Why wasn’t I approved?

I talk about this often but it’s always good to repeat valuable pieces of information – especially if it saves someone from wasting their time.  One of the biggest misconceptions people have is that their bank has their interests in mind.  I am not saying that banks do not care about their clients but I do think it is important for people to know that banks are businesses not charities.  As such they have a business plan, target customer types, sales goals, profit margins, etc. which all attribute to their ability to help someone looking to borrow money.  Many people think that just because they know their banker they can ask for whatever they want and if the bank says no that they have no other options.  Here is how it really works.

Continue reading “Why wasn’t I approved?”

Why is it so hard to talk about needing money?

There seems to be a spectrum that exists for people who need money. On one end of the spectrum are those that think they can tell a bank or lender what their looking for and demand the terms they want. On the other end of the spectrum are people who don’t say anything and assume they are destined to be declined if they step out and ask a bank or lender for money. In either case talking about needing money can be very hard.  Why is this? Continue reading “Why is it so hard to talk about needing money?”

Banks want to lend you money (really they do)

I had meeting this past week with an accountant and we were discussing the Business Development Bank of Canada.  He did not have good things to say about them based on a past experience and as we talked through the experience a few things became evident that I thought were important to share.  Here are three (3) things to know if you are looking to borrow money (forgive me if they seem obvious): Continue reading “Banks want to lend you money (really they do)”