If you’re applying for a personal loan, the last thing you want to have to worry about is loan application errors that will get in the way of your loan being approved.  With these tips, here’s how to ensure loan application success.

 

Fill Everything Out: Blank Spaces Can Ruin an Application

It goes without saying that you’ll want to fill out every blank space on the loan application form.  If you have questions, you may want to consult your bank or do a simple Google search, but a fully completed application can be the difference between being approved or ignored.

 

Provide as Much Documentation as Possible

As the lender will be looking at your credit history and your finances, it’s important to provide as much information as possible, including bank statements, pay stubs, and anything else that will prove you’re a viable candidate.  Not only will the added information convince the lender you have it together, it will give them more proof of your positive credit history.

 

Presentation Might Be Everything

Since the only thing the lender might see initially is your application, how you fill it out is going to tell them a lot about you.  Make sure that the ink is the same color throughout, the printing is neat, and nothing is scribbled out.  While mistakes can happen, a cleaner loan application can make a good impression.

 

Provide All Your Contact Information

It might seem simple, but making sure you provide as much contact information as possible, and that it’s current, is important.  Not only will it further encourage the lender to get a hold of you with any questions, it will also tell them that you’re very interested and thorough.

 

Spell Out Your Reasons

It’s important to be clear with the lender about exactly why you’re filling out the application and what you need the loan for, as well as your plans for how to pay it back.  Simply put, both of these details will show the lender that you know what you want and you’re a reliable applicant who won’t default.

 

Write Like You Mean It!

It might not have a major impact, but it’s always possible that a lender might notice grammar issues and bad writing if nothing else in your application is standing out.  Opt to capitalize street names, cities, and countries, and put everything in complete sentences (where possible), as this might help in making your application look better.

 

Be Accurate and Straightforward

If you’ve had problems with debt or your credit score in the past, it might seem enticing to try and bolster your image, but it may not be worth it.  While a lender may look past your previous financial difficulties if you’re straightforward and posit a good repayment plan, they likely won’t be willing to look over glaring inaccuracies in your information.  As filling out a loan application comes at the end of a long process, it’s worth doing it properly so you can increase your chances of approval.  From filling out every field to being honest and straightforward, these tips should help you increase your loan application ease.

Tom
 

Arnel Ariate is the webmaster of Money Soldiers.

Click Here to Leave a Comment Below 2 comments
Nick | Millionaires Giving Money - January 28, 2014

Excellent guide, I use to work at a Bank (RBS) and I know that little things like these make a big difference especially when the application is on the borderline. Great guide Arnel, thanks for sharing.

Reply
    Arnel Ariate - January 29, 2014

    Great guide, indeed, Nick. I always fill-up these kinds of forms completely, accurately and neatly. 🙂

    Reply

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