Short Credit Application

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Short credit application- Know more about it

A credit application is basically an application for a loan. However to be more specific a Short Credit Application is an appeal or request for credit extension which can be orally, but mostly in written form. The appeal has to follow the borrower’s extension request procedure so as to be a valid case. The application must have all relevant information which relates to the cost of the credit, which includes the APY’s or the annual percentages yield and any related fees.

Points to be covered in the Application –

A proper credit application has to have specific details as follows –

It can be in an individual name or in joint names. Accordingly the names and personal details of the applicants are mentioned.
It should provide the amount of credit and even the type of credit that is requested.
The application should provide the list of assets too.
It should also provide the obligation or debit status of each applicant in detail. In other words their credit score and report has to be clearly stated. If it involves a married couple, then any divorce or alimony details are given too.
If a security is provided for the loan, those details are to be mentioned.

Having said all the above, the application varies depending on the type of credit or loan taken. For example, a Car dealer Credit Application would be much simpler and may not demand so many details. However, a bank on the other hand will require all the above details.