Definition

Noun: A formal request submitted to a lender, such as a bank or financial institution, to borrow a specific sum of money. This request typically includes detailed information about the applicant's financial situation, the purpose of the loan, and the proposed repayment plan.

Usage

A "loan application" is the first formal step in the process of seeking credit. It is a document or form that must be completed and approved before funds are disbursed.

Examples

• The bank requires a completed loan application along with proof of income and identification.
• Her loan application was denied due to a low credit score.
• Please submit your loan application online or at your local branch.

Advanced Usage

• "to process a loan application": This refers to the lender's procedure of reviewing, verifying, and making a decision on the request.
  • It usually takes the bank 5-7 business days to process a loan application.
• "to approve/deny a loan application": These are the two primary outcomes after the lender's review.
  • The credit union approved my loan application yesterday.

Variants and Related Words

• Applicant (n): The person or entity submitting the loan application.
• Lender (n): The institution or person who provides the loan.
• Credit application (n): A broader term that can include applications for loans, credit cards, or lines of credit.

Synonyms

• Credit request
• Borrowing request

Related Phrases

• Loan approval: The formal acceptance of a loan application by the lender.
• Loan agreement: The binding contract that is signed after a loan application is approved, detailing the terms and conditions.

Noun

1. an application to borrow money