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Funding a business
What banks look at before funding a business
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[QUOTE="Augusta, post: 246128, member: 25283"] Yeah banks don't joke with their money because the borrowed money are always that of the customers and they are very concious about getting their money back because they can't soil their reputation because of any customer. So before one is consider for their loans me the person would have met the bank requirements like ; Presenting a good enough collateral: The bank wouldn't want to start chasing any debtor for their money so they would have gotten a collateral that's higher than the borrowed money. This is done in a bid to have fast sale of the collateral Incase they might need to sell or auction the collateral out. So without a good collateral that will suit the money demanded for the customer it becomes difficult to get the loan. Another factor the bank will assess is the credit score. This is always a clear case for the banks to determine the kind of customers they are dealing with. A low credit score will be a great turnoff it will show that the person isn't credit worthy and caution should be applied when dealing with such a person. This is why it is always good to repair one's credit score before approaching the bank for a loan. [/QUOTE]
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Funding a business
What banks look at before funding a business
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