Optimize Your Application for Instant Loan Approval

Getting instant loan approval will depend on the quality of the application you submit to your lender.  You should submit your application to various lenders and shop around for the best deal and fastest approval.  Choose not only traditional banks but also online lenders. While each will have its own application, the same guidelines apply across the board.

Check Your Credit

Your credit score will be the first thing evaluated when you submit your application. Know your credit score.  Good scores are typically at least 700 and a lender can offer instant loan approval quicker with good scores.  You can raise your score by using your credit regularly and responsibly including revolving lines such as credit cards and installment loans such as auto payments.  Even if you do not have late payments, if you do not use your credit your score will not improve.  It is possible to get a loan approval with a lower score, but they can take a little longer.

Anticipate Questions

Any flaws in your financial history will need to be explained.  Write your explanation letters up front.  Provide statements to support your letters and always remember to include all bankruptcy paperwork.  In the letter, address the circumstances surrounding your financial set-back.  For example, if you previously lost your job, state this as a reason for your financial problems or credit lates.  Be sure to state that ever since the lates, your credit is back on track.

Answer Thoroughly

The questions on your loan application should be answered thouroughly.  Omitting details will delay your application. For instant loan approvals to be valid, you must provide exact dates and figures, where possible.  Instead of estimating the amount remaining on your car loan, for instance, provide an exact figure according to a statement from your loan company.

Document Everything

Provide all documents required plus any additional documents to substantiate your answers.  For example, if you claim your income is $65,000 per year, provide a paycheck stub and W-2s to further document the income.  The same is true for the collateral you are providing. For instance, in a home equity loan, provide documentation of the amount of property value, such as an appraisal report.

Be Professional

Keep your application clean and organized.  Do not submit an application that is wrinkled, has spills on it, or has words crossed out or misspelled. Treat your loan application like a job application.  Every thing should be triple checked to ensure you have answered effectively and professionally.  If you go in for a meeting with the loan officer, dress as if you are going to a professional office.  Like it or not, you and your application will be judged based on appearance.

Tell the Truth

If you have any inaccurate information on your loan application you will not receive instant loan approval.  The lender will be verifying each statement you make.  Even an omission of information can cause a hold up with the loan process.  Knowingly lying on an application is a cause for immediate rejection and can be considered fraud.  Do not make the mistake of thinking the lender will not find out.  Lenders have access to information even you do not have access to; they will find out.

Improve Your Credit Score - Free Consultation