Check Credit Record
It is worth checking your credit record to find out what it is. You want to firstly make sure that everything on it is correct and if it is not, then you need to get it changed. Then if there are things on there which are having a negative effect on your credit score then you need to try to change them. This may mean, paying off outstanding money owed on things, paying off debts or other things.
Pay off Debts
If you have any debts, even if they are not having an effect on your credit record, it is wise to pay them off. It is possible that a lender will want you to be able to prove you are able to pay back a loan and if you have other debts to pay off, they may be less likely to lend you even more money.
Consider if you have Collateral
It is worth thinking whether you have anything, such as a car or home that you could use as collateral first. Having something like this could help you to be more likely to get a loan and could also help you to get a better rate as well. However, if you do not make the payments it could be repossessed so it is a risk.
Try Different Lenders
Different lenders have different criteria for who they will lend to and so if you do not have success with one, you may still be lucky with a different one. It could be worth trying to do research to find out who is the strictest and then apply to those that you feel will give you a better chance of succeeding with your application.
Consider different Ways of Borrowing
You may feel that a personal loan is the right way to borrow money for your specific need. However, if you find that you cannot get one, then you may find that there will be alternatives available to you. Although some forms of borrowing can be more expensive than others, it does mean that you may be able to borrow money in an alternative way. For example you could consider using a credit card, but it will be easier to not pay it off as quickly and the debt could be a lot more expensive. You could use an overdraft but these are one of the most expensive ways to borrow money, particularly if they are unauthorised. You could use a different type of loan though, so have a look at the other options to see whether you can find anything else that you are likely to be approved for.