What to Do If I Need Money Now But Can’t Get a Loan

Nearly 40% of Americans can’t cover a $400 emergency expense. It’s a sobering statistic that exposes how much financial pressure many people face. So, what do you do if your car stalls out, you have a medical emergency, or need to cover unexpected expenses—expenses that can run from hundreds to thousands of dollars? You don’t need to feel alone and helpless in these situations; Lightning Money Loans is here to help when you need money now but can’t get a loan.

From the moment you submit your loan request online, Lightning Money Loans will work to connect you with a lender who can offer quick approval for your situation. Get the money you need without the red tape of traditional lenders. With the ease and speed of Lightning Money Loans‘ online process, you can get a loan lightning fast.

Why You Are Getting Denied for a Loan (And How to Improve Your Chances of Approval)

Finding yourself in a situation where you need money now but can’t get a loan is frustrating – lenders consider several key factors when evaluating applications. Here are some common reasons loans get rejected and what you can do to improve your chances of approval.

Poor Credit Score

When lenders see a low credit score, this may indicate that you have not had a good credit history and may indicate a higher level of risk for them.

Solution: Improve your credit score. Even a slight increase can help you get a loan. The difference between a poor credit score and a fair credit score might be just a few points. Let’s say your score is 580 (considered poor), and you spend a few hundred dollars to pay down your credit card debt, boosting your score by 30 points. This slight improvement would move your score into the fair range (between 601 and 660), making you eligible for a larger loan and/or better loan terms.

High Debt-to-Income Ratio

Your debt-to-income or DTI ratio may not lower your credit score. However, lenders consider this metric before approving a loan. If your existing debts are too high relative to your income, lenders may consider you too risky.

Solution: Pay down existing debt to lower your DTI ratio, and you’ll become a more attractive candidate. Focus on high-interest debts first, as paying them off sooner will save you money in the long run.

Insufficient Income or Employment History

You’ll need to show lenders you have a stable income and employment history to make them confident in your ability to repay the loan. Otherwise, getting approved can be difficult.

Solution: While you may not be able to do much about a spotty employment history in the short term, you could raise your income quickly. Consider finding higher-paying work or taking on a side gig to boost your income.

Lack of Collateral

Secured loans require collateral. Without valuable assets like a home or vehicle, you might have difficulty qualifying for a loan.

Solution: If your credit score or income is insufficient, consider having a co-signer with good credit or collateral. A co-signer or secured loan can reduce the lender’s risk and increase your chances of approval.

Errors on Credit Report

Mistakes do happen. A recent Consumer Report showed that 34% of people had errors on their credit report. Unfortunately, these errors can unfairly lower your credit score.

Solution: To get the broadest, most comprehensive view of your credit health, regularly review your credit report with all the credit bureaus—TransUnion, Equifax, and Experian. Check for inaccuracies, such as incorrect account information or fraudulent activities, and dispute them promptly. The credit reporting company will note the account as disputed on the credit report and investigate.

Despite these challenges, Lightning Money Loans can help. We will attempt to connect you with a lender who may work with you even if you fall short of the typical loan criteria for banks.

Exploring Alternative Loan Options

How do you borrow money if you can’t get a loan? Consider exploring non-traditional loan options. These alternatives include personal loans, payday loans, and installment loans, each offering unique benefits and drawbacks compared to traditional bank loans.

• Personal Loans: This type of loan is often available from online lenders or credit unions and usually has more lenient approval criteria than traditional banks. You can use it for various purposes, from debt consolidation to emergency expenses.
• Payday Loans: These short-term loans give you a quick infusion of cash, typically repaid by your next payday. They’re relatively easy to obtain with minimal requirements, making them accessible to those with bad credit.
• Installment Loans: Lenders typically require you to repay this loan over a set period with fixed monthly payments. They’re available from various online lenders, and you can use them for significant expenses like home repairs or medical bills. Installment loans often have more manageable terms than payday loans.

These three loans can be a lifesaver for those needing financial assistance. However, it’s essential to be aware of their downsides. Depending on the loan, they may come with high interest rates and fees.

How Lightning Money Loans Simplifies the Process

If you need money now but can’t get a loan, Lightning Money Loans can help. Nobody likes rejection. When you need money for an emergency, you don’t have time to apply to multiple lenders just to face rejection. Lightning Money Loans simplifies this process through a streamlined, user-friendly platform, connecting you to a lender who may provide a loan to consumers like yourself. Here are the steps involved:

1. Submit Your Request: Fill out a simple loan request form via our website. Provide basic information about your financial situation and loan requirements.
2. We will attempt to connect you with a Lender: We leverage our extensive network of lenders and financial partners and attempt to connect you with a lender or financial partner that can service your loan request.
3. If approved, review the loan details: If approved, go over the interest rates, terms, and repayment options. Make sure the lender has your correct bank information as well.
4. If you agree, money can be deposited as quickly as tomorrow: If the loan works for you and you’ve read and signed the lender’s loan terms and conditions, and the lender has done all the verifications that they needed to do, you may be able to get funds deposited into your bank account as quickly as tomorrow.

Find the Loan You Need Through Lightning Money Loans

When you need money but traditional loans aren’t an option, personal, payday, and installment loans may be the answer.

The next step is to submit your loan request online to see if one of our 50+ lenders and financial partners are able to extend a loan to you!