Send a loan enquiry to your bank
If you have a direct feed with a bank that lets you make loan enquiries through Xero, you can find the enquiry link under Manage Account. You can either attach your practice published financial reports, add a draft report pack created automatically by Xero, or answer some questions about your business. Your bank will get in touch with you directly.
What you need to know
- You must have a direct feed set up with the bank.
- Your organisation must be located in the same country as the bank providing the loan.
- It is available to all Xero pricing plans except Ledger organisations.
- You'll need to be a Standard + All Reports user, or an Adviser or Cashbook Client user to send a loan enquiry.
Which banks can I make a loan enquiry through Xero to?
Send a loan enquiry
- Go to Accounts, then click Bank Accounts.
- Find the bank account with an active direct feed, then click Manage Account.
- Click Loan Enquiry. This link is only visible if you meet the above criteria.
- Enter your loan amount.
- Enter what you'll use the loan for.
- Add the phone number that you would like the bank representative to call you on.
- There are two options for supplying information about your business:
- Send your financial reports
- Answer a few questions
You can attach your practice published financial reports to your loan enquiry. These are reports that have been published by an accounting practice.
Banks recommend supplying your financial reports for the last two financial years.
Any financial reports for your organisation that have been practice published will show in the loan enquiry screen. You can click on the report name to preview it before deciding if you'd like to include it with your enquiry. Click the checkbox to attach each report.
If you don't have any practice published financial reports, Xero will automatically create a draft lending report pack. This pack contains a Profit and Loss report from the last 12 months, a Balance Sheet report, an Aged Debtors report, and an Aged Creditors report (all from the previous month).
You don't have to include the draft lending report pack, you can choose to answer some questions about your business instead.
Select your estimated annual turnover and the length of time you have been trading.