Can't Get a Loan?

You are behind on your bills, so you go to the bank to get a loan, and they say "No!".
Sound familiar?

It seems that banks will only give you a loan when you don't need it.

What can I do?

First, you need to ask the bank why they refused your application, why you can't get a loan.

All banks use lending formulas, based on your income, other debts, work history, years living at the same address, and other factors. You need to determine why they said no.

If it is because you just started a new job, or just moved to a new address, you can probably apply again in six months.

If, however, they refused your loan because of your bad credit report, you probably should be taking immediate action. Obtaining a copy of your credit report will allow you to determine what debts are preventing you from getting a loan.

If you can't get a loan because your existing debts are too high, we suggest you call one of our bankruptcy offices in Ontario and arrange for a free initial consultation, or contact a bankruptcy trustee at Hoyes Michalos & Associates Inc. by email today. 

If your debts are too high, you may eventually fall behind on your payments, which may lead your creditors to attempt wage garnishment. Don't wait for that to happen. Our bankruptcy trustees at Hoyes Michalos can help you determine ways to deal with your debts and repair your bad credit report.