Although lenders have the ultimate say in how long a loan application takes to process, there are things you can do to speed things up and get your money more quickly. If you want the loan application process to go more quickly so you can get your hands on that much-needed loan, then here are some hints and tips to help you out.
Fill in the form correctly
One reason why many loan applications end up taking a long time is because people do not fill in the form correctly. Check and double check the form to make sure you have not missed any questions, and that everything you have written is clear and correctly spelt. This will make your loan application go more smoothly, because the lender will not have to contact you to check that details are correct. If you are unsure about any of the details on the form, then contact the lender or a financial advisor for assistance. It pays to make sure that the form is filled in correctly if you want to avoid delays.
Provide extra information
If you think that extra financial information will help your loan application, then provide it along with the correctly filled in form. Give details of property, bank statements, debts and bills, and account numbers. This will help the lender to see quickly whether or not you are eligible for the loan. The more information you provide, the easier it is for the lender to make a quick decision.
Another way to speed up the application process is to apply for your loan online. Many companies now have online application forms, which are sent straight through to the company. There are no postage delays, and much less chance of the form getting lost. Also, you can often get some idea of whether or not you will be accepted for the loan, as a basic check is carried out which will let you know if you are eligible or not.
If the loan company tries to contact you or sends you any documentation to fill in, then make sure you reply to them as quickly as you can. The quicker you reply, the quicker the process will go. If they need extra information from you, then get it to them as quickly as possible. Ask if you can fax information rather than post it, as this is much quicker.
Get an unsecured loan
Although secured loans are the quickest way to guarantee you will get the loan, if you have good credit history an unsecured loan is quicker to apply for. There is no need for house price evaluation, and only a credit check is needed. This means you can get a decision within hours and the money within just a few days. Although loan applications can take time, as long as you act quickly and give the right information, your application will be processed quickly and smoothly.