If you need a loan but keep getting declined, you might want to wait several months before applying again. For one thing, racking up a bunch of hard credit inquiries can harm your credit and look bad to a lender. And for another, it takes time to improve your personal finances, whether that means building your credit or reducing your DTI ratio.
If, however, you discover that your loan application rejection was a result of a mistake you made on your application, it may make sense to contact the lender immediately to fix the error and run your application again. And if you haven’t applied yet, make sure to avoid these 13 common personal loan mistakes.