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What criteria do lenders use to approve a loan application?

April 26, 2017application approve criteria lenders loan

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What criteria do lenders use to approve a loan application?

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Most lenders approve private loans based on the borrower’s credit history and credit score. It is recommended that borrowers check their credit reports regularly to correct any discrepancies or misinformation. Disputing and correcting credit reports can take several months. Please note: Consumers can request a free credit report once every 12 months. Please visit the Federal Trade Commission website for more information on credit reports. Please visit the Tools & Resources section of our site for a FICO Score Estimator.