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Why Lenders Want to See Your Bank Account - YouTube
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hello to all of you out there on the
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Internet
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welcome to become business bytes with me
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your host Ben this is a series where
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we're gonna explain to you a whole lot
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of info on how you can better your
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business let's get started today's
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episode is about sharing your Bank info
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with lenders now applying for a business
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loan can be really exciting and at the
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same time a little bit nerve-racking
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you're going through this application
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process filling out these forms and then
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you get to this point where you realize
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that the lender wants to look at your
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bank info
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why and can it be a little bit risky to
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share that info online don't sweat it
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we're gonna explain to you why it's
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necessary what lenders are really
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looking for and how become makes the
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process safer quicker and easier than
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ever whenever you do apply for business
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funding any lender is going to need to
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look at something in order to determine
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how reliable you are as a borrower
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typically that info that they're looking
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for can be found through your bank
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statements now don't worry they're not
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going to be looking at your personal
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expenses if you're throwing a lot down
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the drain on coffee every month it might
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be impacting your productivity but
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they're not gonna take that into account
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what they're really looking for are
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signals and factors they're gonna help
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them see how much you can afford to
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borrow and how likely you are to make
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the repayments on time now depending on
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the lender they're gonna be a variety of
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factors that come into play most of the
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time they're gonna be looking for things
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like your monthly bank deposits your
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monthly bank balance any negative
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balance days non-sufficient funds the
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list goes on the bottom line is they
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want to look at this info to determine
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your business's financial health that's
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gonna allow them to make this
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determination and if they don't have
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that info they can't make that
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measurement and you're not gonna get
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approved for the law
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so either way at the end of the day
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you're gonna have to provide this info
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one way or the other
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how does become doing differently we're
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really glad that you asked so there's no
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more hunting for bank statements there's
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no more scanning faxing running to the
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bank this is the 21st century folks
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we're gonna give you the benefit of
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Technology so that you can link your
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bank account with one click of a mouse
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it's really that easy plus it's gonna
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save you a whole lot of time energy and
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stress all of which should be better
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placed into your business right you need
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to be focusing on what's important okay
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are you still worried about the security
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aspect
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don't be we only and always use
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encrypted networks that are secure on
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all ends plus we're only given view only
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access so that we can only gather the
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info to forward off out to lenders we
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don't actually have access to your funds
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so if you're concerned about us going on
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a spending spree on your behalf you
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don't need to worry about that that's
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just the beginning of them become does
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something that you're not gonna find
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anywhere else
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when applying for business funding yes
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we use that data to forward out to
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lenders the information that they need
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to make their assessment but we then use
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that same data to provide you with
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unique insights tailored to your
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business profile that way you can see
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exactly which factors are impacting your
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funding ons the most again this is gonna
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save you so much time and stress of
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wondering what it is that's affecting
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your ability to get approved we're gonna
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tell you straight out so you can again
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get focused on what's important and work
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on your business okay it helps it makes
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it easier and faster but that's really
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not it it's raising your approval logs
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you're not gonna get approval on slike
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this anywhere else and you're not gonna
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get this transparency anywhere else
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folks were really happy that you joined
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us today we hope you find this
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information useful please don't forget
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to subscribe follow us on social media
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and I'll see you next time on become
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disease bites
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you
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