This is a common situation and complaint from many customers. This is a serious blow to anyone looking for a better deal on their finances. There are 3 main reasons why your personal loan was denied.
1) There could be a problem with your credit score. It all comes down to your score. Everything is impacted by your credit score. It could be a few letters low and you will be messed up. A payment you made could be reported as late or no there. It may not be your fault and it will still be on your record. You could have closed an account that is still open. It may be something the credit score staff did and you will be blamed for it. It is best to check your score.
2) This is more or less a chatch-22. You need to have a good score. You cannot get a good score unless you have some sort of debt. It works for you and against you. You may not have enough experience with your credit score to warrant an application process. Credit people make their money off of those who have debt. When you do not have debt you are seen as a problem. When you pay only in cash you are seen as a liability.
Are you in this situation? Well, this could be the reason why you are having issues.
3) You have way too much debt. This is another catch-22. They want you to open up things to get the credit. Then you find out you have too much. How much is too much? This is a relative term. Every situation is different.
They will look at your debt-to-income ratio. How mich are you bringing home? How much of it is being used to cover bills? How much do you have left over afterward? Having too little can be a problem. Having too much leftover can be a problem too. A big red flag is when you hand over between 40-50% of your income to cover your debts each month. The lender will look at this as an issue. Keep tabs on your debt and expenses. Tally everything up at the end of the month. See what you are working with. As long as your debt-to-income ratio is working for you in the future, there is no reason why you should not get a loan.