Whether it’s for a home, a car, or a personal loan, a loan application form has an incredibly important job: to capture all the information financial institutions need to know to protect their assets. Managing application forms and other documentation is part of everyday life for many bank and financial workers – but what if there was a way to cut down on the amount of time you spend creating and filing paperwork? With a digital loan application template from CDP, there can be!
Access CDP’s Easy Loan Application Template
Save time and stress when creating loan application forms using CDP’s simple and customizable template. Click the link above to get started!
How to Use Our Loan Application Templates
Our loan application templates are designed to contain all the essential information you need on each form so that you can quickly create documents to suit your needs. First, click here to enter your name and email, and we’ll send you instructions for using the template. We’ll also pass on some helpful tips about how CDP can help you further streamline document creation and management.
What is a Loan Application?
A typical loan application is a form that banks or financial institutions use to collect important information from a potential borrower. It's a space for borrowers to share relevant details about their employment, financial situation, and ability to repay their loans.
Creating digital loan application forms allows members and prospective borrowers to see what information they’ll need to provide ahead of time. It also opens up the door for remote application processes; no more mandatory in-person trips to and from the bank to fill out paperwork or submit documentation!
What to Include in a Loan Application
Most loan applications are pretty straightforward, but it’s still important to be mindful when designing yours so that you don’t forget any crucial information, including:
- Contact information and personal details (full name, address, etc.)
- Employment history and status
- Current financial status: income and outgoings (child support, alimony, etc.)
- Information about the loan in question: desired loan amount, duration, payment schedule, and more
- Financial references or guarantors
By switching to a digital form, lenders can also collect new types of information that previously would have required multiple steps. For instance, borrowers can upload pictures of support documentation and use digital signatures to finalize agreements, allowing your institution to conduct business with customers far and wide.
Best Practices for Creating a Digital Loan Application
As you customize and create your loan application form using a template, keep these best practices in mind to ensure everything goes smoothly.
- Make it your own. Add your financial institution’s logo, contact information, and other details that make your loan application template unique to your organization. Don’t be afraid to get creative – utilizing different colors or font sizes, for instance, can help you make sure key details stick out.
- Insert space to attach links or uploads. Leave boxes or space for borrowers to upload documents, images, links, and other media right to your application form. The time of hunting down files or relying on slow back-and-forth to complete the process is over!
- Clarify which type of loan application the form is for. It’s likely that you’ll have several types of loan application forms to manage, so make sure you use a distinct naming and design system for each (like using different colors, headers, or file names) to keep everything straight.
CDP: Document Management Made Simple
A digital loan application form is an essential resource for today’s financial institutions, but creating and maintaining one is easier said than done. That’s why CDP has optimized our tech solutions to fit the needs of small-to-medium banks and financial institutions.
We understand that making the switch to digital work management can be daunting. As a result, we tailor our software tools to you so that you only work with the tech that you truly need.
Streamline paperwork and application management, create beautiful webforms, collect e-signatures, and more, all with the help of CDP.
Ready to see what we can do for you? Reach out today to schedule a demo.