Five Tips to a Quick Bond Approval – It is not what you think!
Remember the last time you walked into a bank to obtain a loan and got an approval in less than five minutes? Or that time a stranger asked you to borrow $10,000 and you just handed them the money with no questions asked? (If yes, may I borrow $10,000?) We both know these things don’t happen. Why? I think you already know the answer to that question.
I know what you are thinking. “If that was my money I would ask for XY&Z before loaning it out.” and “I wonder if this person is trustworthy.” and “Those guys at Integrity Surety sure do seem really smart.” Now that I have involuntarily forced you into the surety company’s shoes…. which I’m sure are nowhere near as nice as yours… I hope it becomes a bit easier to imagine what they might expect and ask for.
While credit history, financial stability, and experience are important qualifying factors, there are other factors that are just as important to obtaining an accurate and timely approval. And because we are nice people here at Integrity Surety, we’ll share a few tips with you to help speed up the approval process.
- Complete Submission in its Entirety. The submission paints your picture to the surety company. Can’t paint? Don’t worry. It’s basically color by numbers; just remember to color in all the numbers. And while you’re no Picasso, you can do this. And remember, we are here to help. We’re experts at this stuff… some might even say we are so amazing, what we do is an art form. So if you want an accurate approval and you don’t want to be mistakenly declined, FILL OUT THE WHOLE SUBMISSION. ALL OF IT. YES, EVEN THAT QUESTION NEEDS TO BE ANSWERED. Sometimes you only get one shot at this folks, so make sure it’s your best effort.
- Accurate Information. Let’s be honest, if you were that good at guessing you would have won the lottery by now. (On the off chance that you did, see my previous question about borrowing $10,000.) So let’s make sure the surety company gets accurate reliable information. No guessing. No rounding. No kidding, this really can be detrimental to getting an approval with the lowest cost possible or getting one at all. Just answering all the questions is not enough. Pretend like this is a test. It’s open book. Relax. Answer all the questions and answer them to the best of your abilities.
- Plan Ahead. Put the surety company’s shoes back on one more time. Think about what they will need to approve your submission and keep these things in order. The surety company needs a little time to scope you out. There’s no such thing as cheap “fast cash” and this is no different. The more organized you are, the quicker they can get you approved, especially for complicated or large bonding needs.
- Trust a Qualified Bond Professional. We are one of those. Hint. Hint. And we are pretty freaking amazing at it. So call us or email us and listen to what we have to say. It’s important.
- Relax. You have a partner to help you get through this.