A conditionally approved loan is a loan approval based on the financial and credit information that an applicant has provided, and it is subject to final verification. Final verification includes employment and income verification, and additional documentation, such as pay stubs, bank statements and utility bills, is required before the loan is completely approved.Know More
A common misconception is that conditionally approved loans are the same as pre-approved loans. Pre-approved loans are pre-approved due to the fact that the lender has reviewed the applicant's income and credit information and has made a decision based on those findings. The borrower's information is then verified by the loan underwriter, and the loan is processed. Conditional approvals are provided by the underwriter after they have verified additional documents and income, and the borrower must meet all stipulations of the lender in order for the loan to move on to final approval.
Conditional loans are common practice in the mortgage industry. Homes must pass an initial inspection, and the property must be appraised. The lender also screens for liens or judgments on the home. If the lender is unable to accurately verify income or documentation, or finds a lien or a judgment on the borrower's record, the borrower is at a high risk for denial of the loan.Learn more about Personal Loans
A personal financial loan can be wise when a consumer has a credit score of at least 640 and wants an alternative to credit cards, states Daily Finance. People who have lower credit scores risk loans with higher interest rates than credit cards and generally should not get such loans.Full Answer >
The financial products offered by Third Federal Savings and Loan include mortgages, checking and savings accounts, home equity loans and investment opportunities. Customers can also refinance a loan through this lender. Third Federal Savings and Loan also offers online and mobile banking to its customers.Full Answer >
Wonga cash loans can be obtained from anywhere as long as the applicant meets the requirements to apply because the loan application is completed online and money is deposited directly into a bank account. Wonga is a U.K.-based company. and people who are interested in obtaining a cash loan from Wonga must be U.K. residents.Full Answer >
A secured loan is a loan that is leveraged by some sort of collateral, according to Wells Fargo. For example, a personal loan might be secured by using a vehicle as collateral when applying for a loan; the lender places a lien on the vehicle until the loan is paid off and can seize the car and sell it should the borrower default on the loan.Full Answer >