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1  Forum / Business / 7 Reasons Why Your Loan Was Rejected by Your Bank on: 11-10-2020 02:41 AM
7 Reasons Why Your Loan Was Rejected By Your Bank, when you have planned of getting a loan to start your dream business.

There are so many factor you have to consider when you are planning of getting a loan to kick start your business, from the bank.

Have in mind that most banks will want to know the reasons why you need the loan and what exactly will the loan be used for.

But, let me let you know that if you don't follow this steps you will be denied of your loan by your bank.

Here are some of the reasons for your loan being rejected by your bank

1) Low Credit Score

This is very important if you want to get loan from the bank. Your credit score must be at a high level, because if your credit score is bad that means your possibility of getting a loan from the bank is very slim.

2) You Are New To Business

You can't start a business today and think you will get a loan from a bank or any financial institution. It's not done that way you have to be in that business for at least 5 months or more, in which you must have recorded the revenues made, track record and days when the business was bad and good.

3) Your Collateral is not enough

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