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What to Do When the Bank Says No

What to Do When the Bank Says No

When looking for a business loan, you have more options than just banks. Conventional loan providers have very specific criteria that must be met in order to them to approve a loan. If you are unable to meet this criterion – even if it is only by one of the many factors under consideration – they will not approve your loan. In such a situation, when the banks have said ‘no’, you need to be looking into alternative lending options.

Sometimes Private Funding is The Better Option

In instances where you have an invoice, existing equipment or need to purchase new equipment, you can go to an invoice financing company. In many situations, interest rates from private lenders can be lower than you might expect.
The reality is banks take time. Sometimes too much time. Quite simply, banks take the longest to assess business loans and approve them. Private lenders often offer only one or two loan products, which means that if you qualify their sole focus is on funding you. This means that your turnaround time for funding is much faster. At Quick Business Finance, you can generally expect approved business finance within 36-48 hours after we have received completed relevant paperwork.
The first thing you’ll realise when you speak with us at Quick Business Finance, is that doing business with us is easier than doing business with traditional lending institutions. That’s because we understand business needs first-hand and because we can provide tailored short term business loan solutions for Gold Coast, Brisbane and surrounding suburb businesses.
Our loan documentation is easy to read and jargon free. We make the process as straight forward as possible. Our terms are simple; fixed interest only terms, no hidden fees and no claims on any profit you make because of the loan. Our focus is on delivering a smooth professional service within days of initial contact – not months as in the case of most traditional lenders.