10 Qualities That Can Help You Get a Loan

Dorin Pantea, Loan Broker

Whenever you ask someone for something, the answer you get will be either a YES or a NO. Many times, this answer depends on a plurality of factors that play a larger or smaller part in the final decision. Therefore, it is of great importance to know what weighs more in the balance and what you can do to maximize your chances. Here are ten qualities that can prove helpful in the process of obtaining a loan.

1. Be Prepared
When you work on getting a loan, preparations can be crucial. First of all, show that you know who you’re talking to. Make a phone call or browse the web a little to gather as much information as possible about the financing institution. You might also make a short comparative analysis just to know your options. Secondly, show that you know your business. You have to be the one who knows your field best. If you’re still in a start-up phase, you should at least prove that you’ve done your homework and not grasping at straws. More important, however, is to show you know your business in every detail. If it’s necessary, take a look at your financial reports and learn everything there is to be learned from there. Finally, show that you know what you want. Define your financing need as clearly as possible to show you’re not asking for something unnecessary.

2. Be Punctual
We all know that time is precious because time is money, but not all of us put that into practice. Be punctual when it comes to meetings and phone calls. This shows that your time and other people’s time is valuable to you. This can be a sign that you will also be on time with your payments!

3. Be Proper
Do your best to look nice. It’s a fact that the way you look on the outside says something about what kind of person you are on the inside. Moreover, first impressions always count and have a decisive role in defining an image for yourself in front of others. Therefore, don’t neglect how you present yourself in public, because it can act as an excellent recommendation!

4. Be Professional
In other words, fill in the forms and supply all the information and papers like a real professional. This way you will reduce to a minimum both the risk of looking superficial and the time necessary to receive an answer to your application.

5. Be Honest
Report your income and expenses as they truly are. This may be too late now, but you never know. You shouldn’t properly report just for the sake of getting a loan, but also because it’s good business practice.

6. Be Thorough
Make your payments on time. Pay your suppliers and the government, even if this if often an inconvenience. You’ll have a lot to gain in your relationships with all your partners, but also when you need to prove that you are a conscientious and serious person.

7. Be Transparent
State from the very start all loans you may have from other banks, leasing companies and so on. Sooner or later in the approval process, they will be revealed and hiding them will only do you damage.

8. Be Reasonable
Be bold and negotiate the terms of your loan. In the end, it should be beneficial for both sides, and you have all the right to try and get the maximum for your business. Be sensitive, however, to existing limitations and don’t ask for the impossible, because that might be perceived as rudeness. Besides that, you are dealing with a person not a machine, and people have feelings, too!

9. Be Realistic
Be realistic when you commit to a loan and don’t overstretch yourself. Show that you know your limits and force yourself not to go beyond them, even if you have to make a sacrifice now.

10. Be a Diplomat
Finally, take a NO with a polite attitude and a smile on your face. You never know when you will come face to face with the same person again, and the way you deal with a failure can send a stronger signal than the way you deal with a victory!