It’s tough to get rejected when you’re applying for a business loan. No approval, no business capital. Indeed, borrowing money for your business may seem complicated, as many are turned down, regardless of the type of business they have in mind. However, this doesn’t mean that your chances would always be slim. As a matter of fact, there are already several factors that may affect, and even improve your chances of borrowing the capital amount–you would just need to prepare in advance. Here are a couple of ways to improve your chances of getting a small business loan:
Prepare and smoothen out your business plan.
Lenders would like to see what you have in mind. They would like you to convince them that once they lend you your capital, you would succeed in your business and be able to pay back what is owed. The road map of your venture would be better explained in a business plan. You don’t need to include gimmicks when presenting lenders with your idea; you just have to be clear with your goals and your strategy in making your ideas work and turning your dream business into a successful reality.
Don’t settle for a single lender.
As with all choices, proper analysis of your options would enable you to go for a wise decision. Having the right lender by your side would mean that you wouldn’t have to deal with the hassle that comes with tight time frame for payments and very strict regulations. In some occasions, you may even negotiate when to pay and how much you would have to provide in a particular amount of time. “Shop” for different lenders and choose the one which would best work for you and your business in the long run.
Prepare more than one payment plan.
As with never settling for just one choice of lender, you should also prepare for multiple payment plans as well. There are many expenses along the way and you would need to cope per each due date, either that or you would get penalized for late payments. Think about the finance you need and the purpose and period you need it for, then prepare two different payment plans. Having a clear payment plan will make you appear to be a responsible borrower and increase your chances of approval.
Get a jumpstart on your business venture with a trusted name that offers only the best service possible. If you’re a residence of Laguna and Southern Metro Manila, then Cebuana Lhuillier’s Lucky Loan is definitely your top choice. It is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives, and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. Our network of more than 2,000 Cebuana Lhuillier outlets and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.