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

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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 I was approved then had the approval rescinded because the bank said they thought I was going to use the money for my business.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???




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??

Sub: #1 posted on Thu, 05/05/2011 - 14:32

SOAPLADY SOAPLADY
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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.

Sub: #2 posted on Mon, 05/09/2011 - 09:19

J L B J L B

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