Aug
25
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Aman B asked:
loan assessment criteria that goes behind assessing customers’ creditworthiness, where applications for credit are being made online. How do banks deal with information problems with online customers?
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Tags: Assessment Criteria, Creditworthiness, Information Problems, Loan Application, Loan Online, Online Assessment, Online Banks, Online Loan












August 28th, 2008 at 8:37 am
loan apps are probably sent to the bank, or in some cases, if its the bank’s call center, they have all the info they need on computer system to approve a loan.
August 30th, 2008 at 12:51 am
Whatever online applications - you make. the loan is approved only after HARD COPIES OR ORIGINAL DOCUMENTS are submitted and authenticated.
August 30th, 2008 at 5:03 am
They do it much the same way that it is done if you went to the bank in person, only, quicker and with some computer help to speed the process along.
The main decision making is the amount and do they have the money to lead for the reason requested. Also, they do a look up of your Credit Report information to see what your Credit Score is and is that within the limits the bank sets for the loan amount requested. For example, if you ask for a lot of money for a reasonable reason and you have a high Credit Score you are most likely going to get the amount you asked for a good interest rate. If you had a low Credit Score then you may be denied or offered a high interest rate to cover their risk or to discourage your loan with them.
There are other factors such as location and job title, job length, etc. And all these are important to, but the first paragraph lists the initial and often the main factors in the loan application.
August 30th, 2008 at 9:15 pm
you need a simple answer, but I don’t have one.
September 3rd, 2008 at 6:17 am
electronically
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