Short Credit Application,
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 –
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.
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