Debt Consolidation Forums Getting a loan or mortgage and avoid foreclosure

I am self employed. I applied for a 30,000.00 sign


Sub: I am self employed. I applied for a 30,000.00 sign
Mon, 05/09/2011 - 09:19


I am self employed. I applied for a 30,000.00 signature loan. I was approved then had the approval rescinded because the bank said they thought I was going to use the money for my business. Are they allowed to refuse a loan because they don't like what they think I'm going to do with the money???




SOAPLADY
LYNNINMN@AOL.COM


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Sub: #1 They can refuse to lend to you for many reasons. Have you talkeThu, 05/05/2011 - 14:32


They can refuse to lend to you for many reasons. Have you talked to them about the denial? Do they know what the funds are really for??


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J L B
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Sub: #2 Are you intending to use it for your business? Business loans oMon, 05/09/2011 - 09:19


Are you intending to use it for your business? Business loans often have a different underwriting method. They tend to be a bit riskier. They would also want to look at the financial health of the business before lending to you. P&L statement, Balance Sheet, etc.



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