It CAN be smooth sailing for settling your loan applications

As a finance broker, you rely on many people behind the scenes to get your loan applications settled. From the team in your own office to the sales executives, underwriters and administration staff of the finance company you are applying for the finance from. Building a good working relationship with each of these groups is vitally important. You should view each of them as partners in building a successful finance brokerage.

Here are some tips that will help you build an excellent working relationship with the staff at your credit provider. And while it may sound obvious, it is surprising how many finance brokers often don’t follow these simple rules.

Be polite…and use a little charm
Firstly, always be polite and courteous to staff members handling your loan applications. If you do this, you’ll have a far greater chance of quickly solving any issues that arise. Before becoming angry and raising your voice over the phone, put yourself in their shoes for just a moment, how would you feel if it was your client raising their voice at you? Well, chances are, they’re going to feel the same way you would, if not worse. In fact, you may be the sixth or seventh person who has become angry with them that day. It’s always more productive to stay calm when raising any concerns you have. And remember, the employees know their rules, so chances are what they’re telling you is right. If you need a favour, such as having an application approved quickly, then a little charm will go a lot further than a raised voice and an argumentative approach.

Take care with loan applications
Another important rule to follow to ensure your loan applications are settled quickly and with a minimum of effort is to only submit loan applications that have been completed correctly. This not only means that you’ve ticked all the appropriate boxes on the application form, but that it has been completed according to the requirements of the finance company. For example, don’t send through a loan application if the applicant doesn’t properly meet the criteria required from the finance company to provide the credit. Make sure all relevant conditions have been met, including age, income, assets, employment history etc. Knowing who a particular credit provider will accept is important, and as different companies have different criteria, make sure you apply through the appropriate finance company. Also, by being thorough and correctly completing a loan application means you won’t have to go back to your client seeking clarification or extra information. This will not only ensure that the application gets settled more quickly, it will keep your client happy as well. Continually ringing your client for extra information will not only become annoying, it could lose you credibility as well.

So, by following these two simple rules, staying polite and submitting only quality loan applications, you’ll soon find your loans being settled at a faster rate, and when you do have an issue or a problem arise, the person you are dealing with on the other end of the phone will be happy to go that extra distance to help you.