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Loan Approval Process (or Declination)

MattTurpinMattTurpin subscriber Posts: 22
edited September 2009 in Startup Funding
Unsecured Solutions submitted my information to the first wave of their lenders. Bank of America ran a credit inquiry. This was July 9th. I have two questions. Is it out of the question for a bank to take longer than a month to make a decision? Are banks required to inform me of the decision? I was told no to question one by Unsecured Solutions, it can be normal, and I was told yes to answer two by friends. I`m not 100% trusting of Unsecured Solutions yet, and while I am 100% trusting of my friends, I`m not 100% sure they`re not just misinformed. Any info on the matter would be appreciated. Come next week I`ll probably call or email again. I`ve got a handful of numbers for Unsecured, from all the people I dealt with. I`ll bug them all till one of them can give me feedback.
MattTurpin8/18/2009 4:53 AM


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    MattTurpinMattTurpin subscriber Posts: 22
    You were right, Phanio. All the loan attempts by Unsecured Solutions until just recently were denied. However, one bank did mail me a letter asking me to send verification of income and a copy of my driver's license. It should be noted that I further trimmed the startup cost of my cafe to 20,000, and 20-25,000 is what Unsecured put in for in the latest wave of loan apps. This wave seems to have gotten a bite. First Internet Bank of Indiana. I'll be sending my last five check stubs this friday. My W2 isn't an accurate reflection of my income, as the recession had hurt my hours pretty dramatically, but mergers and downsizing, along with a scheduled pay-raise makes my income much more palatable to a lender. Weeks on temp unemployment slaughtered my year to date income, but I hope they can see past that, with a month or so of great checks. I'll keep SUN posted of course. Any bank that actually gives me a loan will be a great resource for this forum. I suspect I'm not too different from many here, after all.
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    infinique1infinique1 subscriber Posts: 0 Member
    There's simply too much red tape in the loan application processes for banks.
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