5 Top Tips to Follow When Applying For a Loan
02 Mar 2021
Applying for any type of funding can seem like a lengthy process and due to this, many simply either put off submitting their application completely or skim through the questions leaving out key information which in turn, can make the process even longer.
Therefore, to help anyone thinking about applying for a loan through Business Loans Scotland, we’ve outlined our 5 top tips below that you can follow to help speed up your application and will ensure you receive the funds in your bank account as quickly as possible.
1. Speak with one of our Loan Officers
The first thing we would advise businesses thinking of applying for one of our loans is to get in touch with one of our Loan Officers.
This will allow you to discuss your current situation and provide more information on what you require the funds for. Our Loan Officer will then be able to advise whether your business would be classed as being eligible to apply and would also be on hand to answer any queries that you may have.
By contacting one of our Loan Officers in advance, this will allow you to identify if our loans are best suited to the needs of your business prior to taking the time to submit your application online.
2. Utilise our online loan calculator
Using our online loan calculator in advance of applying for a loan will help give you a better understanding of what to expect when it comes to repayments.
Simply enter the amount you wish to borrow and the term of the loan you’d like to borrow this over and you will be able to see instantly how much you can expect to repay on a monthly basis.
We would advise all potential applicants do this prior to submitting their online application to ensure that you have a clear and concise understanding of whether the repayment amount is affordable for your business.
3. Only apply for the amount you require, not the largest amount available
As a match funder, we would typically provide up to 50% of the total funding amount required up to a maximum of £100,000. We would therefore expect applications to source the other 50% of funding from the private sector for example through bank funding, directors input, HP, equity investment etc.
Due to this, we would always advise applicants to only apply for the funding amount required and not to apply for the largest amount available. By doing this, your application is likely to be reviewed quicker due to the information being accurate in relation to the match funding you already have in place.
4. Have your documentation ready
Once your application has been deemed as eligible by one of our Loan Officers, you will be required to upload various documents to support your application through our Online Loan Application (OLA) system.
Having this documentation ready and to hand will therefore ensure that once the application has been opened up by one of our Loan Officers, you can simply upload the documentation required promptly and avoid any delays.
You can view a full list of the documentation you will require here.
5. Provide accurate contact details
Once your application has been reviewed, one of our Loan Officers will contact you to discuss the next stage of the process in more. Due to this, it is extremely important that the contact details provided are accurate to ensure review of the application can be done promptly.
We would also ask that the contact details provided are for the main contact within the business who will be dealing with the application and therefore if possible, no generic email addresses or office phone numbers should be provided. By doing this, it will help speed up the process by allowing our Loan Officers to contact you directly to progress the application to the next stage.
Read the above and interested in applying for one of our loans?
Contact one of our Loan Officers today to start the process and find out if your business is eligible.