December 06, 2001
By: Bev Dodd
Bank loan: Just one click away
When filling out your bank loan application don't use broad statements that you can't back up. Remember loan officers look at your total line of credit when looking at your credit report for a bank loan. We'll discuss this more below.
When filling out your bank loan application make sure you don't use broad unsubstantiated statements. The lender can easily check many of the facts on your application. If you cannot support statements with solid data, then don't make them. Do your homework and spend time doing research to be able to support everything you say, including every single number in your projections of how much you need for your bank loan. It is best to keep projections, assets lists and collateral statements on the conservative side.
Loan officers tend to count the total line of credit-even if you owe nothing as a liability when looking at your bank loan application. It is therefore a wise practice to close credit lines that you have no intention of using in the near future. Also look closely at the interest rates and fees when deciding which cards to retain.
There are two types of a bank loan; Secured: in which the borrower puts collateral, such as real estate, negotiable stocks, or other assets, which the bank can seize if the borrower defaults on the loan; Unsecured: in which no collateral is pledged, just the good credit of the borrower.
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