Why it matters
After a package goes out, the work is following up: which lenders are silent, which asked for stips, which declined and why. Statuses that are current tell the rep what to say to the merchant. Decline reasons, recorded every time, show which lenders are worth sending to next time.
Step by step: the daily check
- 1Open Submissions in the sidebar. If a banner says some submissions have had no response in 48 hours, click Show them (or set Sent to No response 48h+).
- 2Call or email each of those lenders. Add what you learned as a note in the submission's timeline (the history icon on the row).
- 3Update statuses as replies come in: tick several rows and use Set status to change them together.
- 4Filter by Status, Lender, Rep or Sent by to work a slice, such as every Cond Approved file.
Which status to use
| Status | When | Asks for |
|---|---|---|
| Submitted | Package sent, no reply yet | Nothing |
| In-Progress, Prequalified, Cond Approved | The lender is working it or approved with conditions | The stips the lender requested |
| Approved | Terms are in (adding an offer sets this for you) | Nothing |
| Declined | The lender said no | At least one lender decline reason |
| Prequal Rejected, Does Not Qualify | Screened out before or during review | Decline reasons (optional) |
| Rejected / Correct and Resubmit | Fixable problem with the package | Reasons and the stips to fix |
| Withdrawn, Error | You pulled it, or it did not arrive | Nothing |
Lender stips do not add checklist items
Stips you record on a submission stay on that submission. Add each one to the deal's checklist with Add item on Documents & stips, so it is requested from the merchant and tracked.
When every lender passes
- 1Move the deal to Funder Declined (or Internal Declined or Merchant Declined). A reason is required.
- 2In the same window, pick the lender and merchant decline reasons that apply. They also appear on the deal's Decline reasons card on the Lenders tab.
- 3If the merchant could qualify later (more time in business, fewer positions), move the deal to a nurture stage such as Future with a note on when to try again, instead of closing it.
Decline reasons feed the lost-deal reports and, on plans with advanced reports, the Lender scorecard under Reports, which shows each lender's approval rate, speed and top decline reasons. The reason lists themselves are managed in Settings then Decline reasons.
Try it in the app
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Related lessons
- Sales rep playbookSending a submission to lendersBuild the package once, send a tailored email to each lender, record it as sent, and keep each submission's status current as lenders respond.
- Lender matching and submissionsDeclines, counter-offers and resubmittingHow to read a lender's decline reason, record it so it improves your next match, handle counter-offers, and resubmit only when you have something new to show.
- Owner and admin setupSet up decline reasonsEdit the two lists reps pick from when a lender declines or a merchant walks: rename, hide, reorder and add reasons so lender scorecards stay useful.
- SBA, lines of credit and term loansMoving a declined MCA deal to the right productWhen a merchant qualifies for something better than an advance, or only for something narrower, how to reposition it to a term loan, line, SBA or equipment.
- Help centerSubmit a deal to lendersBuild one email per lender from your template, or a copy kit for lenders you submit to on their portal, attach the package, and track every response.