You need a loan to take care of a pressing need. The only problem is that you're sure no lender would even look at your application. While that may be true of some lenders, it makes sense to see what Magical Credit loans in Canada could do for you. If one of the following is preventing you from trying to get a loan, set that aside and see what can be done. 

You Don't Have Much in the Way of a Credit History

Some people have long credit histories. Others have very little. Perhaps you're the type of person who tends to operate the home on a cash basis. You have a credit card, but it's for emergencies only. You paid cash for your car and you currently rent. Without a reasonable amount of established credit, there are lenders who may decide there's not enough information to extend a loan. 

Fortunately, not all lenders think that way. You will find that some lenders are happy to work with people who haven't amassed much in the way of past credit. Their attitude is more along the lines of No credit? No worries! That mostly blank slate that troubles some lenders will be welcome by others. 

You Do Have a Credit History But Not a Great One

In your case, it's not a lack of credit history. The issue is that some of it's not very good. While it's true that those bumps in the road were a few years ago, they're still on your reports. There are lenders who take one look at your current score, see the negative comments from several years back, and decide there's no point in reviewing the rest of your application. 

That's not the way every lender works. There are lenders who have programs designed for those who have less than ideal credit. While your credit report data does still matter, they tend to look past the credit scores and look at how things have been going for you recently. If it's been a couple of years since you were last late with any type of payment and you seem to be up to date on any current obligations, those lenders will give your application serious consideration. 

You Don't Have Enough Income

Just about every lender requires that applicants generate a minimum amount of monthly income. What you may not realize is that the amount required by different lenders varies. It's true that banks and other more traditional lenders may have minimum income requirements that are higher than what you currently have coming in every month. Before assuming that's true for every lender, take a look at some alternatives. You may find several lenders who are happy to work with people in your income bracket. 

Your Debt to Income Ratio Isn't Wonderful

The amount of debt you're carrying at present may also motivate some lenders to reject your application. Others may be willing to work with you. The key is whether there's enough money left over to reasonably assume that you can handle the loan payments. Assuming you can provide sound reasons for the lender to make this type of assumption, there may be a loan in your future. 

You've Been Turned Down in the Past

About a year ago, you tried to get a loan. The attempt was not successful for several reasons. Has enough changed since then to improve the odds of being approved? That is a strong possibility.

Even if other lenders turned you down, the difference between this year and last year may be more significant than you think. For example, one or more negative comments may have fallen off your credit report. Perhaps your score is a little higher now. Maybe that raise at work was just enough to convince a lender that you can manage the payments responsibly. The only way to know for sure is to try applying for a loan. 

Don't let past rejections prevent you from trying again. If you could really use a loan, there's a lender out there who will work with most clients. Gather your documentation and give it a try. The approval could be yours a lot sooner than you thought possible.