Bank Secrets and Bank Facts In Lending

The number 1 bank secret is the fact that traditional banks decline 90% to 95% of business loan requests.   This mystery to borrowers is confidential information to lenders. They also turn down a very high percentage of personal loan requests as well.

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If customers knew this secret turndown rate for business loans by traditional lenders, most would not even apply.

While working for one of the largest institutions in the country in one of the largest cities in the southeastern united states,  this author unfortunately almost saw it as wasted time for the applicant when a potential small business loan customer came into the bank to apply.

Another secret fact is there are as many as 35 decline reasons.   The primary ones were credit, both personal and business, time in business and cash flow problems.

The worst bank secret may be that you can be declined for 1 true reason, but the lender will still list several reasons.

The motivation behind turning you down for multiple things is that if the borrow cures the 1 denial reason, they will go back to the bank and insist on being approved.

The funder may still not want to approve the applicant and can maintain their decision not to approve because there are other denial reason still outstanding.

This is unlikely to even happen, due to the fact that when there are 4 decline reasons, the customer sees these as hurdles and won’t even try.