“My loan is delayed, what’s the matter with you guys? You gave me a slip of paper with the schedule of loan release but until now I haven’t received it yet.”

There are many loan banks and private companies that are offering loans to individuals, especially nowadays that we are still in a pandemic situation and we need money after losing our jobs. However, usually, we need collateral such as our car or anything of value that could be a guarantee that we can get our loan in due time. Loan applications are sometimes rejected because of wrong information, lack of documentary requirements, and capacity to pay.  

For more than twenty years of working in a financial institution as a customer relations officer, I have seen many irate customers coming to the office complaining about their loan applications that took some time to process. Aside from that, they were waiting for any communication on updates about the loan which they did not receive. Then, the loan applicants became impatient because of this- there was no one calling them about their applications which were filed several weeks ago.  

However, most of the time, the loan application forms were not prepared completely and some information was missing that caused delay in the processing of the application. In order to have smooth-sailing processing of loan applications, the applicant must see to it that the form is completely and correctly filled out and other supplementary documents are attached correctly to the form. So delays in the release of loan applications were basically caused by simple and inadvertent mistakes of the applicants. 

The following basic steps which I have a formula based on my long years of experience in pre-processing loan applications may be of help to you if you have a plan to file any to any of your chosen lending institutions.

• Before filling out the application form, read it carefully including the instructions which are usually printed at the back of the form. 

• Use a pen with black ink when filling out the form ( even banks require this.)

• Write legibly. Printed letters are easier to read for the loan to .claim processor and will hasten the process.

• Make sure that the information you indicated in the form is all correct and in the proper spaces. There are cases that even the first name or last has been written in the wrong space or written interchangeably. Doing this will really make the processor freak out because verification of the real name has to be done and this will disrupt the ongoing process.

• Scan the form after completion to check on the information for some erasures or some needed changes in the information, if any.

• Be sure to attach additional requirements before you hand in your application to the one who will pre-process it.

• Wait for the loan processor to skim your loan form and attachments before you leave

• Ask some questions pertinent to your application such as the completeness of the information indicated as well as the attached supporting papers

• It may also beneficial for you to ask the time frame of the loan processing and possible release

In doing these, you know beforehand when your loan will be released and delay because minor mistakes on the form will be prevented. This may be applicable for loan applications that are filed in a traditional way which is different when you file a loan application online.

As much as possible, plan ahead to check your budget if you can pay your loan religiously to avoid accrued interest on your loan. You also have to find out the monthly or yearly interest rate once your loan is approved.

Your monthly budget for basic necessities such as food, utilities, home mortgage (if any), or other expenses must not be compromised because of your loan. Otherwise, you will end up having difficulty with your money and everyday expenses because of your monthly loan deductions.

If you think your salary is not enough to cover your expenses for the basic needs of your family, you may opt to have another source of income or sideline to augment your salary as others usually do. There are small businesses that do not need big capital to start your business. That could also help you to augment your income.

You may engage in the business of selling goods or offering services if you have other skills that could help you earn more money. For example, if you have innate culinary skills, you may offer to teach cooking or cook dishes that are popular and in-demand these days. You can sell online which is a fad nowadays as people are staying more in the house due to the pandemic.

For services, if you know how to sew dresses and pants, that will also be a good source of income for you as additional earning to augment your expenses for your daily needs. Repairing and sewing clothes is a skill that will earn you some money. It is just a matter of planning your other source and income and how to start it if you have the right skills.

However, be sure to know more about the kind of business that you want to engage in. You need additional information and skills to be able to begin this new venture. You may check on websites, online information about your target business. You can hone your skills to offer services to your target consumers or clients.

If you plan to offer your sewing services, you might want to check on Flexispot for its sewing table which has wonderful features that you will surely love. I am referring to the Height Adjustable Sewing Table.

It has an adjustable sewing platform with a weight capacity of 26 lbs. It also has a detachable side table for more spacious workspaces for you. The height programmable control panel has for memory buttons for four sitting and standing heights to change your postures as needed

The construction and durability of this product are guaranteed with high-grade steel that is stain and scratch-resistant and does not wobble at any time during use.