If you need money, for whatever reason, it is important that you consider all of your options and think about what offers the best solution for your needs. There are often a number of things that will impact on what sort of finance you need, and ultimately what options are available to you. How quickly you need the cash is an important aspect and you’ll find that your credit score is often the most integral component of trying to obtain finance. There are also other things to think about like what you want to do with the money and at what rate you are looking to pay the money back.

All of these things will impact on your ability to obtain a loan, and it may be that your first thought, choice or option will turn you down. It is only natural that people will instinctively think of their bank as the place to obtain a loan from. This is the traditional solution and it may be that you have received bank loans in the past. Even if you have obtained bank loans in the past, it is important to not assume that you will automatically get a bank loan the next time you apply. Banks apply criteria on each application and just because you were accepted in the past doesn’t mean that you will be accepted today or in the near future.

If your bank says no to a loan, don’t worry

If the bank said no to a loan, it is only natural that you’ll feel a bit down, but this is the time to start thinking about what other options you have at your disposal. There may not be as many options as you would like to enjoy, but you’ll find that a guarantor loan remains an option. A guarantor loan is a great way to get money in a hurry and just because a bank refused your application doesn’t mean that a guarantor loan company.

This is because the presence of a guarantor changes the level of risk associated with the loan, and this may be the aspect that you need support with. If you feel as though you could do with reducing the associated risk, asking someone to act as a guarantor for you will give you an improved chance of obtaining the loan you need. The presence of a guarantor will also help you to obtain a more attractive rate of APR, which has to be seen as a positive thing.