With the increasing need for loans, the SBA and other loan programs have become overwhelmed with the amount of applications received daily.
A lot of times, applicants got declined for some of the following reasons:
- Low or nonexistent credit score
- Insufficient or incorrect information
- Lack of collateral
- Insufficient income
After the initial denial, you can request an appeal. Our services help dozens of businesses who have been initially denied receive their desired loan. At MTKT Capital, we identify the cause of your denial by looking at your denial letter. We assess how to proceed by looking at your unique situation to make sure you as the client are receiving all our efforts. Some of the ways to receive the appeal is through adding a co-signer or applying at a different lender.
There are also ways to improve your finances to improve your chances of receiving a loan in the future. Some of these include building your credit score, increasing your income, and paying down any debts you have acquired.
Although being denied from your loan application might be hard, especially in these current times, there is always a chance to appeal. Our services work to ensure your appeal is compelling as possible.