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  Volume No. 12 Issue No. 11 November 2015  

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  Three simple steps to loan approval
  By Joan Lawson
  President, Farmer's State Bank

   The American economy is showing signs of recovery but still reeling from the effects of endless credit card debt, housing foreclosures and price increases on everything from a gallon of gas to a gallon of milk.
   Some financial institutions have responded to the economic turmoil by tightening the reins in the lending department. This is disappointing news to consumers and small businesses in need of additional funding.
   With the cards stacked up against many bank loan applicants, I thought it would be a good idea to share some incite into a few things that consumers can do to improve their success in acquiring a loan.
   At some time or another we have all experienced the unfortunate feeling of rejection when a bank says NO. What you may not know is that “denial” may be avoided if we take three simple steps to prepare for success.
   No. 1: Do your research
   This is especially important in light of some financial institutions “tightening the reins.” Don’t make the mistake of applying at just any bank. Find out which banks have a reputation for approving the kind of loan you are seeking. For instance, some banks don’t particularly like to loan money for a used vehicle or an older home; others do. If you’re looking for a business loan, ask if they are an SBA lender or involved with any other government programs. Discuss with the banker other alternatives to facilitate your request.
   No. 2: Establish a relationship with a banker
   Banking is about relationships, especially when you want them to loan you money. You have a much better chance that lenders will approve your request when you need it if they already know who you are. Not only will you develop that face-to-face relationship, but you will also have the opportunity to get your financials organized and in shape with a banker’s eye in mind.
   No. 3: Be professional at the interview
   Your bank loan interview is just like any other. Make sure to be on time and be courteous. Pay attention to how you express yourself and come prepared with the proper documents and a well-thought-out plan. You will show the lender that you are responsible and a good candidate for a loan.
   Obviously, this list is in no way intended to be comprehensive; but just following these three steps will increase your chances for success.
   There are a number of factors the bank considers before financing is approved for any need. Credit history, the type of loan that best suits the need, how you plan to repay the loan, what’s the best loan term, collateral needed to secure the loan, how much should you borrow – they are all factors that enter into a loan decision.
   If you would like a more comprehensive list of “Do’s and Don’ts” go to (no “www” needed, enter just as it is written). There you’ll find a free report with all the information you need to increase your success in getting a loan for everything from a new vehicle to your dream home.


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