Don’t waste time on a sunk cost fallacy

Game of Thrones on HBO has been absolutely huge for the network with 17.4 million viewers watching the premiere of the eighth and final season. The series finale airs this Sunday to an onslaught of virtual hate mail directed at the producers due to their plot decisions in ending the show.

Loyal fans, like myself, have not been happy with much of anything this season. But when you’ve been a committed fan for seven seasons, you’re compelled to stick it out to the end.

Here’s a GOT analogy you didn’t expect.

A sunk cost is an expense that’s already been paid and can’t be recovered. The Harvard Business Journal describes the sunk cost fallacy as: “an escalation of commitment: holding on too long to a strategy that was once successful.” Loyal GOT fans fell victim to this by continuing to watch the horrible eighth season unfold.

So how does this tie in to lending?

I often encounter business owners doing this as they wait for their bank to hopefully approve their business loan. Past history tells us that banks will usually take weeks, if not longer, to approve – or not approve – their loan.

Defeat the fallacy.

Our proprietary software Pronto gives approvals in just two hours. If all the required documents and information are submitted, we’ll certainly have a quick answer for you.

If time is of the essence, let’s run you or those your serve through the approval process today. Call or email me with any questions or head straight to our website to apply.

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