A conditionally approved loan is a loan approval based on the financial and credit information that an applicant has provided, and it is subject to final verification. Final verification includes employment and income verification, and additional documentation, such as pay stubs, bank statements and utility bills, is required before the loan is completely approved.Continue Reading
A common misconception is that conditionally approved loans are the same as pre-approved loans. Pre-approved loans are pre-approved due to the fact that the lender has reviewed the applicant's income and credit information and has made a decision based on those findings. The borrower's information is then verified by the loan underwriter, and the loan is processed. Conditional approvals are provided by the underwriter after they have verified additional documents and income, and the borrower must meet all stipulations of the lender in order for the loan to move on to final approval.
Conditional loans are common practice in the mortgage industry. Homes must pass an initial inspection, and the property must be appraised. The lender also screens for liens or judgments on the home. If the lender is unable to accurately verify income or documentation, or finds a lien or a judgment on the borrower's record, the borrower is at a high risk for denial of the loan.Learn more about Personal Loans
Lenders typically require pay stubs with a loan application to ensure that the applicant has the income to pay off the loan. All the applicant's pay stubs from the last two to three months are normally required, as of February 2015.Full Answer >
While it is possible to get a payday loan without a bank account, chances are that more information is needed in order for the lender to verify the applicant's income, says HowStuffWorks. The lender may charge higher fees for applicants who do not have bank accounts.Full Answer >
According to Investopedia, a co-applicant is a person who is seeking a loan in addition to the primary applicant. A co-applicant increases the chance for the loan to be approved.Full Answer >
Wonga cash loans can be obtained from anywhere as long as the applicant meets the requirements to apply because the loan application is completed online and money is deposited directly into a bank account. Wonga is a U.K.-based company. and people who are interested in obtaining a cash loan from Wonga must be U.K. residents.Full Answer >