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If You Are Rejected
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There are several options to consider if you have been rejected for a loan. The first thing you will want to do is find out why you were rejected and determine if the problem can be fixed. You will also need to understand your credit rights. You may be able to:
  • Lower the requested loan amount
  • Propose alternative payment terms
  • Opt for a higher interest rate to reduce the bank's risk
  • Introduce loan agreement outs that can protect the lender. For example, stage the funding of the loan and tie it to reaching milestones or meeting certain loan agreements
Other options include applying to another of the local lending institutions, contacting other financing resources, or applying for alternative financing.

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