There are many small business owners and self-employed people who are unable to get a business loan due to the fact that their documentation does not meet up with the bank’s requirements. Yet this does not mean you are stumped, as there is now an alternative online lending source that simplifies the application process.
Document Free Loans
If you live in Australia, and are looking for a business loan, there are online companies such as Low doc loans that can help if you have only just started your business, and therefore have no track record, or perhaps you are unable to show a regular income, or you might have an outstanding tax bill. Any of these situations might mean a refusal with the more traditional lenders, but an online low doc loan specialist can help.
Building Loan Solutions
The online specialist doesn’t just refer you to a lender, they actually guide you through the application process, and they even have access to experienced accountants who can help the client to create an income declaration, which can then be submitted to the right lender.
Small Business Loans
Self-employed people and entrepreneurs are often regarded as risky by the more traditional lending institutions, but that doesn’t mean they can’t source the necessary funds they need to continue expanding their new business. Banks tend to be very rigid in their workings and if a person does not have the required documents, they are reluctant to make an exception to their strict guidelines, which does not mean the applicant is not able to make the repayments, merely that they cannot provide the required documentation.
As you might expect in this digital age, the entire application process can be completed online, and with their expert help and guidance, the loan application can be carefully put together and then submitted to a suitable lender. Regardless of your current situation or the reason for the loan, you might be surprised at how easy it can be by using an online loan provider, besides, you have nothing to lose by making an enquiry, and everything to gain if the application is successful.
Often, a self-employed person cannot meet the ender’s requirements in terms of documentation, and the application is turned down, but with the help of a special accountant, it is possible to create an earnings declaration that is acceptable to some lenders, and by dealing with a reputable online low doc lending company, all the hard work is done for you, and with very competitive rates, your home loan will soon be approved and you can begin the house hunting process.
Whatever the reason for a loan refusal, an online lender might be able to help, and they specialise in assisting the self-employed and small business owners, who lack the documentation to go through the traditional channels. If you have recently been refused a business loan, all is not lost, and by dealing with the right people, your loan could be only a few days away from being approved.