Bad news! I was deeply embarrassed
Hosoya here.
I am embarrassed.
I had anticipated it, but
I was deeply embarrassed.
To tell you what happened,
I was turned down during a preliminary loan consultation.
Moreover, at the institution I am most familiar with,
the "Japan Finance Corporation (JFC)."
To be even more specific,
I was turned down for a reason
I had not anticipated at all.
...
When I apply for a JFC loan,
I have a set procedure.
I have a preliminary consultation with a JFC representative
through the Chamber of Commerce and Industry.
If the preliminary consultation indicates
that the loan is likely to be approved,
I prepare the documents and formally apply.
Therefore, logically speaking,
since I only undergo the loan screening
after knowing it will pass the preliminary consultation,
I am supposed to never fail a JFC loan (laughs).
I followed that procedure this time as well.
When I consulted them briefly before,
the Chamber of Commerce representative said,
"Mr. Hosoya, you have exceeded the limit
for unsecured loans."
Since I have borrowed nearly 50 million yen
without collateral or guarantors,
they judged that I had reached my limit.
About a year has passed since then, so
I inquired about the "Marukei Loan",
the ultimate trump card for small businesses. If you are a reader of my newsletter,
you have heard this name at least once, right?
You can receive loans multiple times
within a 20 million yen limit without collateral or guarantors.
It is a magical loan facility like that. I inquired about this.
And,
the result of the preliminary consultation was,
I was spectacularly turned down.
So, why was the application rejected? This was a very interesting reason.
While the premise that I have taken out too many unsecured loans exists,
the reason is as follows.
Exactly as written in the text I received
==========
Because you have more liquid assets (cash/deposits)
than your outstanding JFC loan balance.
============
According to the Chamber of Commerce representative, "The purpose of JFC is to support
micro and small businesses."
Therefore,
if you have abundant funds,
please use private institutions instead of the Marukei Loan.
That is what they said.
Of course, the judgment criteria are a black box.
I do not know the real reason.
However,
the reason "Because you have more liquid assets (cash/deposits)
than your outstanding JFC loan balance"
is very thought-provoking.
Indeed, I have seen one similar case
among my own clients.
Since it was only one case,
I did not pay much attention to it,
but having experienced it twice, I cannot deny it.
So,
what I want to say is,
unless it is a collateralized loan,
"If you are going to take out an unsecured JFC loan,
you should do it as soon as possible."
That is what I mean.
Therefore, to those who are about to: - Start real estate investment,
- Start a business, I really want to emphasize this strongly.
Because if your cash on hand increases
more than the loans you take out,
you might be pushed to the back of the line.
So, if you are worried about loans,
please consider the Marukei Loan as your top priority.
At the stage where you are just starting
to increase your capital,
it is a very compatible loan. See you later. Masayuki Hosoya
P.S.:
After this, I consulted briefly with a nearby credit union,
and for a proper loan,
although only verbally,
I received an OK.
It is a 36-year-old wooden building.
Proper loans are a loan category for intermediate users, so it is reasonable, I suppose.
P.S. 2:
When you get turned down for a loan,
your spirits sink a little.
You feel like you have been completely rejected.
But this is
a sign to move to the next stage!
Is it the next bank,
or the next problem to solve?
It depends on the situation,
but since I know the result of being turned down, I can move on to the next step.
If you are currently hitting a wall,
that is proof that you are moving forward.
You do not need to be impatient.
If you keep moving forward,
the path will surely open.
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〇●○ Phrases that made Hosoya groan 〇●○
If you think education is expensive,
try ignorance.
by Benjamin Franklin
People who are good at making money have the asset of themselves
even if they become penniless.
by Alain
Merchants have a duty to make a profit.
by Hidenobu Taira
Money is a merciless master,
but it can also be a useful servant.
by Jewish Proverb
To succeed in the world, one must appear like a fool
and act like a wise man.
by Montesquieu
What is the best question to ask now?
And what is the best answer to it?
by Masanori Kanda
Invest in a business that even a fool can run.
by Warren Buffett
Small kindness resembles great evil; great kindness resembles cruelty.
by Buddha
Know the middle path by extremes.
by Buddha
Learn together, grow together, and achieve dreams together!
by Masayuki Hosoya
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