To create a new loan application to complete with the customer, in the dashboard, click Create Application > New Loan Application and complete the New Loan Application form.
Note: You can also email a loan application to a customer to complete later.
If the customer qualifies for a loan, the application is assigned a unique Loan Number. The loan application expires after 90 days. If you reactivate an expired loan, a new credit check is run for the customer.
To complete the loan application process, you must complete all of the steps listed in the Steps completed section of the loan. When you complete a step in the process, a green checkmark appears beside the step. Some of the steps in the application process are completed by Financeit (for example, Document Verification). These steps are indicated with the Financeit logo.
The required steps in the application process are determined by the type of loan and the program the customer qualifies for.
Steps that you must complete might include:
- Purchase Details: This includes a description of the purchase item, and details about the purchase, including the loan amount and payment frequency.
- Verify the Borrower’s ID: Accepted forms of photo ID include a driver’s license, a current Canadian passport, a Canadian Citizenship Card, a Permanent Resident Card, a Certificate of Indian Status issued by the Government of Canada, or a Provincial Government Photo Identification Card. ID verification needs to be done in-person.
- Submit Proof of Income: Accepted Proof of Income (POI) types include a pay stub issued within the last 30 days, or the most recent Notice of Assessment if the customer is self-employed.
- Submit Documents: The customer can e-sign the Initial Disclosure Agreement and the Loan Agreement immediately, or you can email the documents to the customer to e-sign later. You can also print the documents and email, upload, or fax the signed copies to Financeit. For more information about loan documents, please read the Loan Documentation Requirements article, and the Submitting Loan Documents article.
Steps that Financeit must complete might include:
- Employment Verification
- Loan Valuation (LTV)
- Document Verification
- Verification Call
If an application is declined, the customer can call us to discuss if there are other options. No exception can be granted if the applicant is declined due to credit bureau results. Adding a co-borrower will not affect the decision.