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The loan application forms the basis for taking out any loan

What is a loan application?

What is a loan application?

 It contains all personal and economic data that are required to calculate the creditworthiness and any loan amount granted. In addition, essential legal information such as the ID number and the place where the document was issued are noted in it. It also includes data about the employer. The application is a self-disclosure of the borrower, whereby the information given here must still be substantiated by supporting documents. It is therefore mandatory to send a copy of the employment contract and the corresponding account statements to the respective lender for inspection.

Where are loan applications used?

Where are loan applications used?

The corresponding applications come only in the context of a bank loan or a loan with a credit broker. In principle, private donors could also request such an application, but this is not common here and is rarely practiced. The applications are to be obtained in a standardized form from the individual institutes and providers, although the form can differ greatly from one another. Applications can also be filled out online today, so that immediate processing via technical systems is possible. In this way, the granting of a loan can be accelerated because the check can be carried out immediately since no postal documents have to be sent.

Further information

Further information

The application must be completed completely and truthfully. Since this is a distance selling transaction in the financial sector, false information can be considered fraud. Since there is often considerable sums in the room, the damage to the lender would be considerable in such a case. According to German law, the application is to be understood as a request for a service, although the submission does not entitle the person to receive payment, even if all financial aspects do not conflict with this. The application must always be signed by hand. For this purpose, the IP address and ID number are used on the Internet as a reference.

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