan to access funds for an emergency. There are several types of loans you can refinance to help meet your financial needs including an auto loan, mortgage, or personal loan. If you haven’t finished paying off your existing auto loan, consider refinancing your loan to lower your monthly payments or use the equity to get additional cash out.
  3. Apply at Another Company. As obvious as that answer may sound, there are certain loan programs designed specifically for low to moderate income borrowers and also programs for people with bad credit, etc. If you’ve been turned down for a loan at one company, consider applying for a loan with a company designed to meet your unique financial situation. You may find that pawn shops can lend you the money you need. For instance, Quik Pawn Shop offers pawn loans and other loans up to $10,000.



  1. Clean Up Your Credit. Obtain a free copy of your credit report and check for any errors. If there are, you can write to the credit bureaus and ask for a correction. A number of other factors play into having a bad credit score including using more than 30% of your available credit, not paying your bills on time, and taking out too many loans at once. Increasing your credit score may take some time, but by practicing the tips above, you’ll be well on your way. [Read more: How to Build Your Credit]
  2. Take A Hard Look at What Led to You Needing The Money Now in The First Place. Did you lend out money to someone you couldn’t afford to lose? Were you having car trouble? Did you go into debt for Christmas shopping? If either of these instances or similar instances played a role in your financial crisis today, then you may need to budget your income and expenses for the month and see where you can save. Sit down twice a month or every time you get paid and write out a budget before you spend a dime. Do some calculating and tell your money now where it needs to go instead of wondering where it all went. This is called a 0 based budget. [Read more: Break These 7 Bad Financial Habits]
  3. Save for Emergencies. Your savings account should act as your personal lending institution when you need it, and not be thought of as an extra checking account. It’s extremely important to get in the habit of automatically saving a percentage of your paychecks. Think of your savings account as a bill, and pay yourself regularly. That way, you will in-turn have a safety net for “unexpected” expenses such if your car breaks down or if you can’t work due to a medical emergency.


A bad credit score or no credit score shouldn’t prevent you from getting the money you need, when you need it. For over 20 years, Always Money Finance has been a regional leader in providing affordable credit solutions to customers across the southeast looking for a convenient and confidential way to meet their needs. Getting a handle on your money takes time, and Always Money understands. If you’re in a jam and need immediate help, any of Always Money’s small personal loan options may be just what you need to get you going in the right direction. 

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