# What is the most lenient lending bank?



## kevvo (7 May 2013)

Hi! Does anybody have any idea what the most lienient lending bank is for small business? Ive got a small business im starting and will need some money from the bank, my understanding is most banks are very tight these days, which is the easiest to get a loan from?


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## dtraeger (7 May 2013)

*Re: what is the most lienient lending bank??*

They all have different lending models that weigh different circumstances differently.

You're better off running your scenario by a broker.


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## burglar (7 May 2013)

kevvo said:


> ... which is the easiest to get a loan from?




Banks? Try them all!
Even regional banks.
And Credit Unions as well.


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## Longjaw (7 May 2013)

dtraeger is right,try a broker first,run it by them they will tell you if you are eligible,

NAB I find is the best for loans, (Ps I don't get a commission for that referral)

BURGLAR,why did you say try them all,that's the last thing you need to do,ruin your credit rating before you even get a loan?


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## Vixs (7 May 2013)

Edit: Sorry misread the post. Adding no value here


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## burglar (7 May 2013)

Longjaw said:


> dtraeger is right,try a broker first,run it by them they will tell you if you are eligible,
> 
> NAB I find is the best for loans, (Ps I don't get a commission for that referral)
> 
> BURGLAR,why did you say try them all,that's the last thing you need to do,ruin your credit rating before you even get a loan?




I asked a credit union for a mortgage.
They kept shifting the conditions.
I then went to National Australia Bank (at that time)
They said yes but it cost me an extra 1% interest.

I had no idea that I was risking my credit rating!!


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## Tyler Durden (7 May 2013)

Longjaw said:


> dtraeger is right,try a broker first,run it by them they will tell you if you are eligible,
> 
> NAB I find is the best for loans, (Ps I don't get a commission for that referral)
> 
> BURGLAR,why did you say try them all,that's the last thing you need to do,ruin your credit rating before you even get a loan?




Does your credit rating get affected if you are turned down for a loan?


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## ekwipt (7 May 2013)

Tyler Durden said:


> Does your credit rating get affected if you are turned down for a loan?




I'm pretty sure the answer is yes. To everything as well, Credit Cards, Loans, new mobile phone


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## Longjaw (8 May 2013)

Tyler Durden said:


> Does your credit rating get affected if you are turned down for a loan?




Yes it does get a hit,even an inquiry. 
To many hits over a short period of time makes you a credit risk,


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## Vixs (8 May 2013)

FWIW, my understanding of a 'busy' credit file is more than 2 enquiries (applications) in a single month.

You're not doing any permanent damage with applications as far as I'm aware.

If you are having trouble securing finance, speak to a mortgage broker. A good mortgage broker will know who to deal with based on your circumstances. They're one of the only commission based providers that will both get paid for their work and cost you less than doing it yourself.


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## inq (8 May 2013)

Longjaw is right. Multiple credit enquiries over a short period of time will start to make your credit file looking quite unwell, which may result in credit declines. You'll then have to sit there for a period of time before the file will start to look more acceptable in the lenders eyes.

Credit hits can be triggered from pre-approvals, applications for home loans, credit cards, personal loans etc. Walk into a bank and ask how much money you can borrow, they will most likely put a hit on your credit file.

With regards to lenient lenders, depends on your situation, how much you are looking to borrow, your assets/income and structures in place. Have a chat with a broker and they will be able to assess your situation and look for the most cost effective and likely scenario to fit your needs.

Disclosure: I'm a broker.


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