What Can Delay Your Loan Application?

Getting a loan can be a daunting thing. Waiting for a long time for your loan approval is even more unnerving. That’s why when your loan application is delayed, it feels like an uphill struggle.

It’s important to educate yourself on the loan application process and determine the things that might delay your loan. This will not only ensure you’re prepared but also quicken the approval of your loan.

Incomplete Application

Your loan application may be missing a few required documents or information. Double check all the information and documents you’re submitting when applying for a loan.

Poor Credit History

Having a poor credit history may delay the application of your loan. The lender may spend more time reviewing your application.

High Debt-to-Income Ratio

Just like having a poor credit history, having a high debt-to-income ratio may force lenders to take more time in reviewing your application. They want to make sure you have the ability to repay your loan.

Communication Delay

The application can be delayed if the lender has difficulty reaching you. Perhaps they need additional information or will need to inform you of the next step of the process.

Share this post?