ARC Loans with instant approval are not here yet. Why not? The government has specific requirements for ACR loans. By signing up with some shady lender who promises with impossible, you can lose a lot of money and time trying to get the ARC loans. The horror stories are just beginning.

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Karen has a business that she has been struggling to keep above water. She saw an ad in the newspaper for a place that helps you see if you are qualified for the ARC Loan. For $150 bucks, they would look over her business and tell her if she qualified for it. She ‘read’ into that. She assumed they would help her with getting an ARC Loan. She went into the office paid her fee and filled out paper work.  This began a long line of endless paper work. Distractions from her actual business caused delays and even less income.

She was told there were a few corrections she needed to make in order to be able to apply for the loan. The company offered to make the corrections for a fee. The fees were running close to $3,000 after 45 days. The company then offered her to apply for an ARC loan with loan application fees of $1,500. She paid that and was not approved.

Unhappy about this outcome, she complained, however the company had done everything they said they would do. They never disclosed who the company they were applying to was, so she had no direct recourse. The first mistake is that she never had a clear understanding of ARC Loan requirements in the first place. She started off thinking they would save her time and money from research. That could have been the case; however, since the company had a direct connection to making changes, they may have led her astray in order to bill her.

I am hearing from people daily about their experience with ARC loans. The names are changed; the stories are starting to be very similar. Being armed with knowledge is important:

Grab your free audio cd on ARC loan information at

http://wrightplacetv.com/arc-loans

This article will cover the mistakes business owners make in trying to get and ARC loan and what you can do to avoid the same mistakes. Mistakes are time wasters and time is of the essence when it comes to getting the ARC Loans.

Mistake 1: Not understanding there is a time limit. Yes, ARC loans became available      in June of 2009; however, there will not be there forever. By knowing the deadlines and anticipating how much time it will take you to apply, you can avoid rushing. Rushing your paperwork will cause you to forget or leave out important information. Information gathering will be vital to creating an application that will get you the money.

Mistake 2: Not asking for the top amount. You need to know the maximum amount you can ask for and ask for it. This will bring you up to date with a lot of other bills. People are afraid to ask for more than they ‘need’. If you business is to expand, you have to do more than just get enough to keep you going. You have to get enough to go past survival and into Thrive. Ask for the proper amounts.

Mistake 3: Applying to the wrong banks. Not every bank will be doing these loans. Many banks do not think these loans will help. They think of the loans as being a problem in the long run. Some banks who are saying they are doing the loans are not up and running yet. I have had people write me at the Wright Place  TV Show and tell me, the bank they called, didn’t have the paperwork and were not ready to take applications. Some banks, no one knows anything about the ARC loans, or who they work. So do not waste time running from bank to bank. Start with your own business bank. You have a relationship with them and you can easily speak with someone who will tell you, what your bank is willing to do.

For more information on ARC Loans, grab your free audio cd at http://wrightplacetv.com/arc-loans