Coach Financing: Client Application
This article will show you the whole process of customer application. Each section of the application form will be highlighted to
Pre Approval Application:
Requested Amount
Loan Purpose - refers to the specific reason or intention for which a borrower is seeking a loan. The Loan Purpose helps the lender understand the borrower's needs and assess the level of risk associated with the loan. It is an important factor in determining the loan amount, interest rate, and repayment terms.
Personal information section
Email Address
Employment status - refers to the current work situation of a loan applicant, such as full-time, part-time, self-employed, unemployed, or retired.
Estimated Credit Range - refers to a range of credit scores that are used to assess the creditworthiness of an individual. This range is based on the credit report and can vary between lenders, but typically ranges from poor to excellent credit. The estimated credit range is used to determine the interest rate and terms of a loan.
Annual Individual Income - refers to the total amount of money earned by an individual from all sources of income in a year. This can include salary, wages, tips, bonuses, investment income, and any other forms of income received. It is often used as a factor in determining eligibility for loans, credit cards, and other financial products, as well as the amount of credit or loan an individual may qualify for.
Co-Applicant - is an additional person who applies for a loan or credit along with the primary applicant. The co-applicant shares equal responsibility for repaying the loan or credit with the primary applicant. Both applicants' credit scores, employment history, and income are typically considered when determining whether to approve the loan or credit application. Co-applicants are commonly used in cases where one applicant may not have sufficient credit history, income, or collateral to qualify for the loan or credit on their own.
Application Submission
• Credit Score - Below 580 is immediately declined.
• Revolving Debt Utilization - The % of their total credit lines that they
are currently utilizing and monthly obligations to their current
lenders.
• Debt to Income Ratio - Computed partially from the Requested
Amount, Income, and Co-Applicant Income sections of the
application, but the applicant’s credit profile will be most important.
• Recent inquiries, lines of credit, late payments, etc from the last 6,
12, and 24 months of their credit history.
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