Getting ready for a loan
What banks and lenders look for, and how to have it ready.
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📌What you need to know
- Lenders lend on evidence. A business whose sales are recorded every day can prove its income.
- Borrow for things that earn money (stock that sells, equipment), not to cover losses.
- Compare the total cost of a loan, not just the monthly payment — ask for all fees in writing.
- Microfinance and savings and loans companies can lend where banks will not, usually at higher cost.
⚠️Common mistakes
Applying with no records and personal statements only.
Borrowing to pay old debts with no plan to raise sales.
Signing without reading the fees and penalties.
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Tip. Print your profit and loss statement every month. In a year you have exactly what a lender asks for.
Do it in DatanaDatana handles this part for you.
See your financial statements →