\lˈə͡ʊn ˌaplɪkˈe͡ɪʃən], \lˈəʊn ˌaplɪkˈeɪʃən], \l_ˈəʊ_n ˌa_p_l_ɪ_k_ˈeɪ_ʃ_ə_n]\
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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
- A predisposition to interstitial subcutaneous serous or fibrinous infiltrations; subjects suffer from swollen lymph nodes, thickening of tongue, pruritus, seborrhea, gastric and cardiac crises; the condition is aggravated by pilocarpine, but favorably affected atropine adrenalin.