What is the Loan Approval Process?

Have you ever wondered what the process is for getting a consumer loan?

It is really quite simple.

1. Application. You can apply for a loan at most banks online, by phone or in person. When applying have your income, debt and asset information handy.
   
   
2. Document Collection. Most banks will collect income verification and identification. Depending on the type of loan you are applying for you may need to provide additional information like a purchase agreement if you are purchasing an item or a payoff statement if you are refinancing an item. If your loan is secured, you will also have to provide proof of insurance.
   
   
3. Processing. When your application is complete, the bank will process it. This will include pulling a credit report.
   
   
4. Closing. If approved, a closing will be set up for you. Most banks can close in person or through email using digital signatures. After closing, the loan proceeds will be distributed.

That is all there is to it!

Minnesota First makes in house loan decisions, so some loans can be closed the same day as application. Call today to get the process started!