What is a Credit Application Form?
A credit application form is a form that will need to be filled out by the potential client that will need to get credit loans. In this type of form, there is a lot of detailed information that you have to fill out to ensure that the process can go as smoothly as possible.
They will want to know if your credit checking goes well as well with your other merchants, such as the bank that issues you with your credit cards, or if you have other loans that you need to take care of first. Some merchants will also need you to use the deed document to your land, house, or vehicle as a guarantee that you will finish your loan in time and you don’t just run away from your responsibility.
After you have filled out a credit application form, they will start processing your request by doing some background checking of your banking and credit checking as well. If you have passed the bank and credit check, they will then proceed with the next step.
Usually, they will also have to verify that the deed that you are using as a guarantee of the monthly payment is correct (the address and location if it’s a land or a house, the vehicle also exists with the correct license plate number). Most of the time, surveys will be conducted where the officers will come to your house and do a more thorough checking.
At this time of the pandemic though, it is very rare where people would come to someone’s house unless it is urgent. So, instead of coming to their houses, they can just do video calls and get their potential clients to show them the land, house, and vehicle that they have submitted as a guarantee.
Once everything checks out, they will then proceed with the last step of the contract. Before signing the contract of the credit loan, you will need to make sure that you read through all of the clauses, the payment method, the installments of the payments, etc to make sure that they are all correct.
Credit Application Form | Word – download