You’re a farmer looking to secure a loan for new farm equipment, specifically a tractor. So the next day, you went to the nearest rural bank and talked to the loan officer. After the discussion, the loan officer hands you the Loan Application Review Form and a list of requirements to complete your loan application. After the visit to the rural bank, you’re then going home filled with high hopes for the approval of your loan application.
What is a Loan Application Review Form?
A Loan Application Review Form is a form used for reviewing a person’s loan application. In this form, the applicant’s details are asked along with its credit history. These bits of information are used to determine the applicant’s qualification for the loan he’s applying for. Also, documents such government-issued IDs and billing statements are required to be submitted with this form in order the partially establish the applicant’s trustworthiness.
FREE 10+ Loan Application Review Forms in PDF | MS Word | RTF
1. Bank Loan Application Review Form
2. Loan Application Review Questionnaire Form
3. Loan Application Review Authorization Form
4. Personal Loan Application Form
5. Summer Loan Application Form
6. Application For Loan Form
7. General Loan Application Form
8. Commercial Loan Application Form
9. Credit Union Loan Application Form
10. Sample Loan Application Form
11. Fillable Loan Application Form
What are the Documentary Requirements for a Loan Application Review?
Loan application reviews happen whenever a person applies for a loan in any financial and credit institutions. Reviews are essential because creditors need to establish and determine the person’s ability to pay for the money borrowed. During the loan application review, the credit application review committee checks the person’s credit history and income source. In this way, the financial and credit institution granting the loan can determine if the loan application should be approved or not. Although the loan application review already examines the documents about a person’s credit history, there are also other documents needed to be attached to a Loan Application Review Form. Among those documents are listed below along with their purpose
1. Government-Issued Identification Cards guarantees and establishes the fact that the applicant’s identity is real and not fictional. Any Government-issued IDs can be attached to your loan application, and the following IDs are Driver’s license, Social Security ID, and Passport.
2. Billing Statements gives the financial and credit institution a glimpse of the applicant’s ability to pay for the money borrowed. Billing statements may include Electricity bills, Water bills, and Phone Bills.
How to Submit a Loan Application Review Form
Loans are lifesavers, especially in times of need. Whenever we need to buy or pay for something, but we’re short on cash, we go out and look for someone we could borrow money from. Banks and credit institutions are the safest places we could borrow money from. Borrowing money from these legal entities gives borrowers fair loan terms and interests. To apply for a loan in these institutions, here are the steps on how to submit a Loan Application Review Form.
Step 1. Visit your Bank and Talk to a Loan Officer
The first thing you need to do when deciding to apply for a loan is to visit your nearest bank. Upon visiting the bank, look for the in-house loan officer. Loan officers are the people who could give you advice on loans and arrange it for you. Tell them about your intention to apply for a loan and what it is for. Discuss the terms and conditions of the loan and make them favorable for you.
Step 2. Get a Loan Application Review Form
After talking and discussing the loan application with the loan application, secure a Loan Application Review Form. Loan Application Review Forms are forms on her you express your intention to borrow money from the bank or credit institution from which the form came. This form is used by the bank or credit institution where you’ll borrow money from to determine if you can repay the money borrowed. To obtain a Loan Application Review Form, simply download one of the sample forms listed in this article.
Step 3. Fill The Loan Application Review Form with the Information asked
Fill in the Loan Application Review Form right after downloading it. The Loan Application Review Form will feature blank spaces to fill in. Fill those spaces with the information asked for. The form will request the following information, such as your personal information, credit history, and income source/s. The form may also require you to list down valuables that you can use as collateral for the loan. Collateral is an object of value used as security for the repayment of the loan. Collaterals function much like a real estate lien.
Step 4. Attach Documentary Requirements to Loan Application Review Form
After filling your Loan Application Review Form, prepare and attach the required documents. Loan applications usually require applicants to also provide and attach other documents on it. These documents are government-issued IDs and billing statements. Government-issued IDs are used by lenders or creditors to determine and establish the authenticity of the borrower’s identity. While billing statements, on the other hand, establish the borrower’s capacity to repay for the money borrowed.
Step 5. Submit the Loan Application Review Form and Wait for Approval
Now that you’ve completed your Loan Application Review Form, the last thing for you to do is submit it to the bank’s in-house Loan Officer. On submitting your Loan Application Review Form, the Loan Officer will sign the form, confirming that he/she received it, and forwards it to the Loan Application Review Committee. The Loan Application Review Committee is responsible for approving and denying your loan application. In this stage, your Loan Application will be checked against records from other institutions such as a credit bureau.
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