Here’s Three Primary Reasons Why Lenders Keep Rejecting Your Loan Requests!

(And What You Can Do To Change That!)

So the time has finally come. When in order to expand your business and or service. You need to borrow some capital.

First of all. Mega congrats to you! You need to expand or invest in some key personnel. Or perhaps you want to invest in some new technology. But once you go and apply for either.

On or offline. For either a small business or commercial loan of some kind. And you get rejected over and over again! Entrepreneur it’s time for you to discover! Why lenders keep rejecting your loan requests! Don’t you agree?

Your Local Lenders Actually Want To Approve Your Loan Requests!

Believe it or not ladies & gentlemen. But your local banks and local credit unions. Really want to say yes to your small business or commercial loan requests.

Because after all. They need to reloan the money they’re borrowing from the general public. but reloan it out at high enough rates. To not only cover their real cost to borrow it in the 1st place.

But generate a front end profit too. So they’re not rejecting a staggering 80-87% of the small business or commercial loan requests they receive! Just to be doing so!

(And BTW entrepreneur. Those above loan rejection stats. Are provided by several respected expert sources. And apply primarily to US & Canadian based business owners, tech startups and service providers.)

Both banks and credit unions located in both the US & Canada. They have very tight restriction guidelines they must follow! When it comes lending money to small business owners and or service providers etc.

Or else they’re in big trouble!

Here’s Three Must Haves! (Without Them! And Your Loan Request Probably Gets Rejected Again!)

For starters. Your local bank and or credit union. For the most part. They want to support their local communities!

But they can’t just approve small business or commercial loans. They suspect the borrower(s) may not be able to pay back! As they’re scheduled to!

Here are three primary reasons “why” your small business or commercial loan requests. Keeps getting rejected! (You correct these initial three concerns. And you’re definitely on the right track!

1.) Not having all of your necessary documentation/paper work completed and submitted with your loan request!

2.) Your extremely limited! Or lack of time in business! Immediately throws up a huge red flag to your potential lender! (Most, but not all lenders! Typically require anywhere from an 18-24 month track record.)

 Verified through bank statements and a voided check.

So they have a reliable. As well as verifiable track record of the income your business or service is already generating. (Obviously these same requirements will not apply to any tech startups!

If Lenders Have Any Valid Reasons To Pause! Your Loan Request Will Probably Get Rejected Again!

3.) Your personal or business credit score. If your FICO score is currently less than 650. Again. This gives lenders pause.

Because they interpret your low FICO score to mean! You get in a temporary financial pinch! And you’ll probably start missing your scheduled payments!

Bonus.4.) Insufficient cash flow! If your DSCR/Debt Service Coverage Ratio is typically lower than 1.15. (Your small business or commercial loan loan request is almost certain to be rejected!)

Bonus 5.) If you have insufficient collateral in your potential lenders eyes! They’re not going to feel comfortable lending to you!

For those basic 5! All too common reasons. May explain! Why lenders keep rejecting your loan requests! If do or have! go to the following website! To discover what your alternative funding options are! www.reallyquickloans.com.

You Have To Give Your Lenders Valid Reasons To Say Yes!

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