If you’re approved for your loan, ask for the lending contract and review the terms. Take special note of the loan interest rate, repayment terms, and fees for late payments.

If you’re rejected for a loan, you have a legal right to know why your application is rejected.

Chances are, the loan was rejected due to several reasons, including a weak credit score (usually a FICO score of 620 or less may be deemed a low credit score), a high debt-to-income ratio, or a lack of credit.