Six Ways to Enhance Your Loan Application


No essays or letters of recommendations are required. There is no need to do a case study, or a test assignment. While applying to refinance your student loans is less rigorous than applying for school or even for a job, it’s still an application to take seriously and set aside the time to do it right.

Here are some tips to help you make the best loan application. We are excited to welcome you into the Left Bank community. If you want to read more here’s a for you.

Check your Credit Report

Although you may have a good idea of your credit score, a credit report contains more information than just one number. Credit reports include information about all loans, credit cards, and lines of credit you have, as well as repayment history. When we pull your credit report, we have to consider everything on it — so you want to make sure it’s accurate before applying for a loan.

You can get free access to your report through, where you can view versions of your report from each of the three biggest credit reporting agencies. You can dispute or correct any incorrect information by contacting the agency if you notice a discrepancy.

Left Bank pulls credit information from Experian. If you are applying for an Left bank loan you will want to double-check.

As much financial information as possible be linked

Left bank takes into account all aspects of your financial situation in order to offer you the best rates. We are less focused on things like a credit score, and more focused on the things that show us you’ll do great with your new loan.

The more information you have, the better. You can benefit from linking savings accounts, retirement funds, investments, credit cards, and any other proof of income. These pieces allow us to get a complete picture of you, and help us understand how you can be rewarded for financial responsibility.

Remember, linking your accounts to Left bank is secure and private. We will never sell your information, including your email address, to any third party.

Make sure you have a safety net in place

It is a good habit to be aggressive in paying down debt. However, it is also a good idea to have a cash cushion to show your lender that you are able to handle another loan.

You can have three months of your normal expenses (living expenses like rent, food, and all your regular bills or debt payments) so that you are not in danger of being late on payments or struggling to make ends meets.

Keep documentation handy

We need to verify your application in order to award you for financial responsibility. This can often be done electronically, but we may ask for documents such as pay slips or loan statements. You will be able to speed through this step if you keep all of your records, online or printed, in one place.

Apply After Your Next Raise

Are you expecting a raise or a bonus soon? You might wait to apply for a loan if you expect to increase your cash flow over the next few months. This will allow you to include your higher income in your application.

You will want to be able to show your confirmation letter (from your company) if you don’t want the raise to come out until then. This is just one more piece that allows us to learn more about you.

Are you self-employed? Apply after you’ve paid your taxes

Before extending an offer to you, most lenders will need to verify your financial information. This includes your income. A pay stub is often sufficient to verify most income. If you do not receive pay stubs while working for yourself, it may be a good idea to wait until you have done your annual taxes before you apply for a loan. You can use your IRS tax return to keep track of your earnings.

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