Which of the following document is generally not required to get a business loan from a bank? Credit report? Driver’s license? Business plan? I advice you read on.
In the united states and of course in most countries of the world, it is the norm for businesses to leverage on loans to expand their business, and banks are usually the major source of business loans.
What is a Business Loan?
A business loan which is also referred to as a term loan, is similar to a mortgage because the borrower receives a lump sum and then repays both the principal and the interest from time to time, commonly monthly—even though some commercial lenders offer more frequent repayments.
Now, let us look at the loan requirements which are not generally required to get a business loan from a bank, howbeit you would need them to get personal loan.
Documents Generally Not Required to Get a Business Loan from a Bank
- Your Driver’s License
Your Driver’s License is a very important document that a loan applicant should have, but interestingly, if you are able to meet the basic requirements as listed above when applying for a business loan, you will sure qualify for the loan without submitting your Driver’s License.
- Social Security Card
Another important requirement that is needed when applying for personal loan but can be overlooked when applying for a business loan is your Social Security Card. Once you meet the requirement listed above, a bank can easily overlook your social security Card
- Your International Passport/State ID
Your international passport or State ID is yet another important document that is required when applying for a personal loan but can be overlooked when applying for a business loan from a bank. This is so as long as you meet the most important requirements as listed by the bank or lender.
- Current Utility Bills
Another document that is needed when applying for a personal loan that can be ignored when applying for a business loan is your current utility bills. Although some banks or lenders may require this document, but it can easily be ignored once you are able to meet the requirements listed above.
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