loan application process

loan application process

The creation and transmittal of all information a lender might find necessary to assist it in reaching a decision to loan money to a borrower or not.At a minimum,the process usually consists of

• Alist of assets and liabilities

• Current cash flows showing a present ability to repay the loan, or pro forma projections showing future income sufficient to repay the loan, such as if the loan proceeds will be used to buy income-producing property

• A Social Security number and present address so that the lender can obtain a credit score

Depending on the complexity of the purpose for the loan,or the handicaps a borrower must overcome because of a poor credit score, the process can become much more complex. All lenders have their own specialized requirements and procedures; even individual loan officers within an organization may have differing requirements for the process.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
"Moving forward, we are targeting to also roll this out in our lending units to streamline and simplify the loan application process for our clients,"Borromeo said.
During a special unscheduled meeting by KWAP investment panel that convened on July 19, 2011 at the early stage of SRC International's first loan application process, the special investment paper on the proposed RM2 billion loan was presented and discussed.
In a continuous effort to benefit the loan takers, ZipLoan offers a 3-step loan application process that enables the customers to apply for a loan in just three steps.
During the loan application process, most banks offer guidance on your business plan and will say what information is required, so do your research online and carefully consider each question.
As an industry-leading, comprehensive account and loan origination system, Lending 360 offers dynamic features that streamline the entire loan application process, giving credit unions the ability to greatly enhance loan officer efficiency and member experience.
This can make your loan application process simple and hassle free.
The company says that its lending automation platform completely eliminates the loan application process for creditworthy borrowers, delivering personalised loan offers to consumers using a combination of the institution's customer information and lending criteria, and customer credit history, behaviour and location.
Receiving the award, Yetunde Faulkner, Head of Commercial at Renmoney, said, 'We've been working really hard to build more convenient lending solutions for Nigerians so this award will be a huge morale boost for our team!' Yetunde added, 'We launched our online loan application process this year to provide loans in under 24 hours and we are looking forward to launching even better solutions in 2019'.
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Even when Five Star refuses to lend its money to a small business, the loan application process can prove beneficial for an applicant.
Aquino said the registry, which would contain information on personal properties registered as collateral, would help banks to lend to MSMEs and help hasten the loan application process.