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There can always be some people who are looking to borrow money and once they have successfully submitted their application they will be keen to know what the different application stages are on their loan before the overall decision is then made.<br>
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There can always be some people who are looking to borrow money and once they have successfully submitted their application they will be keen to know what the different application stages are on their loan before the overall decision is then made. No matter what kind of finance a person needs each lender will be different on how they access an application although most of them will carry out the same kind of checks. Some of these are done automatically and some are done by members of staff from direct payday lenders as well as other lenders out there offering finance. In this article I will be focusing on just three main stages on the application and all of these should be done by any lender before their lending decision is made. The first part of an application would be the one the potential borrower has to input their personal information into the application and this will be done on just stage one. Any person will most likely have to input things such as their name, date of birth, address, banking information and account details amongst other things. Usually on an application any lender will review all the information provided and they can do this in detail. I appreciate some people may feel unsafe about entering such information over the interest as most applications through direct payday lenders will be done this way however without it being completed a loan will never be issued.
Another section on the application will be the credit check that the lender completes and this will be done on every borrower. Some lenders credit checks and scoring systems will be in much more detail than others and direct payday lenders can usually look to lend to borrowers even if they have do have bad and poor credit. Any lender must see what the borrower has done with their other finances in the past so they can then calculate the chances of them repaying the debt back. If someone has a high credit score and has been good with credit then most likely the application will be successful but on the other hand if this is poor then most likely it will be declined.
The financial stage on an application process will always be the final decision made by the lender so basically whether or not they are willing to accept an application or not. If they approve a loan the lender will then liaise with the borrower and explain how long it will take before the money is then credited however if declined then the borrower will be notified straight away and then if they choose they can look elsewhere for finance. There are so many things each lender will consider at this stage before an overall decision on any loan is finalised. If a borrower declines someone they do not have to give reasons for this, they can just say unfortunately we as company are just not willing to lend.
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