At Arsenal, we make every effort to approve loan requests. Unfortunately, sometimes members get denied for a loan to protect the financial health of the applicant and credit union. When we do not approve a loan, it is often because of two reasons:

• A poor credit history
• A high debt-to-income ratio, with debt exceeding about 40 percent of total income

If you get denied for a loan, don’t give up. Work on improving your chances on your next application by taking a couple of proactive measures:

• Create a plan to pay off old loans and credit card balances.
• Try to consolidate your loans and credit card balances into a loan at Arsenal to stop spending with credit.
• Implement a budget by comparing what you spend to what you earn. Funnel the money you save into paying off debt.
• Ask us for help. We want to work with any member who is sincere about re-establishing good credit.
• Find a temporary second or part-time job to increase your income.

Discover the reasons you should apply for your next loan at Arsenal.