The first step to getting approved for a loan is completing the loan application. The loan application tells the lender who you are and gives the lender the information it needs to qualify you for the loan. Completing the loan application accurately is key to getting approved. If you make a mistake, it could delay the approval process. Today leading Irvine, California lender personallendinggroup.com shares 5 very helpful keys to make sure you get correct when filling out a loan application.
Your Name and Other Personal Information
The first pieces of information the loan application asks for are your name, address, and other personal identification information. Make sure this information is accurate, especially if you have a common name or another family member has a similar name to you. When the lender checks your credit history, your name and date of birth need to match your social security number to confirm your identity.
Your Social Security Number
The lender will use your social security to verify your identity and to check your credit history. If you give the wrong social security number, the lender may pull the wrong credit history and you could end up being denied for the loan. Later, after you’re approved, the lender will use your social security number to confirm your identity when you make calls about your account.
The lender will assess your income to decide whether you qualify for the loan and the loan amount that you qualify for. If you accidentally put the wrong income, you could be approved for a lower amount than what you really qualify for.
The Loan Amount and Repayment Period
Make sure you request enough funds to cover your need. It would be awful to go through the process and later realize you didn’t borrow enough money.
The repayment period you choose directly affects your monthly payment amount and the length of time it takes you to pay off the loan. Shorter repayment periods mean higher monthly payments, but also mean you can repay the loan quicker.
Your Bank Information
If you accidentally transpose your bank account routing or checking account numbers, your loan funds could be deposited into the wrong account. Accurate bank information is also important if you opt for automatic payments during the application process.
The lender may be able to clear up issues with an inaccurate bank number, but it can take a few days and in the meantime you will have to wait for the funds to be available. Refer to a check from your bank account to confirm you have the correct routing and checking account number.
After you’ve completed the application, review it thoroughly before submitting to confirm that you enter all the information accurately. Once you submit your application it can be hard to correct the mistakes.
If you discover you made a mistake on your loan application after submitting, contact the lender as soon as possible. There’s a chance you can clear up the error and move forward with the loan process. Worst-case scenario, the lender will have to cancel your current application and have you complete a new one.
Finally, personallendinggroup.com is one option for personal loans. The big popular one these days is an outfit called SoFi, or Social Finance. If you are paying more than 10% on your credit cards, they might be able to work with you. Check them out here.
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