Loan Pre-Application Form
Easily create a customized loan pre-application form in a few clicks. Streamline contract management of the loan process in a timely manner.
What benefits does a pre-check application provide?
A pre-check application is a soft credit check. It does not impact your existing credit score. It is simply a way for the lender to assess the likelihood that you are a good loan candidate. A pre-check application will also provide you with an estimated maximum dollar amount you can apply for in your official loan application, based on your income and credit history.
Once a pre-check loan application is processed, the second step will require you to complete a pre-approval loan application.
Attaining a pre-approved loan is a benefit to both you and the lender in the loan process. The pre-approval loan application will provide insight into your ability to potentially, ultimately, secure a loan. Many financial institutions require a loan candidate to be pre-approved through a pre-application stage before you submit your official loan application.
How do I fill out a pre-approval loan application form?
Once the pre-check — qualifying — loan application provides approval through a soft credit check, you will proceed with the pre-approval loan application. Each loan institute has specific criteria they will request from you to provide to them. The required criteria depend on the type of loan you are seeking to secure.
The key to a successful pre-approval loan application is providing the specific criteria and documents, as required by the type of loan you are seeking. You can ensure a smoother, quicker loans process by
- Writing a professional, powerful presentation free of grammatical and punctuation errors
- Organizing your material
- Striving for clarity and ease in delivering your information
Crucial elements to filling out a successful and glitch-free pre-approval loan application involve
- demonstrating a timely response to any questions you are asked
- providing clear, and meticulous, responses to questions
- providing all the requested documents in an organized fashion
- providing clear details about your goals
- advocating for the funding you are seeking with simple, clear, and richly informative responses
By doing so, you will increase your chances of success in securing a loan.
How long does a pre-approval loan application take?
After submitting your pre-approval loan application, a standard email response is often sent to borrowers as confirmation that the institution received it. Official response times from loan institutions on the actual pre-approval loan application vary. Depending on the institution you made your pre-approval loan application to, factors affecting the response time include
- whether you have an existing account with the loan institution
- whether you are a new customer
- if there are any specific pre-existing timelines for applications for the loan already established
- how quickly you respond to any follow-up questions and clarifications requested by the loan institution
Ensure that you respond quickly and provide all the information the loan institution requires because this will aid you in avoiding any unnecessary delays with your pre-approval loan application.