With a bank, you go into the application process blind; the bank runs your credit and you are either approved or denied, without any explanation why.
So would you like to find out why your personal loan or business loan is denied by bank?
If yes, then try this new service named Verifico.
What it does?
Verifico aims to monitor and verifies specialty loan broker companies and their programs and helps you to get higher amount of funding.
Loan program profiles listed on Verifico let you know the specific criteria you need to meet before you apply for that loan.
This saves you time and energy, because if you do not meet the credit criteria, you can use one of the credit enhancement companies listed on Verifico.com to help you qualify for the loan.
The basic idea is that broker company requests loans from multiple banks within the same time period to secure your total desired amount of funding.
In Company’s Own Words:
You can specify your search, review programs and their offered services, and enroll, all in those three easy steps.
How It Works:
To get you higher amounts of funding on your personal credit profile/business profile. Verifico will apply for multiple loans from multiple banks within the same period of time.
This ensures that each bank views your credit report and makes a decision without being influenced by inquiries from other banks, meaning you will be approved for higher amounts and more banks. This is good because you can be denied simply by having too many inquiries.
For example, if you are trying to receive a total of $250k in business funding, the broker company may apply to seven banks for $50K each.
If five of the seven banks approve your loan request, you will receive your total desired amount of funding.
When looking for higher amounts of funding they will put your business through two or more rounds, which consists of removing inquiries placed on your credit report from the previous round and reapplying in the same manner as before.