What happens when I have completed my loan application?
Once you have applied with your chosen lender and finished your part of the application
⇒ the lender may be awaiting your guarantor to complete theirs
- As soon as the lender has received your guarantor’s application details, they will then complete the final checks before the loan is paid out.
- Final checks may include things like verifying your identity. The lender will advise you as to what are ‘Acceptable Forms of Identification’.
- You may also be asked to provide home address, income and bank account details – this protects you from criminals who might try to use your identity without you knowing.
- If you are asked to provide these forms of documentation, please make sure that:
- The name and address detailed on your identification is the same as the name and address you provide during your application
- Your proof of address is dated within the last three months
- Your proof of bank account shows name, sort code and account number
For all loan applications, there is a cooling-off period – this means some time for you and your guarantor to think about things, in case you or they change your minds.
The biggest reason for delay is because the lender cannot get hold of you, so please make sure they have all your contact telephone numbers.