Monday, 3 October 2016

How to get your loan application approved

Nike Popoola (

Securing a bank loan may be difficult sometimes; so, you should know the steps to follow while applying for it, according to

Here are the steps that you should take to improve your chances of getting your loan approved:

Don’t be afraid to ask for a loan: Remember that banks need to make loans available to stay in business. So, don’t hesitate to ask for one, for this is what a loan officer will want. To increase your chances of getting a bank loan approved, look for a bank that is familiar with your industry. It is always a benefit to go to a bank that has done business with companies like yours.

Have a regular source of income: This is an important requirement, whether you are in business or an employee. The bank will want to make sure that you will be able to repay your debts through a reliable source of income that can be verified.

Be well prepared: Be thoroughly prepared when you go to your banker’s office to get a loan approved. Besides showing that the loan is a low-risk proposition, you should have all the documents ready on hand, like the completed loan application, copies of cash flow and financial statement projections covering at least three years, and your cover letter.

Be well informed: Remember that the combination of information and preparation is the most powerful negotiating tool in the world. Be well prepared for any questions that you anticipate. Be confident while you answer questions. These questions are generally like, how much money do you need? How long do you need it for? What are you going to do with it? When and how you will repay it? What will you do if you do not get the loan? Get your answers ready.

Remove any negativity: Never ask for a loan with an apologetic and negative attitude. Boost your image with a positive attitude and present yourself as someone who can and will repay the loan. Any materials such as brochures, ads and articles promoting your business or yourself are always helpful.

Avoid bragging: Broad, unsubstantiated and loud statements should be avoided. Don’t make any statements, which do not match the facts on your application. Do your homework well and spend lots of time doing research, for the facts on your application can be easily checked by the bank.

Be well organised: Ensure that all your documents are neat, legible and organised in a cohesive manner to avoid unnecessary confusion. Type all your loan documents, for handwritten documents look unprofessional. Always include a cover letter to get your bank loan approved.

Having a good referral: To improve your position, find an associate or a friend that is in good standing and can give you a good referral. Bankers often favour those who were referred to them by their regular dependable customers.

Always discuss the risks: Remember that there is no business or venture without risks. It is the right of the bankers to know if you have planned for the major risks and how you intend to manage them. So, discuss all the risk factors with your loan officer. He will also like to know how you will handle the risk.

The first loan: Remember the first loan is usually the most difficult to get. Bankers prefer customers who have borrowed at least once and have a good credit history.

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