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- Loan Application - |
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The loan application is the first direct contact that a potential borrower has with a lender. It was traditionally a paper form but increasingly, loan applications are made online or over the telephone; however, a signature is often required to make any deal binding. It is a criminal offence to make false statements of income or whatever facts and figures are required by the lender. On receipt of the application, the lender will run the would-be borrower's details past a credit reference agency and inform the applicant whether the loan: has been accepted as it is; will be accepted with changes (e.g. to the interest rate); or is rejected.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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Licensed credit broker authorised by the Office of Fair Trading. Registered members of CFB, FISA, FSA, Data Protection Act 1984 |
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© 2007 LoanLine - Loan Application |
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