Looking for Approval? Here’s What Business Lenders are Looking for from YOU!
Looking for Approval? Here’s What Business Lenders are Looking for from YOU! Plus – Understanding Business Loan Fees
One of the biggest questions loan applicants ask us regularly is, “What do I need to do in order to get approved?” often followed by, “How much will it cost?” In other words, what are business lenders looking for when approving a loan applicant and how much do they typically charge in business loan fees for this particular service?
It’s a logical question because if you know what a business lender is looking for, you have a better chance to be prepared with the right paperwork; the right answers and the right attitude that will help you get approved. It’s an area that the team at E2E Financial specializes in making the applications and approvals process of obtaining a business loan as painless as possible.
It’s what we do every day whether you are a small business looking for a loan to enhance or expand, a construction company or home renovator looking for construction financing or hoping for a merchant cash advance or a new Canadian looking to buy a home, we know what business lenders are looking for when it comes to approving an applicant and we can help you obtain what you need to qualify for a loan.
We’ll also help you to determine what to expect when it comes to business loan fees, registration fees/application fees and anything else you might experience. If you are looking for a loan, read on to learn more about what it takes to get approved!
As part of understanding the approval process business lenders will want to know, review and understand your financial position. They’ll be asking questions about what kind of loan you are seeking and comparing that against what kinds of loan options are available to you.
Your options will be based, at least in part, on your answers to key questions, the documentation you can provide and of course, on your current financial position. Business loan fees will also vary depending on the provider and the risk undertaken. Here are just some of the things you might expect to encounter when looking for approval from a business lender:
What Business Lenders Require
Proof of employment
Your Current Credit Score
You must have reached the Age of Majority
You’ll be asked about any bankruptcies in the last 7 years.
Copies of recent bank statements
What You Can Do
Gather previous tax returns, along with a T4 slip, paystub or an employment letter.
You should anticipate being able to provide recent bank statements (typically at least 2 months worth but be prepared to produce as much as 3 – 6 months worth.)
Proof of income for anyone else to be listed as part of the application process is also going to be required.
A listing of all your dependents including not just any dependent children but family members here or overseas who rely on your for financial support.
Outstanding current loans, debts and/or mortgages along with repayment terms.
Ways You Can Help Yourself
Consider whether you are willing to deal with a variable rate loan option. Flexibility might open up more options to you.
What kind of a repayment period are you looking for? Short or long-term – your ability to repay will also affect your options.
Are you hoping to spread payments out over a longer loan term? Your preferred amortization schedule will significantly impact both loan fees and the overall cost of borrowing.
Don’t make any unusual large purchases, apply for other loans or any other “noticeable” changes to your financial status during the applications process.
How We Can Help
At E2E we take pride in maintaining solid relationships with a number of both private and public lending institutions and we know what it takes to get clients approved. We walk you through the process of obtaining the required documentation and what to anticipate as you go through each step of the process. We’ll then partner you with a provider that best suits your needs and expectations – maximizing the potential for a “Yes,” when it comes to getting approved.
E2E Financial works with online lenders, traditional mortgage brokers, banks and credit unions and specific small business lenders or private service providers in order to help get you what you need. We’ll review the business loan fees being charged and help you to understand what’s reasonable and expected or what needs to be questioned. For example, sometimes an application fee will form part of the process, other times it might be waived by select providers under certain circumstances. Generally speaking however, you can expect at least some of the following to apply:
Missed payment fees
Charges/fees for early repayment
Located in Mississauga we service the entire GTA and in some situations can work with people from across Ontario. We will help you to gain clarity around your true financial position and spend time helping you understand and source the least applicable business loan fees for what you need. While individual lenders may vary in their requirements, we’ve been doing this long enough to know that in general, the questions you can expect to be asked are those we’ve defined above.
In other words, while interest rates, fees and other details may vary – loan applicants can expect to be asked the same generalized questions along the way. One of the ways that E2E helps streamline this process is by asking, and helping you define the answers, to those questions. In as little as 90 minutes and with our free consultation, we can help applicants determine exactly what it takes to get approved!
E2E Financial Provides Speedy Solutions for Personal, Business, Construction and Commercial Financing and Loans!