Loan application
Cards & borrowingThe process of applying for a loan and submitting your details for approval.
Overview
Applications usually involve a credit check and affordability review.
Some lenders offer pre-application eligibility checks.
Why it matters
- It can create a hard search on your report.
- It determines your approval and rate.
- It affects your credit activity history.
FAQs
Should I use an eligibility check first?
Yes. It can reduce unnecessary hard searches.
How long does a loan application take?
It varies by lender, but decisions can be quick or take several days.
Related terms
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