There’s nothing fun about getting denied for a loan, especially when you have a true financial need. As hopeless as the situation may seem, don’t stop trying. There are things you can do to get a loan from somewhere else, maybe even the same bank you first applied to.
10 Ways to Get Even With Your Bank.
Taking the steps presented below will help you get even with your bank when it denied your small business loan.
Way (1): Check Accuracy: Under the Equal Credit Opportunity Act, any lender that denies your application because of your credit must tell you, in writing, the specific reasons you were denied. If a credit report was used in making the decision, you also have the right to receive a free copy of that report.
Way (2): Determine Reason Why: Once you’ve received the lender’s letter letting you know why you were denied, review it to make sure you understand the reasons you were denied. Don’t hesitate to ask questions for clarification.
You have 60 days to order your free credit report (if one was used to make the lending decision). The lender’s letter should include instructions for ordering this credit report. If, after reviewing your credit report, you discover the lender’s decision was made because of errors on your report, write to the credit bureaus to have the errors corrected. Then, request that your updated credit report be sent to the lender for review (you can do this for free). Follow up with the lender to find out if your application can be reevaluated based on the updated information.
Way (3): Check Credit History: If your application was denied because of a negative credit history, you can take steps to improve your credit. For example, if you have past due accounts, bring them current for a better credit standing.
Way (4): Check Income Requirements: Your loan application could have been denied because you didn’t meet the income requirements. In this case, try looking for a loan that has moderate income requirements or apply for a lower loan amount.
Way (5): Check Debt-to-Income Requirements: A high debt-to-income ratio can get your loan application denied. This is when you have a high level of debt relative to your income. Lenders look at this ratio to determine whether you can handle more debt. The higher your debt-to-income ratio, the lower your chances at getting approved for the loan, even if you have an excellent credit history. Pay down some of your debt before trying to apply again.
Way (6): Consider a Co-Signer: Another option is to have a co-signer with a better credit history and lower debt level apply with you. This might improve your chances to get the loan. Be careful when you use a co-signer because this person assumes the responsibility to take care of the loan if you are unable to make the payments.
Way (7): Consider Another Funding Source: Instead of going through the bank, consider having a realtor or car dealer look for a loan for you. They may know some lenders who would be willing to work with you. Make sure you explain your credit situation – that you’ve previously been turned down for a loan – so the realtor can go to the right lenders the first time around.
Way (8): Consider going to a larger bank: You may or may not have better luck, but it’s worth a try. Do your loan shopping within 30 days. The most recent credit scoring formulas won’t penalize you for credit inquiries when you’re shopping for mortgage and auto loans within a 30 day window.
Way (9): Consider getting a $2 Million Dollar Premier Elite loan that Boosts Your Small Business Growth.
Since the credit crunch, larger loan requests for small and medium size enterprises have been difficult to come by until today. Sunovis Financial has filled that void the banks have created with their new Premier Elite product.
It now offers small and medium size businesses, with sound cash flow management, it’s Premier Elite product which significantly increases funding amounts up to $2 million.
For a good number of years small businesses have found themselves trapped in a Catch 22 situation with short term business loans.
The typical small business loans available have been capped at $150,000 or less per loan but today’s small business operations need more to leverage bigger opportunities available. Unfortunately, in order to service the repayment of larger credit requests, the business typically has to be a larger business and in order to obtain that level of cash flow most businesses require financing first for that type of growth.
Since neither situation seems to be feasible, the business languishes in a purgatory of being close to success, yet not quite being able to reach it.
Fortunately, the void in larger short term business loans has now been filled by this new financial solution. This new loan product, the Premier Elite, an alternative loan product that can provide critical financing up to $2 million. Now, small business owners can quickly obtain the funding they need to grow by capitalizing on profitable opportunities that are now becoming available.
“The “Wal-Mart Effect” is probably a familiar term, and it refers to big order opportunities that can lift a small business out of the small time and into the big player field. However, big box stores that are capable of making such orders have high capacity demands.” said Sunovis Financial CEO Terry Robinson.
“If a supplier business can’t meet those orders with sufficient quick capital, the big box store will quickly move onto someone else. The big opportunity that was available becomes lost and most likely does not come around a second time, at least with that particular vendor. Having the ability to draw upon a larger amount of fast short term capital, a small business may now respond quickly to a big box store order and stay in the game.”
This new product helps these kinds of businesses by establishing a personal relationship with them and deeply understanding how they operate down to the cash flow level.
By learning the specific details of what runs the given small business, small business is able to ascertain what it will take to make the business successful at the next level with the lowest amount of risk involved. The partnership approach is a win-win for both borrower and lender involved, reinvigorating small business and providing growth for the American economy.
Sunovis is a leader in alternative lending and finding solutions to business growth problems. Now, with its Premier Elite product and short term business loans, they have once again created a new path for American business to grow and leverage to move on opportunities as they occur instead of being shut out in the cold.
About Sunovis Financial: is a leading online lender specializing in helping small businesses that have healthy cash flows. Typical customers include, dental and health practices, retail stores, restaurant and franchisees, online companies, and more. It currently serves over 700 industry types and offers a broad range of small business loans and other alternative financing products, such as equipment leasing and accounts receivable factoring.
Their Premier Elite product is offered at affordable, business-friendly rates and require no personal guarantee, no collateral, and has no prepayment penalty.
Sunovis Financial extends their short-term, renewable business loans to qualified applicants within a few business days and has recently added an extended working capital loan to $2,000,000. The company’s speed and transparency make it a trusted alternative to banks.
We hope you enjoyed reading this article. For more information about Premier Elite, contact Jim Albertson at email@example.com Do you have any tips for writing something that will really succeed on LinkedIn? Leave a comment to let us know what has worked for you in the past.
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About Michael Kissinger, the Consultant, Coach, Mentor Speaker, Author and Entrepreneur: He spent the last 20+ years of my life creating fascinating Client and Profit Doubling programs that have helped thousands of small businesses across America. He is a former 20+ year business professor at three leading California Universities , and a small business analyst and consultant. He taught more than 10,000 students people around the country & around the world. He is an experienced Off-line and On-Line marketer business developer, public speaker and a popular Bay Area professional. He works with many of the top small businesses in America. He ia the author of over 850 top rated business and marketing articles. Contact him and get ready to discover this amazing gold mine of experience and information!