| It is a sad but true fact that almost every bank is | | | | working with. |
| overly conservative when they choose who to give | | | | If your banker turns you down, you can always go |
| bank loans to. Not only are they ultraconservative but | | | | somewhere else but many times if you're just |
| they may be intimidating also. They are intimidating for | | | | persistent with your current banker you can turn things |
| a specific reason and that reason is that either one; if | | | | around and actually get the loan even after being |
| they refused your loan they hope you will just sort of | | | | denied. Persistence is very important. Just like college |
| slink away and not bother them anymore and two; if | | | | acceptance letters and denial letters; you can appeal. In |
| they do give you a loan you will be too intimidated to | | | | fact that's what they call it, "on appeal". |
| even try and negotiate better terms. | | | | The first thing to do when you've been turned down is |
| This is just the way banking goes, and it has been that | | | | to talk to your loan officer and ask them for an |
| way for as long as there have been banks. But it | | | | in-depth explanation. Be persistent and don't allow them |
| doesn't have to be this way, and in this article I'm going | | | | to fluff you off; get the real reason. Then ask them |
| to explain why... | | | | what it would take to get the loan! Often this is all you |
| Preparation, when you go to talk to your loan officer | | | | have to do. Sometimes, and this is true, you will get |
| armed with just a few figures and facts that are | | | | turned down for a loan simply because your specific |
| sketchy, even if you think the important figures are | | | | loan officer is too busy to deal with you at the |
| safely tucked away in your brain, you are starting out | | | | moment. There may be absolutely nothing wrong with |
| on the wrong foot. On the other hand, if you go in | | | | your loan request, you may be the perfect loan |
| there armed to the teeth with facts and figures, | | | | candidate, but if your loan officer is dealing with too |
| spreadsheets, and numbers; you clearly know what | | | | many loans at the moment they may just shuffle you |
| you want and what you need, you'll start out in a far | | | | away. |
| more positive point of view in the banker's mind. | | | | If none of these things work however, you can always |
| Bankers like facts and figures and if you walk in with | | | | speak with a supervisor. Or at least make it clear to |
| lots of facts and figures you're already a cut above | | | | your loan officer that you're willing to talk to the |
| the normal customer that they see day in and day out. | | | | supervisor. Bankers don't like anybody going over their |
| If you're trying to get a personal loan be sure to bring in | | | | head, it's just a phenomenon in banking. So you're |
| an updated financial statement. If you're looking for a | | | | banker may very well go to quite high lengths to keep |
| business loan bring in a financial statement as well as | | | | you from talking to a supervisor. The same |
| old tax returns for the last two or three years and | | | | phenomenon applies equally to all the way up the chain |
| profit and loss projections for 2 or 3 years into the | | | | to the CEO. |
| future as well as a balance sheet. In addition bring a | | | | Of course, in the end, if you try all the tricks and still |
| written plan that shows exactly what you'll be using | | | | can't get the loan, it may be time to just go try another |
| the money for to the dollar. And especially pay | | | | bank. Just because one bank denied you doesn't |
| attention to how you expect to pay the money back | | | | mean they all will, in fact, a different bank won't even |
| and the plan for doing that. | | | | know that you've applied for a loan already. So you've |
| These few things alone will set you higher in the eyes | | | | got nothing to lose, give it a try... |
| of the banker than what they are normally used to | | | | |