What is a loan questionnaire and why do you need it? A loan questionnaire is for individuals and business who are ready to take a loan for an investment when in short of money. An individual takes loans for various reasons, like education, small business, purchasing a home, motor cycle loan etc.. the need of loan is when you don’t have enough money to invest to by an item.
When you apply for a loan there are plenty of issues, normal people forget to ask themselves, and how we are going to repay the loan along with interest. You take loans showing your bank statements if you’re an employee, and you show bank transaction details and property details when taking a loan for business needs, you actually are looking to take a loan and invest in some area of business, thinking you will get profits, but what if the business don’t give you profits, how will you pay the loan?
So loan questionnaire can help you to understand terminologies before applying for a loan. The loan process is same for an individual or business needs, but the amount of interest and paper work may differ. I have seen lots of people where they quickly take loans from banks for some purpose, in the end unable to pay the loan.
Loan Questionnaire Sample
Have you ever researched how a loan process works?
What kind of loans are you looking to apply for?
What banks have you approached for the loan?
Do you look at the interest rates offered by each bank?
How are you going to repay the loan amount?
Do you know about the legal actions taken by the banks if loan is not paid?
Have you gone through the loan process and papers before signing the loans documents?
How many months and years are going to pay the loan?
Do you know that getting a loan approved quickly needs an agent who works for commissions?
If your applying for a loan second time, do you know the first loans payment history is checked before approving the second loan?