Did they promise to call?

A modern horror story.

“Yes, of course! Undoubtedly, we’ll do everything in our power to get you the money you need. We’ll let you know within 48 hours if you’re eligible!” chirps a voice.

All of the essential documentation was acquired by the business owner for two weeks.

E-mails are sent back and forth regarding missing or incorrect paperwork for another entire week.

In reality, she has already shredded your paperwork and has promised to call you when she receives them.

That’s the last you’ll hear from anyone at the bank.

This is the “Slow No.” The silent business loan rejection.

The reasons are simple.

It is not uncommon to have a love-hate connection with a bank when dealing with them. Business operations would be impossible without them. In the meantime, you don’t feel like they’re there to help.

If there are slight advantages for serving a client who does not qualify for a loan, the “Slow No” is likely to occur.

As a bonus, when you apply online immediately, your request is processed by a digital administrator who processes these leads before passing them along to a relationship manager.

If the relationship manager does not already have a connection, it is easy for him to reject applications from companies that are not qualified for a commercial loan.

Many banks have severe conditions to qualify for a company loan, such as not being profitable in the previous financial year and not taking out any unsecured loans. In this way, it is simple to determine eligibility.)

Stop waiting for the business loan decision. Follow these three steps to find the answers you want.

1. Call your relationship manager

You can contact them if you have their contact information, but please be kind. They are almost always overworked and have an extensive customer portfolio to manage. Keep in mind that they are your bank’s ambassadors, so being courteous is always a good idea.

2. Don’t wait for your preferred bank. Apply to multiple banks, financial institutions, or fintech companies

Your situation will improve as you send out more job applications. If you don’t receive a response from the local incumbents (who are frequently pickier), you can get a response from smaller, more hungry institutions.

3. Hire a business loan broker

You should consider this choice if you have the means to do so. However, they only get paid if they are successful in getting you a loan. There will be contract signings to prevent disagreements.

 

Published On: September 26th, 2021 / Categories: Uncategorized /