A reference request form for loan is the standard document that lending institutions ask loan applicants to have their references fill out. This form basically serves as a background check for prospective creditors to be sure that a loan applicant has a stable financial history.
To know more about a loan reference request form, read on our discussion on this page. We also provide you with useful loan request form templates which you can ask loan applicants to fill out. Scroll down below and download our templates!
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What Is a Loan Request Form?
A loan request form is the document that lending institutions and entities would ask their loan applicants to fill out. This document contains fields and areas that ask for information to be inputted. The information that are asked for are usually the following:
- the name of the loan applicant
- the applicant’s home address
- the applicant’s contact number and email address
- the applicant’s social security number
- the applicant’s job details such as:
- job position
- name of company
- address of place of work
- amount of salary (this is an essential field as this helps lending institutions to determine the applicant’s level of financial stability)
- the applicant’s properties
- the applicant’s properties that may be encumbered upon the moment he/she has failed to pay the loan on the date it is due for payment
- the terms and conditions section
- the applicant’s signature
How to Write a Loan Request Letter
When you plan on applying for a loan, submitting a loan request letter can definitely increase your chances of getting that loan. Here are some tips you can follow in writing a loan request letter:
- Be transparent about the real reason why you need the loan.
- Explain your current financial situation.
- Assure the prospective lender that you plan on paying back the amount with interest.
- Indicate which property, if any, you are willing to attach as collateral damage.
To know more about request forms, you may check our website for request forms in Excel and sample request forms.
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What Is the Importance of a Loan Request Form?
A printable request form is extremely helpful in the process of examining a loan applicant’s qualification for a loan. Here are some of the most salient reasons for its importance:
- It is a standardized form, so it would be easier to duplicate.
- The fields and areas that ask for applicant information are sufficient for the preliminary analysis of an applicant’s financial background as it is specifically prepared to cover all the essential aspects of the applicant’s basic information that may prove helpful in the determination of his/her worthiness of a loan.
- It provides a basic outline of the applicant’s properties, which can ensure a lender that they won’t lose profit should the applicant fail to repay the amount loaned.
- It allows lenders to objectively examine the financial stability of a loan applicant. Furthermore, they are also able to do a more intensive background check through the references that the applicant has inputted in the loan request form.
Download our testimonial request forms.
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