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.
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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.
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?
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Disclaimer: Bank Loan Turndown Leads are not guaranteed to convert. Every company has their own agents who have different sales skills. Each company has their own follow up systems that may yield different results. Companies have their own lenders where they can obtain approvals. Synergy Direct Solution LLC can in no way guarantee conversions or sales.
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