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 >
As of 2015, World Financial Group does not offer loans. According to the company's official website, an entity is using the World Financial Group name, logo and letterhead to scam people with false loan offers.Full Answer >
As of 2015, a customer secures a consumer loan with Rescue One Financial by completing an application. Once the company makes a credit decision, an approved customer receives funds via check or direct deposit within one to four business days, according to Rescue One Financial's website.Full Answer >
Loan services offered by First Financial for individual clients include auto loans, mortgage loans and personal loans, according to FirstFinancial.com. The company also offers a range of business loan options.Full Answer >