We have recently been looking at Referral Partner applicant stats and have noticed that, once we get all the documents from applicants that have passed eligibility, 85% of loan applications get approved. This is an excellent conversion rate and one we hope to maintain.
This highlights the importance of reminding applicants that they need to return the required documents. We get some applicants that, even though they have passed credit checks, do not return their documents, which means we have to withdraw them. This costs you, and us, time and money so it is always worth you making a quick call or sending an email reminder. We also find that we get good responses from sending reminder texts.
Of course, there will always be a percentage of applicants that pass the credit check then change their mind about applying for a loan. This is fine, as we wouldn’t encourage them to take a loan if they weren’t ready, but in the interest of saving everyone’s time it is probably worth you checking that they are genuinely ready to take a loan, and not just speculating.
We have put together a checklist which may help you select the right businesses to apply for a loan. You can download it here.