When you apply for a personal loan, whether it will be accepted or not depends entirely on your credit score.
When you need money for a project or have to pay for unexpected expenses, you may want to look at other options.
There are two personal loan options you can consider when you do not get a personal loan. Credit card and Secured line of credit.
A credit card can provide fast cash in an urgent situation. If you qualify for a 0% APR credit card, you have months to pay off the loan without interest.
Only use a credit card with a 0% transfer offer if you're confident you can pay it off in full before the promotional rate expires.
At the end of the promotional period, the interest rate rises to its standard rate, and you could end up trying to pay off the loan because higher interest piles up on top.
A secured line of credit can help you get the best rates for personal loans. When you take out a secured line of credit, you usually pay a lower interest rate.
The main reason you pay a lower interest rate when you take out a secured line of credit is that you put some value as collateral.