LOAN APPLICATION
\lˈə͡ʊn ˌaplɪkˈe͡ɪʃən], \lˈəʊn ˌaplɪkˈeɪʃən], \l_ˈəʊ_n ˌa_p_l_ɪ_k_ˈeɪ_ʃ_ə_n]\
Definitions of LOAN APPLICATION
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Document on which the lender bases the decision to lend. A loan application is neither a pledge by the applicant nor a commitment by the lender. Contains essential financial and other borrower information. Detailed business plan, 3-year and loan-life current and projected income statements showing profit and loss, balance sheet, and cash flow statement are required for a business loan. Loan amount and purpose, period and means of repayment, and guaranties and/or collateral offered are required of a company applying for a loan. Banks generally use standard forms for the applicant to fill-in for a consumer loan. Also known as credit application.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).