Published on: July 23, 2019 by Loans Dito
One of the most common questions asked by loan applicants is how long it would take to know if they are approved for the loan. It doesnt take too long, in most cases it takes anywhere between 2 up to 7 banking days but it may take up longer than expected due to some factors which sometimes lead to being declined for a loan. To avoid this to happen here are the best 4 practices you should keep in mind when applying for a business or personal loan.
Filling out the loan application form is your initial step to your loan application. You must provide complete and accurate information as much as possible. Incomplete information can definitely cause delay. So, it is best that you review all your details and then sign it once your done.
Make sure that all of your documentary requirements for your personal loan application are submitted on time. Incomplete submission of documents is the most common cause of delay. Always remember that these documents are required and must be submitted right away.
Bear in mind, it is a standard protocol for banks and lenders, to conduct phone verification. So, you must always be ready to take the call otherwise your loan application processing will either be delayed or, worst come to worst, may be cancelled!
Coordinating with your human resources department for your employment verification is also a good idea. This may sometimes be the factor causing the delay. For some apparent reason, there are instances where the lender failed to get an employment verification response via email. So, you might want to talk to your HR and give them a heads up!
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