Credit Application Form

Any business that extends credit to their customers or loans money needs a comprehensive and thorough credit application form. The form should be easy for the applicant to complete and should provide a clear and concise financial snapshot of the applicant that will help to qualify that person for credit. In order to provide a professional and sophisticated touch to your business, your credit application form should be customized to include your company information and should reflect the sentiments of your company.

How to Use the Free, Customizable Credit Application Form

  • First, download the form into your computer system and save it.
  • Have any necessary company information you want to insert ready, such as your logo. Once you have saved your logo into your computer, insert the logo in the position you would like on the page.
  • Insert information you will need to pre-qualify the customer for loan approval such as work history, bank account information, reason for loan request, etc. This section should be very thorough so that you can gather enough information to pre-qualify your customer using the application.
  • Insert any necessary credit disclosure information required by your state or company. This should include permission to pull personal and business credit reports and a borrower’s signature authorization to allow you to access required financial information.

Tips For Using the Credit Application Form

  • The credit application form should be an added representation of you and your company. You should add personalized messages to your customers which convey your companies policies and procedures. You should add information that will let your customers know the next steps in the application processing stage and what might be needed in the future. You should also consider adding messages thanking the customer for their application and business.
  • Be sure that the application is utilized in every credit approval process and that careful attention is paid to each and every answer provided by the applicant. With a good credit application, you should be able to approve a customer using only the application. Therefore, it should be the centerpiece of every credit file.
  • Store your credit applications in a locked area so that your customer’s information is always protected. Use shredding services to destroy any unapproved applications and be sure to abide by your licensee’s rules and regulations for the proper storage of sensitive customer information.

This credit application template, once customized, can save you time and money in pre-qualifying your potential loan clients. By using this template with every loan file, you will be better equipped to make good loaning decisions and protect your business from bad loans.

Download: Credit Application Form

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