Applying for a loan? Here are the details you’ll need
If you’re applying for a loan, there will be some details you’ll need. To speed up your application (and prevent disappointment later on), make sure you know, and can access, the information you may be asked for.
In order to successfully apply and be approved for a loan, you’ll need to provide the lender with specific information. This information can very from lender to lender, so it’s always worth comparing the different loan options available to you before you apply.
Being fully prepared and informed at the outset upfront will save you time and stress later on when you discover that the loan you’ve begun applying for requires information that you don’t have or is hard to get hold of.
To help make your local application as smooth and quick as possible, here are some details most loan providers will ask you for.
Standard loan application details
You can apply for most loans online today, without needing to physically visit a bank or call a financial provider. When applying, most lenders will ask you to fill in and submit a form through their website. This will involve answering some straightforward questions and providing some basic information.
In addition to your name, address, phone number and other contact details, you’ll probably be asked for your job title, marital status, income and dependents. In some cases, you may be able to call the lender to submit this information, but the quickest and easiest way will be to apply online.
Details of your ability to repay the loan
Depending on your situation and the type of loan you apply for, your lender may ask you for some form of proof that you’re able meet the repayments.
For example, you may have to submit bank statements or other examples of your income, along with bills. Usually these can just be scanned in and sent across, though in some circumstances you might have to present them to the lender in person.
Loan details and your credit file
When you’re applying for a loan you’ll need to decide on the details of the loan you wish to take out. This includes the amount and how long you want to borrow money for, which in turn will influence repayment rates and terms. (Double check that you’ve entered this correctly to avoid getting lumbered with a more expensive loan than you’d bargained for.)
Most lenders will also take into account your credit file when deciding whether or not to offer a loan. So, unless you’re sure it’s good, make sure you check your credit file before applying.
Some loans require a guarantor, someone who co-signs to guarantee the repayment of your loan. If your loan asks for one, you’ll need their details and signature, so make sure you have access to them when applying. (If you don’t have anyone who can co-sign for you there are also no guarantor loans available.)
Prepare for a successful loan application
Make sure you have all this information to hand before you apply for your loan, and you’ll increase your chances of getting a speedy approval.
Photo by Seb [ P34K ] Hamel