How application management increased our funding approval rate

Illustration of connected network

Completing an online application for funding seems like an easy task, or this is what we thought! We connected applicants directly with our partners to close the processing time gap, but the results had us digging deeper. Our research uncovered an extensive series of complications that can impede your application and outcome. 

Here are some of the challenges you could face: 

1. Not understanding the criteria and applying with many lenders at the same time. Applying with multiple lenders simultaneously does more harm than you my realize. 

When an application is lodged there is a process that starts and requires your action. This includes sending bank statements in the required format (each lender has their own), taking calls from analysts and keeping track of it all. This can become a difficult task and it is also good to note that lenders generally close applications should they learn that there is already a pending application for the same funding with another provider. 

2. You may not receive a call from a business analyst. This is a common issue that prevents many owners from continuing their application. Its understandable that you may miss a call if you are busy or you may avoid share call numbers thinking its a sales call when it is in fact an analyst trying to contact you. 

3. Failure to send your documents within the application period. Many clients fail to send in their documents or they send them in the incorrect format. Once an analyst has followed up twice on an application, it is closed when no response is received and this happens within 5 working days. 

You can escape the pitfalls above if you know what you are doing. You will also be able to secure business funding sooner without unnecessary delays. Unfortunately not every business owner has the time or in depth knowledge to manage their application. There is a need for guidance and support from professionals that understand the process and customer service. 

Like an insurance broker supports your insurance requirements, a loan broker can help you take care of all your funding application needs. If you need personal help with your application then you have landed in the right place! We are a professional couple that offer a premium consulting service to serve your business.

We have a strong relationship with our lending partners so that we give you a voice . In return we will earn a referral commission should your application be successful. 

PS. The referral fee is not payable by the applicant, making our service to you 100% free. 

The fee is also not added to your loan finance charge (as some may believe). You will pay the same fee as you would dealing direct. The lending partner allocates our commission as a customer acquisition cost. This is a marketing cost that is not for your account. 

Take comfort in knowing that there is no financial risk to adding our support to handle your application for you. How our personal attention will add value to your application: 

1. Save time with our pre-qualification process. Around 80% of applications are rejected because clients do not meet the minimum criteria to apply. The lender’s criteria are set and thus if you do not qualify to apply, why waste your resources on a dead end? When you complete our application form we will instantly let you know if you don’t qualify to apply. It may not be what you want to hear but at least you know where you stand and what you need to do to be able to apply. The idea is to save you time and point you in the right direction so that you can work on what you need to and return once you are ready for a funding partner. 

2. Application screening and submission with the most suitable lender. We work with a panel of lenders that provide different funding models for different funding needs. Vernon will personally assess your application and connect you with the right partner. We open one application and if our first choice doesn’t work out we will discuss alternate options if any should be viable. We provide this service to help clients find the correct contact first time round so that you can access funding faster. 

3. Application management. From the moment your details leave our office we will track your application for you. We do this to ensure your application was well received and you receive a call as soon as possible. This includes making sure your application is processed in an acceptable period by an analyst. 

4. Leverage our relationship for your benefit. We work hard at building relationships with our partners for better customer service. We like to maintain a good reputation by providing solid referrals to our partners. We also provide a supportive role to the lenders to assist with documents and missing information. 

5. Reopen old applications. We have helped clients reopen applications that were previously closed which has lead to more loan approvals. 

Why do we do this?

It is our passion to bring in elements as a catalyst for businesses to grow. We might not be able to change the entire economy right now, but we can start from now and do it one business at a time. 

Thank you for reading our blog, we hope that you have a little extra insight into the process and what we can do for you and your business. Please feel free to get in touch with us for any questions or feedback. We’d love to hear from you. 

Warm regards, 

Vernon & Judy

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