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 30 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).
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 state ID, passport, Armed Forces ID, or United States Alien Registration Card (Green Card)
- Submit Loan Agreement: The customer can e-sign the loan agreement immediately, or you can email the loan agreement to the customer to e-sign later. You can also print the loan agreement and email, upload, or fax the signed copy 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:
- Affordability Verification
- Loan Review
- Satisfaction Call
If an application is declined, you can add a co-borrower or co-signer to the loan [About co-borrowers and co-signers].