The loan market is a competitive industry in terms of acquiring new customers.

This business owner was seeking a lending company that could offer the APR he required.

The first loan officer he talked to was trying to rush him into signing the contract.

What he did next was a genius move to get a better deal.

Read below to find out more about this story.

Can’t give me the business loan I need? Ok I’ll use your quote to secure a better one

So this is one that happened recently.

I own a small business and due to recent positive exposure, I have been getting inundated with new customers.

Due to the increased flow of people, I have needed to expand my brick and mortar to accommodate more people.

We do things like retiling the bathroom, fixing up our patio area, installing better ventilation, etc.

This business owner used a company that connected him to a loan representative.

However, due to the current economic outlook, a lot of small business loan lenders are a bit more skittish about giving out larger loans.

I decided to use a popular site that puts small businesses with lenders who will give them term loans at decent rates.

After going through several lenders I found one that had the amount I wanted for the APR I was looking for.

The rep seemed nice in the beginning. He was very cordial and explained the process, background check, paperwork, and other things that I would need to sign and submit to secure the loan.

The company has a rate-match policy.

At this point in the story, I should note that the lender connect company has a policy.

If I get a better offer from one of the connector companies they put you in touch with, if it’s within $10,000, they will match it with another lender if they can get you a better rate.

So after talking to this guy over the course of a week, I get an offer for the exact amount and percentage rate that I wanted.

I tell him that I need a day to read through it and I will get back to him.

I figure if I am going to take on a large sum of money, I should at least know the finer details of the contract.

The rep was pressuring him to sign the contract immediately.

An hour later, he starts saying that this offer is only on the table for the next two hours.

He said that if I wait longer, he will pull it and only be able to give me a lower amount at a higher rate.

He then proceeds to tell me that only his company can get me the amount I need, and no one else can so they are my only option. He added that I need to accept right away or else I will be out of options.

Cue the malicious compliance.

So he used the quote to get a better deal.

I immediately called the main lender connect rep who put me in contact with this rep.

I explained that I received a great offer from them, but I wanted to see if another company could give me a similar loan amount for a better interest rate.

I quoted them their policy of matching with another of the lending companies they work with.

The rep said to give them 30 minutes.

35 minutes later, they told me that they found another company that would give me a loan that’s 2% lower interest rate and $5,000 more than the first rep’s company.

I said “Great,” and I got on the phone and signed with them.

He soon shut down the smugness in the rep’s voice.

One hour later, I called the rep back.

He sounded super smug, assuming that I would have no other option but him, and he asked if I have signed the contract.

I said I did, with another company since he is operating by the lender connect’s guidelines, I submitted his quote and was able to secure a better loan.

I get silence on the phone for 5 seconds, and he mumbled out “cool beans…”

I then wished him a great day and good luck with securing clients, and I ended the call.

Gotta love company policies.

That’s a good way to quickly humble someone.

Let’s see what other people think about this story.

This one makes an excellent point.

Reps sounds like a scammer, says this user.

This person knows a thing or two about loan tactics.

This one cheers him on for a well played strategy.

Great advice!

Time pressure to sign an offer? Big red flag.

If you enjoyed that story, read this one about a mom who was forced to bring her three kids with her to apply for government benefits, but ended up getting the job of her dreams.