Thread: got denied of alternative loan

I got denied of the alternative loan through Richland Bank (Sallie Mae). I did not have a cosigner though. I did clear up my credit before applying. I don't know what happened. What are my options? Should I look for another company such as MedAcheiver or the Teri Loans??

Someone please reply.

If you get denied from Sallie Mae then most likely you will not get a Teri or Medacheiver, and I know this from experience. If you can find a cosigner for the sallie mae then there is a good chance you will be accepted. My credit is not the best but they said that if I had a qualified cosigner then i could qualify for the signature loan. Also look into nellie mae, but if you were denied you will need a cosigner, and then they will most likely accept you. Both programs have a 24 month ontime payment release program. I have hot been approved yet but I did talk to a loan counselor at sallie mae.

Thanks! Appreciate it.

First of all, Richland is not the same as Sallie Mae.

If your credit history is borderline and they think you could qualify with a co-signer, they will tell you so on that letter. But just ask them, to be sure.

If you don't want to have a co-signer (or you can't find one), a good option is National Education (www.nationaleducation.com). They seem to be a little more lenient.

Creditors submit their reports to credit bureaus at the end of each month. So if you just cleared up your debts within the past couple of weeks, the updates won't be submitted to the credit bureaus until the end of this month. You could also appeal the bank's decision when they deny you for the alternative loan. Ask them why they turned you down.

Hope this helps.