Yes, although there is no guarantee that you will be approved.
MPOWER factors many different things into its credit decision. However, one key component of our decision is whether, based on our forecasted future earnings for you, you could reasonably make our loan payments while still paying for rent, groceries, and other necessities. It is possible that the reason we declined your loan application is because we were concerned that the resulting payment obligations would be too burdensome for you.
The new lower interest rate means that your monthly payment would be lower; therefore, it’s possible that your projected debt-to-income ratio would not be within our limits. Therefore, we encourage you to re-apply.
If you were declined more than 90 days ago, please just re-apply on our website. If you were declined less than 90 days ago, please call or email us to discuss your situation.