Why don't lenders track what people spend their money on?

Small business/ renovation and other types of loans are unmonitored. (Large building projects are tracked constantly, but smaller loans aren't).


This is because the small business and renovation loans are usually made to a person and it's their ability to repay which is important to the bank rather than the collateral they could seize.

Only people with cash flow and a good history with the bank can get these kinds of loans.

If you'd like to chat about a strategy to finance your business just give me a call.


Answered 7 years ago

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