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Once you know the reason for denial for certain, there are things you can do to improve your situation. Your credit history tells you the story as to why, and your banker can give you advise, but not always tell you everything.
In the meantime, you need money now, right? So what do you do in order to get your hands on the cash you need?
If you own any real estate and have enough equity built up, you can use that property as security in exchange for the loan. No property? How about a late model vehicle that you have paid off, or paid down enough to satisfy the collateral issue? You see, as long as you have enough collateral, a lending institution will normally not deny you credit. They can actually assist you in using such a secured loan to paint a better picture on your credit file for the future.
If none of the above will work for you, an alternative is to ask a family member or close friend to co-sign a loan with you. In such a situation, you NEVER want to lapse on ANY of your payments, as doing such will not only further devastate your financial status, but it can also ruin a good relationship. You don't want either to happen.
Once you get a lender to work with you, you might very well find a few conditions applicable to your request. Because it is considered a high risk loan, and even though you might have collateral, your lender will still probably charge you a higher rate of interest, and/or other fees attached to the note. Therefore it is essential that you read all of the fine print before you obligate yourself (and a co-signer, if applicable).
You want to shop around a bit for the best deal you can get, but a word of warning... be careful with how many loan applications you submit. Each time you request a loan, including a credit card, that request is recorded in your credit file. With too many loan requests, more black marks will appear against you, which will make it even more difficult to accomplish your end result. So first, ask questions and at least get some ballpark answers as far as applicable fees, interest (APR), down payment, early payoff penalty, length of time to repay, and such.
My best advice in learning how to get a bad credit loan is to purchase the Credit Bible. This one book can do a tremendous amount of good for your financial situation now and in the future.
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