The struggle to secure a loan is a common challenge many face.

Understanding Your Chances of Getting a Loan

You’re not alone in your concerns. Many businesses encounter financial obstacles, with a significant portion admitting that obtaining funds for expansion is a serious challenge. It’s important to assess your chances of receiving a loan and discover ways to enhance your eligibility.

Loan Approval Odds

Here are some key facts regarding loan approval rates:

• A notable percentage of applicants experience a financing shortfall, receiving less than they requested.
• Many applicants do not obtain any financing at all.
• While banks remain the primary source for business loans, there is a growing trend towards online lenders, which offer higher approval rates.

Common Reasons for Loan Denial

The primary reasons for loan denials often include insufficient credit history, high debt levels, and low credit scores. Understanding these factors can help you identify areas for improvement.

Introducing LendingScore™

LendingScore™ is a unique scoring system that evaluates how likely your business is to receive funding. The score ranges from 0 to 100, with a higher score indicating better chances of securing a loan.

What Your LendingScore™ Means

Similar to a personal credit score, LendingScore™ reflects your business’s financial health. It considers several key factors relevant to lenders, including credit score (for U.S. businesses), business age, financial status, and monthly revenue.

For businesses in Australia without a credit score, the LendingScore™ focuses on business age and financial health.

How to Access Your LendingScore™

When you apply for funding through Become, you will receive a personalized LendingScore™ Dashboard, regardless of the outcome. This dashboard is tailored to your business and provides insights into improving your funding chances.

Improving Your Funding Chances with LendingScore™

Your LendingScore™ Dashboard offers personalized financial summaries, tips, articles, and resources to enhance your funding potential. It provides actionable tasks and recommendations to make your business more appealing to lenders, ultimately increasing your chances of obtaining a loan or securing better terms.

Businesses utilizing Become’s tailored funding solutions are statistically more likely to receive funding.

Have Questions About LendingScore™?

Feel free to reach out or contact us at support@become.co.

Disclaimer: This information is for informational purposes only and should not be considered legal advice. The author assumes no responsibility for any consequences arising from the use of this information.