5 Tips for Faster Business Loan Approval
Business owners seek out loans for various reasons, such as expanding their business, purchasing a franchise, increasing their inventory, and upgrading equipment. While your business might be more than capable of covering those costs, your money might be tied up in invoices or unavailable for other reasons.
In that case, you may decide to approach a lending company for a business loan. However, time is often of the essence, and there’s no knowing how long you’ll have to wait to receive it. Here are a few helpful tips to potentially speed up the loan approval process.
Choose a Reputable Company
The more highly regarded the company is, the better customer service you can expect. If they have been providing business loans for several years, they will know what to look for and can expedite your loan application to ensure they meet customer expectations.
When you visit www.commercialloans.com.au, which is a professional commercial loan provider, you can enjoy an in-depth but fast loan application process that may see you with the money you need quickly.
Just as you are thorough in all business-related tasks, be detailed in your business loan application. The more information you include, the smaller the chance your preferred lending company has to come back to you to ask questions.
Create a business plan if you’re purchasing a franchise or new business, or detail how exactly you will be using the funds if the loan is approved. Most importantly, include information on how the loan will help you achieve your goals and how you anticipate paying it back.
If anything is unclear as you’re working through the lending criteria, ask questions to avoid having your application denied on a technicality. For example, if they ask for financial information and you’re not sure if they need personal or business finances, contact them to receive their expert advice before submitting your application.
Clearing up anything that you’re not sure about, rather than guessing, may result in fewer problems with your application that ultimately slow down the loan approval process.
Even though you’re likely working long hours and busy with everyday operations, make sure you’re always available after submitting your loan application. You never know when your lending company will confirm that they have received your loan funding request or need more information.
Keep your phone on you at all times to take calls and ensure you can receive email notifications on your phone when you’re away from your computer. You can then promptly respond to any questions and keep your application fresh in the loan company’s inbox.
Even though you may have provided all the financial information the lending company needs to make an informed decision, double-check your application to make sure you haven’t missed anything out.
Even including information such as existing loans, credit scores, and any defaults is crucial, as such information can be discovered during credit checks anyway.
When applying for a business loan, you likely want to receive the money as fast as possible. While most reputable lending companies work quickly, they rely on you to provide the information they need. Be honest, available, and detailed. You may then have the business funds sooner than you expected.