Looking For Bank Loan Turndown Leads?
As a business loan lead provider we feel it’s important to educate our client’s about what’s happening in the industry. For example, if there’s a new type of lead getting some traction we want our client’s to know about it. In this article will give you more information about bank loan turndown leads. New lead programs sound exciting and get a lot of people’s interest.
However, all ideas are not good ideas. In fact, some leads can be a complete waste of time and money. Surprisingly, many clients get sold on lead programs that turn out to be scams. Consequently, we feel it’s our job to prevent that from happening!
Many of our client’s asked us about bank loan turndown leads. They’ve found companies that sell bank decline leads and submissions. You may find these companies on Fiverr.com or LinkedIn. These companies are almost exclusively located overseas. We won’t mention names because that’s not our style. However, when we decided to get into this industry in 2011 we promised to help our clients.
So how does Synergy help their clients? Firstly, we explain everything to our clients. Even if it’s something that we don’t offer. We want to help our clients because we know if they succeed we will gain a longterm client. Synergy won’t just slap a catchy name like “Bank Loan Turndowns” on a program to get more sales. Similarly, we won’t mark it up to make quick money like some of our counterparts do. Of course these leads sound great at face value but let’s look into this a bit further.
What exactly is a Bank Loan?
A bank loan is a debt that a borrower owes to a bank. It’s essentially an agreement where the bank provides a certain amount of money to the borrower, which is then paid back in specific installments with interest. Bank loans are often used to meet financial needs, both for individuals and businesses. But who gets approved?
What types of bank loans are available to a borrower?
- Personal Loans – Loans for individuals for everything from home renovations to travel to debt consolidations.
- Secured Loans – This is a loan that requires collateral from the borrower.
- Unsecured Loans – This is a loan that does not require collateral from the borrower.
- Other Bank Loans – Bank loans can also be specialized – such as auto loans and home loans.
So How Do Bank Loans Work?
First thing the bank will want too get from you is an application. This is officially how the borrower applies for a loan and gives the ban k permission or authorization to pull and review their credit. The bank will review the application, credit profile, income and debt to income ratio. If the borrower is approved they will receive the funds and begin a repayment plan.
What Alternatives To Bank Loans Do Borrowers Have?
The alternatives to bank loans are credit unions, online lenders, credit cards, personal lines of credit, home equity lines of credit,, cash out refinances, and home equity loans. Business owners can also take advance of equipment financing, merchant cash advances, and business lines of credit.
Is Your Information Protected When You Apply With A Bank?
When a bank provides a loan, they collect a significant amount of your personal financial information.Federal and State laws regulate how this information is collected, shared, and protected. These laws require banks to be transparent about their privacy practices and to provide you with options to limit the sharing of your information.:
- Opt Out Rights – You have the right to tell them not to share your info.
- Security Safeguards – Banks are required to. have security measures to protect your info.
- Regulations – Government agencies are restricted from accessing your financial info.
- Privacy Protections – Loan applications credit info is considered sensitive and is protected.
- FTC & CFPB – The Federal Trade Commission & Consumer Financial Protection Bureau enforce these regulations.
So who gets access to the bank loan declines?
The Big Lie About Bank Declines & Complete Submissions
Unfortunately, some lead companies will tell you anything to get you to buy. For instance, they might list several different types of leads. For instance, you might see submissions, A Paper declines, or high risk approvals. Furthermore, all of these leads probably sound too good to be true. That being said, many people get sold on the dream of quick commissions. In reality, these leads are going to be a waste of time and money.
For example, Business Loan Leads don’t typically come with Bank Statements. They don’t come with pre filled applications. Similarly, banks don’t give out their client’s personal information without them opting in. Additionally, bank loan declines are not sold to lead companies or outside vendors. This is a lie and if a lead company claims that they have turndowns, declines, submissions, or packages you should run away. The lead company might not even know it’s a lie. They might have been sold on the lie earlier from the source.
Why Would Someone Sell These Special Leads?
Ask yourself a simple question. Ask yourself why someone would sell a complete submission? Why wouldn’t they take it to a high risk lender and make 10 points? If the business has been declined then you know they submitted their package. A complete submission consists of 3 or 4 months Bank Statements and an application. Why would they do that? If there was any chance at making some commission you would imagine that they would continue to work the file.
Additionally, you can partner up with a high risk lender in about 10 minutes. There are no barriers to enter this market. In other words, you don’t need a lenders license or a brokers license. Therefore, a banker could partner up with a high risk lender and make 10 points on the banks declines. Again, why would someone sell these leads?
The Bank Loan Turndown Leads Issue
The answer is simple. The reason someone would sell these leads is there’s no value to these leads. A lead is valuable if you can make money. Furthermore, a lead is more valuable if you can make a lot of money. In this business you make money based on a percentage of the loan amount. If a company is selling bank loan turndown leads they don’t see any reason to work it themselves. Moreover, they are selling this lead to whomever they want. They also sell it as many times as they want. In conclusion, you get sold on a lie. You probably pay a premium for the lead n and there is no real value to that lead.
Synergy asked our clients if they’ve experienced bank loan turndown leads. They’ve told us that the experience was horrible. Similarly, we’ve heard cases where 80% of the leads have been defaulting merchants. In other words, these borrowers were already defaulting on another advance. These types of borrower do not get approved. Now it makes sense why these companies would sell these leads. They’re trying to make something on a dead deal. In that case, they know the deal won’t get funded. So they look to make something so they can buy more leads. Do you want to help someone else make their money back on their dead leads?
Want more info? Call us at 866-428-0172.
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