Now, let’s suppose that your
original loan was for $3,000.00. As you get up to leave
the bank, turn to him and say, 'Oh, by the way, I may
want to rent $5,000.00 in a couple of weeks. Will you
hold on to $5,000.00 for me?' What you are doing is pre-qualifying
for a $5,000.00 loan. You are saying, 'Hey, Mr. Loan
Officer, are you going to raise my next signature loan
to $5,000.00 or is $3,000.00 the limit?' What can he say?
You have just paid off the $3,000.00 loan, and the rent
for the loan, and you have just reinforced the point
that the rent, or interest, on the loan is what keeps
the bank in business and pays his salary. If he answers
with something like 'We’ll see.', sit back down at his
desk and say, 'You mean you’re not sure? What seems to
be the problem?'
It is very important at this
point that you get some kind of answer from him in
advance. It is very unlikely that a 'Yes' will come
forth, but a 'sure' or 'I suppose' will do. Do not leave
the bank until he commits to the next loan. With each
new loan, raise the dollar amount by $2,000.00
increments, until you have reached $10,000.00. At that
point, you will be able to raise the amounts of future
loans in $5,000.00 and $10,000.00 increments.
When shopping for aggressive
banks, ask the loan officer you are dealing with if they
are a 'commissioned' loan officer. They are the most
aggressive as they are paid a commission on all the
loans they write. These people will be more eager to
make you a loan.
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