A lender declined: what can you do next?
One lender’s refusal stands for that lender: each one assesses the application using its own criteria. The file can be presented to others, and each decides alone.
Choose my amountThe answers
- A lender declined my file: is it over?
- Not necessarily: each lender assesses the application using its own criteria and decides alone. The same file can be presented to other lenders, with no promise about their decision.
- Why does a lender decline?
- Most often for what it reads in the statements: deposits too low for the amount, an account often in overdraft, NSF cheques or advances already running. Each lender also has its time-in-business thresholds and its credit criterion.
- Should I change something before the file is presented elsewhere?
- Sometimes: a lower amount or another product may better match what your statements show. A lender may, for that matter, offer a different amount from the one requested.
- The refusal came from an application made elsewhere: can you present my file?
- Yes, the file can be presented to the lenders on our list that you authorize. You can exclude lenders from that list.
- Do I owe Capital Facile anything if every lender declines?
- No: if no financing is disbursed, you owe us nothing. Our fee is written in the mandate and shown further down this page.
What the lender looks at
- Actual deposits, month by month
- A refusal often comes down to the gap between the amount requested and what the business takes in.
- Days in overdraft
- A frequent overdraft comes up in every lender’s reading.
- NSF cheques
- Returned payments show in the statements, whoever the lender is.
- Payments to other lenders
- Advances already running reduce what any lender can offer.
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An intermediary, not a lender.
The lender sets the final amount and its cost in its written offer.
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