What is a loan application form?
A loan application form is a document that potential borrowers must fill out in order to apply for a loan from a financial institution. The form typically requests information about the borrower's income, assets, and debts. Lenders use this information to determine whether or not to extend a loan to the borrower and at what interest rate.
The advantages of using an online loan application form
By using an online loan application form, lenders can quickly and easily gather all the information they need from a borrower in one place. Not only does this make the process more efficient, but it also makes it more convenient for the borrower. Here are some of the benefits of using an online application form over a paper document:
- An online loan application form can be customized to fit your specific needs, any time you want.
- An online loan application form is convenient for borrowers as they can access it anywhere with an internet connection.
- An online loan application form can help you gather all the information you need from a borrower in one place. This will help you keep track of applications and find details with a few clicks.
- By using conditional logic, you can get all the details in an efficient way while providing a seamless experience. This will help you ask only relevant questions to your borrowers. For example, you can request them to name their immovable properties only if they answer “yes” to the question “do you have any immovable properties?”.
- You can assign points to the answer and see the score of your borrowers. This will help you assess the applicants more accurately and easily. You can enable and use this while you are on the “Calculator” tab.
How do I create a loan application form online?
As a powerful and stylish form creator, forms.app offers you all the features to create your own loan application form. As a cherry on top, this free loan application form template will provide you with a basic structure to follow and can be customized to fit your specific needs. For example, you can use this form for lending out a home loan, personal loan, car loan, mortgage loan, or have your applicants select a loan type. To create your custom loan application form for your organization, all you have to do is simply follow the steps below:
- Open and import this online loan application form template
- Customize the form based on your preferences
- Make sure it looks professional and includes all the questions you need
- Preview and test your application form to see if everything is okay
- Share your form with your audience by posting it on social media or embedding it on your website
Which information should you ask for from your applicants?
When creating your online loan application form, be sure to include all of the necessary information that you will need as a lender. This includes basic personal information, contact information, financial information, and any other pertinent details. Here is the list of details you may want to collect before providing funds:
- Basic personal information (i.e. name, address, etc.)
- Contact information (phone number, email address, etc.)
- Financial information (credit score, debts, assets, etc.)
- Borrowing purpose (i.e. what the loan will be used for)
- Employment information (employer, job title, salary, etc.)
- Co-borrower/guarantor information (if applicable)
- And most importantly, the loan amount
By collecting this information up front, you can streamline the assessment process and avoid any surprises down the road. Once you have all of the information you need, be sure to review it carefully. This will help you ensure that everything is accurate and up-to-date. After you have reviewed the information, you can then make a decision on whether or not to approve the loan.