The city of Senoia has been a home for thousands of people and right now it still keeps growing at a rate of 1.50% yearly. This incrementing number of citizens who chose to thrive in this city, results in an increase in the average daily needs of the people. Starting off with the housing expenses, utilities, groceries, and even transportation. All these factors are hugely dependent on the average salary of the person. Now imagine, what if all these living expenses get a bit too overwhelming for you? Where can you find assistance? That’s where loans come in.
What is a Loan?
A loan is a type of credit in which a sum of money is lent to another party in exchange for the repayment of the principal amount of the loan plus a designated interest. A loan is composed of 2 parties, the lender who is usually a corporation, financial institution, or government, and the borrower that can be an individual or other entity. These two are bound by an agreement before any sum is advanced.
Loan Application Process
Loans have been a great help to several individuals in every household. It can either be used to consolidate existing debts into one payment as part of a debt reduction plan or for assistance when it comes to home improvements or weddings. Planning to take on a loan that can help you with your needs? McIntosh Finance will help you through the process. Take a look at the steps below:
- Pre-Qualification Process
This is the very first step in applying for a loan. Here, the potential borrower will be given a list of items or requirements which are needed to get the loan. This often includes proof of identity (ID), proof of address, current employment information including the salary slip, credit score, or even bank statements, and previous loan statements.
- Assessing how much you can borrow
Before contacting and informing the lender you have in mind, you must assess the range and limit of the money you can borrow. Take note that when signing up for a loan, it is best to choose the one that suits your financial state. This way, you get seamlessly repay the loan and accomplish the terms of the contract in the end.
If you’re still unsure on how much you can borrow, McIntosh Finance is here to lend you a hand. We will help you decide which one’s best for you by letting you answer a few simple questions.
- Choosing a Loan Program
Loans come in different shapes and sizes which are all matched with the needs of the borrower. Deciding in this stage requires the assistance of the loan provider. At McIntosh Finance, we match and suggest loan programs, and make sure that our client understands its entirety before moving forward.
- Application Proper and Processing
The application process can either be paper-based or paperless. With the current advancement in technology, loan application can now be done electronically. It can either be through a website or a mobile app. Whichever method you choose in applying, McIntosh Finance will be assisting all the way through.
- Underwriting Process
Once the application has been completed, the underwriting process follows. The lender will now cross-check the application taking into account the credit score, risk scores, and the lender’s unique criteria for scoring.
- Credit Decision
An application can be approved, denied, or sent back to the originator for more information. Reaching a final decision on the loan application depends on the result of the underwriting process. When the criteria don’t match the rule engine set in the lender’s system, changes in the loan amount or interest rates are made.
Applying for a loan may seem quite a challenge for some. But with the right financial partner, you will be properly guided all through the process, from the beginning until the end of the application. That’s what we do! We, McIntosh Finance will continuously assist our clients right from the beginning until the very end of the application process. Contact us now!
