What does loan application mean?
Definitions for loan application
loan ap·pli·ca·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word loan application.
Princeton's WordNet
loan applicationnoun
an application to borrow money
Wikipedia
loan application
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Acting as a provider of loans is one of the main activities of financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
ChatGPT
loan application
A loan application refers to the formal process through which an individual, business, or entity requests a lending institution for a loan. This document or digital form usually requires the applicant to provide detailed information about themselves (or the business), the purpose of the loan, and their financial status, including income, credit history, and collateral, if applicable. This information is used by the lender to assess the capacity and credibility of the borrower to repay the loan.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of loan application in Chaldean Numerology is: 4
Pythagorean Numerology
The numerical value of loan application in Pythagorean Numerology is: 5
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"loan application." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/loan+application>.
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