Are you “bankable”?

Will a bank lend you or your business money? That is what being bankable is all about. If you are looking for ways to increase your credit score and borrowing capacity, the trick is to start small and demonstrate the ability to repay. The problem most entrepreneurs face in being “bankable” is that traditional lenders want those silly things like assets and income to back the loan. If you had all that, you wouldn’t need a loan, right?!

 

Building creditworthiness is a journey, not a destination. If you don’t have a strong history of borrowing and repaying debts, today is the day to start. Getting a traditional banking relationship is encouraged, but getting loans from traditional lenders can be very difficult. That is why peer-to-peer lending may be a nice place to get started. To see if these new platforms are right for you, check out our free course on peer-to-peer lending.

 

Patrick Donohue

 

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