Bank approval rates are dropping, and obtaining a business loan has become notoriously difficult. An entrepreneur might be intimidated to request a bank loan, knowing that they will likely be rejected and left confused. Fast and Easy Funds can explain why banks are rejecting so many business loan applications and the 5 common reasons why banks will not lend you money.
1.Low credit scores.
Banks require a solid credit history for loan approval. Without a high business credit score you might as well count your losses. Even if your personal credit score is low, a bank will deny you a loan. Banks want to see strong credit history, money management skills, and on-time bill paying. Most banks will not consider you unless your credit score is somewhere above 680, but Fast and Easy funds accepts credit scores starting at 550.
2. You are not established enough.
Banks are not willing to give new business owners a chance the way Fast and Easy Funds does. It is well known that banks prefer established businesses with experience to newer companies. Fast and Easy funds understand new companies need a financial boost with online business loans to get their company up and running.
3. You have existing debt.
If your business is already in debt, do not waste your time going to a bank that will quickly deny your proposal. Banks will consider you a risk and turn you away. Our online business loans at Fast and Easy Funds are available as long as your prior bankruptcies are discharged. We even offer plans for those with negative net income.
4. Lack of a business plan.
It is bad business practice to show up to any meeting without a plan. Banks are particularly fussy about this. If you are going to ask a bank for a loan, you need a report containing your credit history, a loan proposal, a business plan and profile, business projections, contacts, and legal considerations. For one of Fast and Easy’s online business loans, only a few documents are needed.
5. You are deemed high risk.
Depending on your industry of expertise, a bank may decide the market is currently too risky to lend you money. Banks give too much consideration to outside conditions and make it hard for businesses with a smaller, more targeted niche to get up and running. We don’t let outside influences jeopardize your chance of running a successful company.
The online business loans at Fast and Easy Funds simplify this daunting process by providing your business with flexible, convenient, easy to implement, and immediate working capital. Fast and Easy Funds even approves loans that were previously denied by banks. Whether you’re in need of $5,000 or $5,000,000, we can help you fund your business for success.