Applying for a loan requires careful preparation. Coming to the appointment prepared with the right materials shows the lender that you're responsible and would make a good candidate for the loan.
- An applicant must have a statement of her organization's purpose, if applying for a business loan, according to D&B Small Business Solutions. She must be able to candidly present the purpose and strengths of her organization.
- An applicant must also have a well-developed plan for using and paying back the loan money, as well as a general business plan for his organization. He should prepare a detailed budget for the loan, if applying for a business loan, and it should include other available funds.
- The applicant must also have collateral, in the form of existing funds, equity, borrowed money, or property.
- Applicants may need to show financial records from the past several years, as well as profit-and-loss statements, according to D&B Small Business Solutions. The prospective lender may wish to see records for other stakeholders as well.
- Additionally, a loan applicant should provide personal finance records such as tax returns and lists of assets and monthly payments, says D&B Small Business Solutions.
- Depending on the type of loan, he might prepare other information such as research about the market, statements from prospective clients, and a portfolio of successful projects.
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