Published In: Applications

How to Write a Loan Application Letter (with Samples)

Sometimes we need financial assistance to push through with our business idea, education, medical emergencies, or any other personal project or goals that require a huge amount of money for its realization. Basically, it is for this reason that banks and other money lending institutions exist.

Applying for a loan from any lending institution requires the applicant to first fill out a form.  Along with this form, the applicant can attach a loan application letter that provides more details on what he/she intends to do with the money and an overview of how the loan will be paid.

As a loan applicant, you need to learn how to write the loan request letter in a polite and convincing tone to appeal to your lender for your loan to be granted successfully.

What is a Loan Application Letter?

A Loan application letter is a document that informs the financial lending institution of the amount of money you are asking for, a clear outline of what you intend to do with the money, and convinces the bank why you are a good investment risk. Because it is a request, a loan application letter should be written in a polite tone, short and to the point.

The Loan Application Process

Based on the financial institution you choose, the process and time it takes for you to receive funding may vary. However, the typical loan application process may take on the following critical stages:

Pre-qualification stage

Prior to the loan contract, the potential borrower receives a list of items that they need to submit to the lender for them to get a loan. This may include Identification proof, credit score, current employment information, bank statements as well as previous loan statements.

Immediately this information is submitted, the lender reviews the documents and makes a pre-approval- meaning the borrower can move on to the next phase of the loan application process.

Loan application

In the second phase of the loan origination process, the borrower fills-in the loan application form either electronically- through mobile apps, websites, or paper-based. The data collected is then tailored to specific loan products.

The aspects that are included in the loan application form include the following;

The payment method- if it will be personal, through a check, or via online banking.

The payment frequency- There are several payment frequency methods, for example, Monthly installments, annually, or if the loan will be paid once.

The amount of interest accumulated on the loaned amount. This is the amount of money charged by the lender to the borrower on top of the amount which he/she has loaned.

The assets in the form of properties of the borrower will serve as collateral damage/guarantees in case the borrower defaults loan repayment or is unable to make his payments as per the agreed time.

Application processing

Once the application is received by the credit department, it is reviewed for accuracy, genuineness, and completeness.  Lenders then use Loan Originating Systems to determine an applicant’s creditworthiness.

Underwriting process

This process only begins after an application is totally completed. In this stage, the lender checks the application in consideration of various accounts, such as an applicant’s credit score, risk scores, and other industry-based criteria. Today, this process is fully automated using Rule Engines and API integrations with credit scoring engines.

Credit Decision

Based on the results from the underwriting phase, the lender makes a credit decision. The loan is either approved, denied, or sent back to the originator for additional information. If the criteria used do not match with what is set in the engine system, there is an automatic change in the loan parameters, for instance, reduced loan amount or a different interest rate on the loaned amount.

Quality Check

Quality check of the loan application process is very critical since lending is highly regulated. The loan application is then sent to the Quality Control Team to analyze critical variables of the loan against internal and external regulations on loans. This is often the last step of the application process before funding is approved.

Loan funding

Once the loan documents are signed by both the borrower and the lender, funds are released shortly after. Nevertheless, business loans, loans on properties, and second mortgage loans may comparatively take more time to be approved due to legal and compliance reasons.

Essential Elements of a Loan Application Letter

Now that you have already understood the complex loan application process, it is important that you know the critical points to include in your loan request letter to convince your lender to give you a business loan.

Here is how to effectively write a loan application letter:

Header and greetings

The first and most important element of your business or personal loan application letter should be a header and an appropriate greeting.

In your header, include the following details:

  • Your business names
  • The physical address of your business
  • Business telephone and cell phone numbers
  • Lender’s contact details
  • Lender’s or Loan Agent’s Name and Title
  • A subject line stating the loan amount you are requesting for.

Once you have written your header, include a friendly but professional greeting to start off your loan application letter in a cordial tone.

Business Loan Request Summary

The body of your business or personal loan request letter should start with a brief summary of your loan request amount, why you need the loan, your basic business information, and why you are an ideal risk investment for the lender. This section should be brief and concise. Only include the relevant information to capture your loan agent’s interest and keep them reading the body of your loan application letter.

Basic Details about your Business

Ideally, this is the third paragraph of your loan application letter. Use a few short and concise sentences to give a clear outline of your business.

Be sure to include the details below:

  • The legal name of your business and any DBA that your business uses
  • Your business structure- if it is a corporation- partnership, individually owned, etc.
  • A summary of what your business does.
  • How long your business has been operational
  • Total number of employees
  • A brief description of your current annual revenue

Once you have provided your basic business information, it is time to write the meat of your business loan request letter- clearly explaining why you need the business loan and how you intend to recuperate the investment.

The purpose of the business loan

In the fourth paragraph of your loan application letter, explain succinctly how you will use the business loan. Additionally, tell the lender why your intended use of the business loan will be a wise business investment.

While detailing this section, be as specific as possible and demonstrate to the lender that you have carefully considered the kind of revenue generation this new debt will accomplish for your business. for instance, don’t just say that you intend to use the loan for working capital. Rather, say that you plan to increase your inventory by 45% or that you need to increase your Human Resources to 4 to generate more income by 6%.

In the same paragraph, inform the lender exactly how the loaned amount will help generate more profits necessary to cover repayment plus the interest accumulated on loan.

Proof that you’ll be able to fully repay the loan

In this section, you need to demonstrate to the lender that you can pay back the loaned amount together with interest as per the agreed repayment period. You will want to use any figures from your latest income statements or balance sheets to prove your business is financially healthy and that it is a low-risk investment decision for your lender. In case you have other existing debts, be sure to mention them and include a business debt schedule if possible. If your business is profitable, highlight that in your letter since it something that most lenders pretty much look for in successful loan applicants.

In addition to that, consider including specific cash flow projections to demonstrate to your lender how you plan to fit repayment of the loaned amount plus interest into your budget.

Sample: Loan Application Letter

Sample 1: business loan application letter.

Samira Mitchell,

Mitchell Face Masks Limited,

4680 Forest Road

939, New York.

January 17, 2021

Mr. Wesley Kingston

Guarantor Trust Bank

679, New York State

Ref: Loan Request for $10,000

Exactly two years ago, I started my small face mask vending business in our local market. Over the last two years, my business has picked up really well to an extent where I need to expand to a bigger face mask vending company.

It is for this reason that I am writing this letter. I am confident that there is a great market niche for face masks, especially due to the current worldwide Novel Covid-19 Pandemic. Thus far, I have had many repeat customers, new customer links through referrals, and my client base has grown rapidly. Generally, there is an increase in demand for my products; therefore, I am requesting for a loan amounting to $10,000 to be able to supply more and satisfy all my clients.

This money, along with the amount that I have saved up from my profits, will enable me to lease a large, modern storefront and to import supplies that will help me launch my business plan.

I have attached my business plan, my latest business balance sheets, current business schedules, as well as my credit history statements for your perusal and review. If you have any questions or need any further clarifications, please contact me directly on (111) 345 679 or email me at Mitchel.facemasksltd.co.ke. Thank you for your consideration.

Samira Mitchel.

Sample 2: Personal Loan Application Letter

Dear Michael,

It is common for everyone to face difficult situations and bitter realities in life. I am currently facing a situation where everything seems bleak, and there seems to be no way out of this difficult situation. I am in debt, and I need to pay at least 30% of my house’s mortgage will be taken over by the bank, and I am currently ailing and weak, I’ll not be able to survive such a nervewrecking situation.

The only way I can avoid such a fate is by paying the full amount that is needed by the bank. I can be able to do so if I am allowed to take out a loan from the office, which is a privilege that the company has granted to all the employees. I would be thankful if the company allows me to borrow the money against my monthly pay.

Mr Brandon Brown

Do’s and Don’ts of Writing a Loan Request Letter

A loan application letter may increase or break your chances of receiving funding from any lending institution. This is because it is the first thing that lenders look for in the underwriting process when you submit an application. That said, you must know the dos and don’ts of writing a winning loan request letter to help you receive the funding that you really need.

  • Check your personal and business credit scores before sending a loan request letter and take the necessary steps to improve them.
  • Have all your financial statements ready, including cash flow statements, business balance sheets, P$L statements, etc
  • Make sure to submit all your relevant credentials along with your loan application request letter.
  • Always provide the correct and factual information to avoid fraudulent consequences.
  • Don’t make your letter too long and unnecessarily wordy
  • Don’t use an informal format while writing the loan application letter. Instead, follow the proper rules on writing formal letters
  • Don’t include any false information in your loan request letter- be it your business’s current financial health, assets, and liabilities that may be used as collateral damage in case you default payment or why you need the money.

Things to Remember When Writing a Loan Application Letter

Generally, you should always consider the following essential tips if you want to write a winning loan application letter:

  • The loan application letter is a formal document. Therefore, observe the proper rules of writing a formal letter.
  • Clearly state your intent to borrow a given amount of money
  • Provide a vivid but brief description of why you need the money. Your explanation should be concise, genuine, and transparent. While at it, explain how you plan to use the loaned amount and be very sincere about it.
  • Explain why your business is a low-risk investment decision for the lender.
  • Enumerate your assets and liabilities
  • Include the time, date, manner, and method that you will use to make your payment.

Free Loan Application Letter Templates

Are you looking to get some financing for your business or personal emergency? Download our free, well-crafted Loan application letter templates to help you customize your loan request letter. Our Templates includes all the critical elements of a winning loan request letter that will successfully help convince your lender to grant you the funding you need. Download our templates today to help you get started!

Car-Loan-Application-Sample

Collateral is defined as something that helps secure a loan. Generally, based on the type of lending institution you pick, the lender will give you less than your pledged asset value. Lenders every so often quote an acceptable loan to value ratio, meaning that if you borrow against your house, for example, and it worth $400,000, you will be given a loan amounting to $380,000. Again, this depends on the bank.

The prepayment penalty is a fee that some lenders charge if you pay off all or part of your loan before the loan’s maturity date. These do not usually apply if you pay extra principal on your loaned amount in small amounts at a time. However, it is good that you counter check with your lender.

Every lender follows a different criterion to approve a business or personal loan. The application process depends on several factors; therefore, the time taken to receive funding in your account may take anywhere from a few minutes to several days. This depends on the type of institution you choose and the type of loan you are asking for.

Acquiring a loan is sometimes a necessity in one’s business or personal life.  Nonetheless, it is not always easy to get a loan as lenders are wary of granting loans due to loan repayment defaults and fraudulent borrowers. This article has provided you with great insight on loan application letters, the loan application process, essential tips for writing a winning loan application letter, and the dos and don’ts of writing a convincing loan request letter. If you keep these things in mind every time you are thinking of applying for a loan, you are sure to get the funds you need to ensure the smooth running of your business and sort any personal emergency that may come your way.

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Table of contents

What is an employee loan application letter, when you need  loan application letter, what to include in while writing this letter to organization, what are the terms and conditions for pre-writing considerations, 1. make header relevant, 2. mention the purpose or reason of the loan, 3. add basic information about the job, 4. assure borrowed repayment, 5. closing a personal loan application letter, loan application letter sample, personal loan application letter sample, wrapping up with bonus offer.

  • BLOG DETAILS

What HR & Employees Need to Know about Loan Application Letter?

  • personal loan application letter sample
  • 10 min read
  • October 5, 2023

Loan-Application-Letter

Need of money? Whenever it is required, the only way to adopt is to advance or loan! However, most companies provide loans to employees, when needed. As an employee, if you’re worried about asking for a loan, you need a perfect loan application letter and process for that.

If you are one who wants a loan and, doesn’t know how to ask or how to draft the letter loan application request then superworks provides a letter format for loan application, which makes the process easy and hassle-free.

So, don’t stress about it. Use personal loan application letter templates to confidently approach your employer and request financial help whenever needed.

Here’s what you need to know about writing an employee loan application letter, including when you need it, what information you need before writing it, examples to look at, what format to use, and a template to help you write your own.

Note: You can download directly from here and edit as per your need.

Employee-Loan-Application-Letter

A loan application letter for an employee is correspondence an employee writes and submits to the organization as part of the loan application process.

It basically includes,

Loan amount

Explanation of cause

Details about the repayment of the loan

Use of funds

Loan application letters are needed in two main situations:

1. You can consider the loan application letter to bank when you want to borrow money from a regular bank and want to show that your business is doing well.

2. You can consider the loan application letter to other organizations or your own organization for a personal loan.

In both cases, you need a perfect loan application letter to bank or organization. Whether you want loan from a third party or bank.

There are no strict rules while writing this HR document – an application letter for a loan. It’s up to the person who wants the loan to decide what to put in it while approaching. However, a usual loan application has these things:

Contact number

The reason why you need a loan

How much amount you want?

What you will use the money for?

Work history

The salary you are earning right now

Names of people who can say good things about you

Info about your job or business

A list of papers that prove what you said.

Terms And Conditions

Before approaching for the loan, you need to be ready! There are some terms and conditions, pre pre-writing considerations regarding loan application.

Before you start, do some homework about the loan you’re getting the loan from.

Consider multiple reasons why you are a good fit for a loan.

Also, think about what you want to tell them about your project.

Write down any questions you might have during the loan application process.

Check your credit score and know your rights as you are borrowing money.

Once you’ve done all that, look over everything you’ve written and then collect the papers regarding that. Make sure it makes sense to someone who hasn’t seen your notes or looked at your finances. If you’re applying for a big loan, you’ll usually need to write  loan application letter for that you need to collect sample letter for loan application from company like Superworks . But remember, just the letter alone might not be enough to get you the loan unless you have good credit so check it as well.

Remember these 2 things if you need the loan:

1. Check your personal and business credit scores for loans.

2. Get your financial records together, like your profit and loss statement. However, if you are applying to your company then consider your salary statement.

Read more: An Ultimate Guide Of Easy-To-Use Joining Letter Format For Employee

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How To Write Loan Application Letter?

How-To-Write-A-Loan-Application-Letter (1)

Knowing how to write a letter asking for a loan is important, as it helps to borrow money from the employer via HR. Whether you want from the organization or from outside, you can get the loan application letter sample from a good HR software provider and use it for your process.

Writing a loan request letter might seem a bit scary, but download it free or check these steps to write it.

The header is very important before writing this letter to your company for a personal loan, you should include these details.

You need to add the date, month, day, and year when you’re writing the loan application letter. Make sure the date is correct.

Your name is necessary of course. Add your full name, contact info & address . You need to include a mailing address with a work email, a zip code, and your phone number.

Mention the name of the organization or person, Usually, it is someone from the finance department, or higher authority, or a bank.

After you’ve mentioned everything on the header, you need to add the purpose of the loan. So for that, you need to make it clear and short how you’ll spend the money you want from the loan.

Use a tone like convincing when you explain why this is a smart move for your business or project.

To write a good personal loan application letter that’s clear, helpful, and convincing, start with a header and a friendly greeting.

Include these things:

Your address

The name of the person asking for a loan

How to contact you

A subject line with how much money you want

After you’ve talked about what you’ll do with the loan money, now give them a surety about the repayment. Use facts and good reasons to explain this. You can also mention the history of making smart money decisions to prove you’re responsible with your finances.

Explain your plan to repay the loan: You need to describe shortly what is your business or job and how you repay this. Include a timeline and back it up with things in your salary.

Show the proof of your money: Sometimes, you’ll need to give proof of your earnings. You need to submit evidence regarding your salary, bank statements, tax papers, etc. Things like bank statements or tax papers can help you prove you have other sources of money.

Make yourself seem trustworthy: To get a loan, you need the lender to trust you. You can do this by telling them about your job, showing some ID, and explaining why they can trust you.

It’s important to close the personal loan application letter with wise and grateful words. Be polite and professional to increase your chances of approval. You might even be able to talk about getting a lower interest rate in your loan request letter.

Loan-Application-Letter-Sample (1) (1)

Every company should take care of their employees as they provide a personal loan to them. In that case, there are several documents needed and an application letter is one of them. This problem can easily solved by a good HR management tools provider if you don’t want to make any application letter and all. You can directly approach the loan from one of the features of the HR & payroll software . We are here to solve all HR-related problems, so contact our expert to know more!

The main goal of sending a loan application letter to an employer is to formally request financial help for your required things. It serves to provide a clear and professional explanation of why the loan is needed & when you repay it.

To structure a loan application letter for an employer, begin with a polite greeting and introduction explaining the purpose of the letter. The body of the letter should detail the reason for the loan, specify the desired loan amount, and propose a repayment plan.

You can download this letter from the Superworks website, by getting the HR toolkit access free. You just need to fill out the form and get the document for free.

Written By :

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Alpesh Vaghasiya

The founder & CEO of Superworks, I'm on a mission to help small and medium-sized companies to grow to the next level of accomplishments. With a distinctive knowledge of authentic strategies and team-leading skills, my mission has always been to grow businesses digitally. The core mission of Superworks is Connecting people, Optimizing the process, Enhancing performance.

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Use this sample loan application letter as a template for your formal application letter. ​ ​ last updated on june 22, 2023.

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  • A clear understanding of the current marketplace including how the business attracts customers and their daily or monthly sales numbers
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How to get preapproved for a mortgage in 3 steps

Preapproval is the first step to buying a house.

When you’re ready to get serious about buying a house, the first step is to get preapproved for a mortgage. Preapproval shows you your home buying budget, interest rate, and future mortgage payment. And it tells real estate agents and Realtors you’re a serious buyer.

In today’s housing market, it’s crucial to get preapproved before you try to make an offer on a home or even start house hunting. Here’s how to get preapproved for a mortgage in just a few steps.

In this article (Skip to…)

  • What is preapproval?
  • How to get preapproved
  • When to get preapproved
  • Preapproval vs prequalification
  • Denial after pre-approval
  • Common mistakes
  • Preapproval FAQ
  • Begin your preapproval

What is mortgage preapproval?

Mortgage preapproval is the first stage in the home loan process. You’ll fill out a short application to make sure you’re eligible to buy a house. Preapproval is important because it shows a lender will approve you for financing — meaning home sellers can trust your offer. It also shows the maximum loan amount for which you’re likely to be approved.

In addition to establishing your home buying budget, your preapproval shows the specific interest rate and loan terms you can expect.

To get preapproved, lenders assess your full financial situation, including your credit and income. That means you’ll have to provide financial documents like bank statements and tax forms verifying your cash flow. Once approved, the lender will issue a preapproval letter that shows home sellers and real estate agents you’re a qualified buyer.

How to get preapproved for a mortgage

The preapproval process varies a little from lender to lender. But it generally involves a short loan application, a credit check, and various forms of documentation. Many mortgage lenders let you complete the whole preapproval process online. But if you want, you could also do it over the phone or in person.

Step 1: Gather your documents

Your lender will require documentation to support the information in your loan application. This is what makes getting preapproved different from getting prequalified. Typically, your lender will require the following documents for mortgage preapproval:

  • Identifying documents such as a valid driver’s license or photo ID
  • Last two years’ W-2s and/or 1099s
  • Last two years’ tax returns
  • Profit & Loss statement if self-employed
  • Pay stubs for the last 30 days, if applicable
  • Statements from bank accounts, retirement accounts, and other asset accounts from the most recent two months
  • Divorce decree or separation agreement, if applicable
  • Contact information for your landlord(s) for the last two years, if you’re a first-time home buyer. If you are currently a homeowner, your housing payment history will show up on your credit report

To speed up the preapproval process, it helps to have these documents in hand before you get started. Some lenders can pull documents directly from your employer and bank, but not all. Some can also verify your income with the IRS, with your consent.

Step 2: Complete a preapproval application

To get preapproved, you need to fill out a mortgage loan application. Most lenders let you complete the app online, over the phone, or in person. Online applications typically take 10-20 minutes to complete. The loan application, also known as Form 1003, asks for your personal information, Social Security number, financial information, and loan details.

After your application is completed, the lender will pull a three-bureau credit report known as a tri-merge. This report shows your credit scores and credit history from the major credit-reporting agencies: TransUnion, Equifax, and Experian.

Note, you can apply and get preapproved with any lender you wish. You can even get preapproved by more than one lender to find the best offer. Preapprovals are non-binding, and you’re free to switch lenders before taking out the loan.

Step 3: Wait for you lender to process the preapproval

Once you’ve filled out a preapproval application, turned in documents, and paid the application fee (if applicable), your work is done. The last step, underwriting, is up to your lender. It will verify your financials and check your credit to make sure you can afford the home you want to buy.

Most lenders use a universal automated underwriting system (AUS) to preapprove borrowers for home loans. This digital system lets lenders process preapprovals more quickly, so you don’t have to wait for a human underwriter to read through all those documents and approve or deny you.

By using automated underwriting, lenders can render near-instant preapproval decisions; some will preapprove you in as little as a few hours or within a day.

If approved, your lender will issue you a Loan Estimate within three business days. It will tell you whether you are preapproved and for how much. The document should also outline the type of mortgage, estimated interest rate, and estimated closing costs.

When to get preapproved for a mortgage

The ideal time to get preapproved is before you begin house hunting. The preapproval will tell you how much home you can truly afford, so you know you’re shopping in your price range. Plus, you need a preapproval letter in hand to make a serious offer on a house. So getting it done early on helps you move quickly when you’re ready to buy.

Your mortgage preapproval is typically good for 30 to 90 days ; check with your loan officer for specific details. You’ll likely have the option to update and extend your preapproval letter if your home search takes longer than expected.

“Some lenders will go a step further and can even get you fully underwritten at this time,” says Jon Meyer , The Mortgage Reports loan expert and licensed MLO. In this case, he says, “your letter is what we call an ‘advanced approval,’ where your offer needs no financing contingency.”

Preapproval vs. prequalification

Preapproval is different from mortgage prequalification . A preapproval letter gives you verified home buying power, whereas a prequalification letter estimates your home buying budget without verifying your eligibility. While you can get prequalified faster than you can get preapproved — because no documents are required — your estimated budget and rate might not be as accurate. And a prequalification letter won’t help you make an offer on a house.

While both processes help buyers understand how much house they can afford, prequalification is generally less desirable because it doesn’t verify income or pull FICO scores from the major credit bureaus. It simply relies on self-reported information. This results in fewer assurances that a buyer is qualified.

On the other hand, mortgage preapproval involves a more thorough verification of your finances. It shows that a buyer has taken the time to determine their loan eligibility, and that they are prepared to move forward quickly should a home seller accept their offer.

Can you get denied for a mortgage after being preapproved?

Yes, you can get denied for a mortgage loan even after being preapproved for it. There are a number of reasons this could happen. For example:

  • After preapproval, new negative information could appear in your credit history, dropping your score below the lender’s qualification guidelines
  • If you lost your job prior to closing on the loan, you’d likely be denied. That’s because the lender can no longer verify you’ll be able to make your monthly payments
  • Running up too much credit card debt before the loan closes could put your approval in jeopardy, too

Basically, anything that significantly impacts your financial picture between your preapproval and loan closing could change your mortgage eligibility.

Also, keep in mind that a preapproval typically happens prior to beginning your home search. As such, your new home must also be approved by the lender. For example, the loan amount can’t exceed the home’s appraised value. In addition, if you’re getting an FHA loan or a VA loan, the new home must meet government safety standards. The presence of lead paint in an older home, for example, could derail the home-buying journey.

Common mistakes during the preapproval process

Any changes to your mortgage application after getting preapproved could affect your eligibility, interest rate, or home buying budget. After getting preapproved for a mortgage, try to maintain the status quo until you close on the home. For example:

  • Keep the same job
  • Delay major purchases that could impact your credit or debt-to-income ratio
  • Protect your savings account
  • Gather documentation for any large deposits into your bank accounts

If you do have any major changes in any of these areas, be sure to contact your lender as soon as possible. Otherwise, by holding steady, you should be able to keep your mortgage preapproval intact and your home offer secure.

Mortgage preapproval FAQ

Most mortgage preapprovals require a hard pull on your credit, which can affect your credit score. But the impact is usually very small. According to myFICO, one hard inquiry will take less than five points off your FICO score. (For perspective, the full scoring range is 300-850.) And if you get multiple pre-approvals within 2-4 weeks of one another, they all count as a single hard inquiry — so your score will only be dinged once.

Mortgage preapproval letters are typically valid for anywhere from 30 to 90 days. However, a preapproval can be updated and extended if the lender re-checks your information. The preapproval letter serves as evidence that a lender has reviewed your credit and verified your income and assets.

Getting preapproved is similar to getting prequalified, except a preapproval requires all the information you provide to be documented. For preapproval, you typically have to complete a full mortgage application where your credit history, employment history, and monthly income will be examined. You will supply the lender with financial documentation like bank statements, pay stubs, tax returns, and W2s.

Preapproval is free with many lenders. However, some charge an application fee, with average fees ranging from $300-$400. These fees may be credited back toward your closing costs if you move forward with that lender. However, since preapproval does not tie you to a lender, we’d recommend starting out with one that offers a free preapproval. You can always choose a new lender later on if you find a lower mortgage rate.

The timeframe for getting preapproved varies by lender. Most lenders take one to three days. Banks and credit unions may take up to 30 days. For the fastest preapproval, look for a lender that specializes in digital loan applications.

You should get preapproved before you start house hunting; the earlier, the better. Many lenders recommend getting preapproved 3-6 months before you plan to buy a home. If you foresee roadblocks for your loan (like having to improve your credit score or pay off debts), you may want to get your first preapproval up to a year prior to your home purchase. That should give you enough time to clean up your credit report and increase your down payment.

Preapproval letters vary from lender to lender. They typically include the purchase price, loan program, interest rate, origination fees, loan amount, down payment amount, expiration date, and the property address. The letter is typically submitted with your offer to buy a new home.

If you need to switch loan programs after getting preapproved — from a conventional to an FHA loan, for example — you’ll likely need to start the preapproval process all over again with a new loan application. Doing this would likely delay your closing and change the interest rate and terms of your loan.

A seller’s real estate agent may not want to show a home unless you have a preapproval letter. Your own agent would likely show the property; however, most real estate agents prefer working with home buyers who have been preapproved. The preapproval letter proves you’re a serious buyer and borrower.

Yes. Mortgage underwriting depends, in part, on your other monthly debts as measured by your debt-to-income ratio. Credit cards, auto loans, student loans, and other personal loans will factor into your DTI. If your ratio is too high, lenders may not be able to approve you. After getting preapproved, avoid applying for other loans or increasing your credit card balances before the home closes.

Start the preapproval process

If you’re ready to start house hunting — or even considering it in the near future — it’s time to start the mortgage process by getting preapproved for a home loan. The approval process will help lock in your borrowing power and give you an advantage in a competitive housing market. It’ll also turn up relevant issues, like a low credit score, that you might fix before beginning your homeownership journey.

Craig Berry

All Formats

13+ Loan Application Letter Templates

Thinking of asking for a loan? Opening up a business and need the extra money to kick your idea into existence? Loan applications form are a standard piece of document that is significant when asking for a sample loan , and in this website, we provide you with ample of application letter templates for loan to choose from and use.

short loan application letter

Business Loan Application Letter Template

business loan application letter template

Car Loan Application Letter Template

car loan application letter template

Personal Loan Application Letter Template

personal loan application letter template

Loan Forgiveness Application Letter Template

loan forgiveness application letter template

Calamity Loan Application Letter Template

calamity loan application letter template

Sample Loan Application Letter Template

loan application letter template

Loan Application Letter Templates

simple loan application letter template

What Is a Loan?

How to fill out a loan application, employee loan application letter template.

employee loan application letter template

Medical Loan Application Letter Template

medical loan application letter template

Basic Loan Application Letter Template

basic loan application letter template

Bank Loan Application Letter Template

bank loan application letter template

Tips before Filling for a Loan

  • Why do I need the loan for?
  • How will it help my business?
  • How will I spend it?
  • Who will manage the loan?
  • Start by filling up the basics, such as the type of business, the name, contact numbers, and the legal structures.
  • Typically after the application, there will an agreement concerning fees associated with the loan. These should be discussed personally with the lender.
  • Be sure to double-check that every question is filled. If anything is amiss, the application might end up with the underwriter and may be delayed.
  • Be sure to bring plenty of back up documents when meeting personally the lender. These documents include a resume, a credit report templates, past tax returns, the business plan templates, and balance sheets .
  • Do not be afraid to include too much information so that there would be an assurance of confidence from you lender that it is strictly business and is legitimate.

More in Letters

Loan requisition letter, loan application letter template, simple loan application letter template, loan application letter to employer template, loan application letter for school fees template, loan application letter to bank manager template, loan application letter for house rent template, loan application letter from employee template.

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Word & Excel Templates

Printable Word and Excel Templates

Loan application letter

Loan Application Letter

Applying for the loan requires you to provide a lot of documentation. Some organizations ask you to fill out the loan application form, while in some cases, you have to write a loan application letter to the institute to apply for the loan.

The loan application letter allows you to add all the details that you are required to provide. The letter is written to the loan manager of the company, and he then decides whether he should accept the application or not. The letter should include the personal information of the applicant, and since it is a formal letter, it should be written to the point by avoiding unnecessary details. The lender should follow a standard format while writing the loan application letter. The loan manager should be told about the intended use of the money.

The first paragraph of the letter should state the reason for lending the money. It should be assured in the letter that you will not use this money for any illegal purpose. The date on which the applicant will return the borrowed money should be mentioned in the letter.

You should also include information about you in the letter that can make the reader feel that you are a trustworthy person. Here is a sample letter that can help you learn about the structure and format of the letter.

Loan application letter:

Dear [Recipient’s Name],

It is stated that I am writing this letter to request a loan from the finance office of your company because of some of my very peculiar and essential needs. My mother is seriously ill, and I must get her treated at the hospital, for which I need money. Please accept my loan application and sanction me $2000. I assure you that I will return you the loan from the deductions of my gross salary.

I will be highly grateful for this favor of yours.

I am looking forward to your reply.

[Your Name]

Preview and Details of Template

File:  Word  ( .doc ) 2003 + and  iPad  Size: 31 KB

More options

I am writing this letter to get a loan from your bank branch situated in New Jersey. Currently, I am working as a sales executive for ABC Organization and need a $10,000 loan. I am in utmost need of this amount as I have to meet the surgery expenses of my father. I have gone through all the requirements related to the loan process and have enclosed the necessary documents along with this email. Please let me know what other documents I need to send you, and you can call me at any time for further queries. I hope you will give a positive response to my request.

This application is a request to ask for a loan from your organization. I am Christiana Roseland, and I am currently running a bakery in New Jersey. I am planning to open a new branch according to the rising demand of people. For this purpose, I need $70,000/- and I will return the amount in installments. I have thoroughly read the rules and policies for the loan process and hopefully, I will return the entire amount within the given time period and the financial pronouncement has been affixed with this application. Waiting to get positive feedback from you.

This letter is a request for a loan application to construct a house. I am the managing director at ABC Company, and my monthly salary is not adequate to meet the construction expenses. I will return the due amount according to the company’s rules and policies and will not let you be disappointed. I contacted the admin office to find out the details, and Mr. Jackson has provided me with all the information. If you need additional information, you can ask me at any time. Thank you for taking my request into account.

Dear Madam, I, Darcy Louis, work in the security office of your company. I live in Valley Stream and travel two hours daily to come to the office. I do not have a personal vehicle, and sometimes it creates a lot of difficulties, and I often arrive late to the workplace. I want to apply for a loan because I have to buy a motorcycle. I need $10,000 in this regard. I have chosen a six-month installment plan, and 20% of my salary will be deducted each month. I request that you accept my loan application. I will be grateful to you. Thanking in anticipation.

Dear Sir, I am Dorothy John, and I live in Toronto. I am running a branch of ABC School. The strength of students is increasing with each session, and it is becoming difficult to adjust to the large number of students in a limited space. Therefore, I need to open a new branch adjacent to the current school and construct a new building, but I do not have enough money. I learned about your loan policy and want to apply for it. I have attached the needed documents along with the application. I am hoping to hear a quick response from you.

I am Julia Hughes, and I am writing this message to ask for a loan from your bank. I have an account in your Brooklyn branch, and my account number is [#]. I have a small business marketing in Brooklyn, and I intend to open a new branch in the Netherlands. Hence, it can be a source of ease for hundreds of people. The savings I have and the loan I am asking for will be of great help in expanding my business. Kindly send me an email detailing all the formalities for the loan process. I would like to ask you to send me a confirmation message so I may visit your branch on an immediate basis.

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  • Acknowledgment Letter of Professor for Capable Student
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RequestLetters

Sample Loan Request Letter To Employer

Key takeaways.

  • Purpose : Understand how to write an effective loan request letter to your employer.
  • Structure : Learn the essential components of the letter.
  • Tone : Discover the appropriate tone and language to use.
  • Examples : Access template examples for different scenarios.
  • Submission : Get tips on how to submit your request professionally.
  • Response Handling : Know how to respond to employer feedback or queries.

When facing financial challenges, seeking a loan from your employer can be a viable option. This guide provides a step-by-step approach to crafting a compelling loan request letter to your employer, along with templates to ease the process.

Understanding the Purpose of Your Loan Request Letter

1. Clarification of Intent : A loan request letter is a formal way to ask your employer for a financial loan. It’s crucial to clearly state the purpose of the loan and your reasons for not seeking it through traditional financial institutions.

2. Professionalism : This letter is a reflection of your professionalism. Ensure it’s well-written, polite, and concise.

professional-looking office desk with a well-organized stack of papers on one side. At the top of the stack, there's a letter for loan request

Components of a Successful Loan Request Letter

  • Introduction : Briefly introduce yourself and your role in the company.
  • Purpose of the Loan : Clearly state why you need the loan.
  • Loan Amount and Repayment Plan : Specify the amount needed and propose a repayment plan.
  • Gratitude and Acknowledgment : Express gratitude and acknowledge the employer’s discretion in the matter.

Crafting the Letter

Tone and language.

  • Polite and Respectful : Always maintain a polite tone.
  • Clarity : Be clear and precise about your financial need and repayment plan.

Real-Life Example

Consider a scenario where an employee needs a loan for medical expenses. The letter should empathetically detail the situation, the amount needed, and a realistic repayment plan.

Templates for Different Situations

1. medical emergency loan request.

[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date]

[Employer’s Name] [Company’s Name] [Company’s Address] [City, State, Zip Code]

Subject: Request for Emergency Loan Due to Medical Situation

Dear [Employer’s Name],

I am writing to request a short-term loan from [Company’s Name] due to an unforeseen medical emergency that I am currently facing. As an employee of [Company’s Name] for [Number of Years/Months], I have always found immense support in our organization’s values and culture, and it is in this spirit that I reach out to you today.

Unfortunately, I am dealing with [Brief Description of Medical Emergency], which requires immediate medical attention. The cost of the necessary treatment, which includes [List of Major Medical Expenses such as surgery, hospitalization, medication], is beyond my current financial capacity. After exploring other financial options, I find myself in a position where seeking assistance from my employer is the most viable solution.

I am respectfully requesting a loan of [Specify Loan Amount] to cover these urgent medical expenses. I understand the implications of such a request and propose a repayment plan of [Specify Repayment Terms], starting from [Proposed Start Date of Repayment]. I am open to discussing and adjusting these terms based on what is feasible for the company.

Please understand that this request is made out of genuine necessity, and I have every intention of adhering to the proposed repayment plan. I am happy to provide any necessary documentation or medical records to validate this emergency, should it be required.

I appreciate your understanding and prompt consideration of this request. Thank you for your time and support in this challenging time. I look forward to discussing this matter further at your earliest convenience.

[Your Name] [Your Position]

2. Educational Loan Request

Subject: Request for Loan for Educational Purposes

I am writing to you with a request for a loan to support my educational aspirations, which I believe will also contribute to my professional growth and, in turn, benefit [Company’s Name]. As an employee of [Company’s Name] for [Number of Years/Months], I have greatly appreciated the opportunities for personal and professional development that the company provides.

Currently, I have the opportunity to [briefly explain the educational opportunity, such as pursuing a degree, certificate, or specific course]. However, the cost associated with this educational venture, including [list major expenses like tuition, books, and any other significant costs], is quite substantial and goes beyond my current financial means.

Therefore, I am seeking a loan of [Specify Loan Amount] from [Company’s Name] to cover these educational expenses. I propose a repayment plan over [Specify Repayment Period], beginning [Proposed Start Date of Repayment]. I am, of course, open to any adjustments to this plan that would align with the company’s policies and capabilities.

The knowledge and skills I aim to acquire through this educational program are directly relevant to my role at [Company’s Name] and will enhance my contributions to our team and projects. [Optionally, you can add specific skills or knowledge areas you expect to improve and how they relate to your job].

I assure you of my commitment to maintaining my performance at work while pursuing this educational program. I am also willing to provide any documentation related to the educational course or institution, if required.

I am grateful for your consideration of my request and look forward to a positive response. Your support would not only aid in my personal and professional development but also bring value to our team and company.

Thank you for considering my request. I am available to discuss this further at your earliest convenience.

3. Educational Loan Request

Note : Customize these templates to fit your specific situation.

Submission Tips

  • Direct Approach : Submit your letter directly to your immediate supervisor or the HR department.
  • Confidentiality : Request discretion in handling your loan application.

Handling Employer Response

  • Prepare for Questions : Be ready to answer any follow-up questions about your loan request.
  • Plan B : Have an alternative plan in case your request is not approved.

Tips for Writing an Effective Loan Request Letter

  • Personalize Your Letter : Avoid generic phrases. Tailor the letter to your situation.
  • Proofread : Ensure there are no grammatical errors.
  • Be Honest : Clearly state your financial situation and need for the loan.

Frequently Asked Questions (FAQs)

A professional office setting with a person sitting at a desk, writing a letter on a laptop.

Q: Can you share your experience of writing a request letter for work from home due to childcare responsibilities?

Answer: Certainly! I recently had to write a request letter for work from home due to childcare responsibilities, and it was quite an important and challenging task. Here’s my experience and some common questions about it.

Q: What should be the first thing to include in the request letter to make it effective?

Answer: The opening of the letter is crucial. I began by addressing it to my immediate supervisor or manager, expressing my gratitude for the opportunity to discuss this matter, and being clear about the purpose of the letter right from the start.

Q: How did you explain your childcare situation in the letter?

Answer: I made sure to provide a detailed explanation of my childcare situation. I mentioned the age of my child, their specific needs, and why working from home would be a viable solution. Sharing the challenges I faced in balancing work and childcare was important to help my employer understand the necessity.

Q: Did you include any supporting documents with your request letter?

Answer: Yes, I attached relevant supporting documents. This included a schedule or plan for childcare during my work hours at home, any official documents related to my child’s care, and information about how I planned to maintain productivity while working remotely.

Q: How did you address potential concerns from your employer regarding productivity?

Answer: I proactively addressed this concern by outlining how I would maintain productivity while working from home. I mentioned my commitment to meeting deadlines, staying accessible during work hours, and using tools or software for remote collaboration.

Q: Were there any legal aspects or company policies you had to consider in your request letter?

Answer: Yes, it’s important to mention any relevant company policies or legal regulations related to remote work and childcare. I briefly referenced our company’s remote work policy and mentioned my willingness to comply with all guidelines and expectations.

Q: Did you propose a trial period for the work-from-home arrangement?

Answer: Yes, I suggested a trial period to show my employer that I was open to evaluation and adjustment if necessary. This helped ease any concerns my employer might have had about the permanent nature of the request.

Q: How did you conclude the request letter?

Answer: I ended the letter on a positive note by expressing my appreciation for their consideration of my request. I also offered to discuss the matter further in person or through a virtual meeting to address any questions or concerns they might have.

Q: Did you follow up after sending the request letter?

Answer: Yes, it’s important to follow up on the letter. I waited a few days and then scheduled a meeting with my supervisor to discuss the request in more detail and answer any additional questions they might have had. This proactive approach helped expedite the decision-making process.

Writing a request letter for work from home due to childcare can be a challenging but necessary step, especially in today’s evolving work environment. Tailoring it to your unique situation and addressing potential concerns can increase your chances of a positive outcome.

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Best Small Personal Loans in 2024

A small personal loan can fill an income gap or help you through a financial emergency. Compare small loan options and borrowing alternatives.

Annie Millerbernd

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

A small personal loan can help you bridge an income gap or cover an emergency, such as a car repair. Even if you urgently need cash, it’s useful to compare financing options before getting a loan because you may find a cheaper one.

Learn where to get a small loan, how to compare lenders and which alternatives to explore. These lenders offer small personal loans with starting amounts from $250 to $2,000:

Navy Federal : Loans starting at $250.

Oportun : Loans starting at $300.

First Tech : Loans starting at $500.

LendingClub : Loans starting at $1,000.

Upgrade : Loans starting at $1,000.

Upstart : Loans starting at $1,000.

Universal Credit : Loans starting at $1,000.

OneMain : Loans starting at $1,500.

Best Egg : Loans starting at $2,000.

LendingPoint : Loans starting at $2,000.

Prosper : Loans starting at $2,000.

  • 20+ years of combined experience covering personal loans and financial topics.
  • Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
  • Governed by NerdWallet's strict guidelines for editorial integrity .
  • 35+ personal loans reviewed and rated by our team of experts.

New year, new finances – achieve your goals with a loan

A personal loan can help you turn your resolutions into reality. Just answer a few questions to get personalized rate estimates from multiple lenders.

Our pick for

Small loans starting at $250

Navy federal credit union personal loan.

7.49-18.00%

$250-$50,000

Small loans starting at $300

29.00-35.95%

$300-$10,000

Small loans starting at $500

First tech credit union personal loan.

8.99-18.00%

$500-$50,000

Small loans starting at $1,000

Lendingclub.

9.57-35.99%

$1,000-$40,000

Upgrade

8.49-35.99%

$1,000-$50,000

6.40-35.99%

Universal Credit

11.69-35.99%

Small loans starting at $1,500

Onemain financial.

18.00-35.99%

$1,500-$20,000

Small loans starting at $2,000

8.99-35.99%

$2,000-$50,000

LendingPoint

7.99-35.99%

$2,000-$36,500

What is a small loan?

A small loan is generally a personal loan for less than $2,500. Repayment terms vary widely, but reputable lenders give you at least a few months to repay a small loan.

Annual percentage rates range from about 6% to 36%, with the lowest rates offered to borrowers with strong credit.

Pros and cons of small personal loans

Fast funding. Many lenders can fund a small personal loan the day you’re approved or the next day.

Lump sum. You get the funds from a personal loan all at once after approval. There’s no credit limit or draw period to remember.

Fixed payments. Personal loans have fixed interest rates that keep your monthly payment the same for the life of the loan.

No collateral. Most personal loans are unsecured, so collateral (like a house or car) isn’t required to borrow. If you don’t repay the loan, the lender can’t take your possessions, but your credit score will drop.

Approval based on credit and income. Approval depends on your creditworthiness and finances. Borrowers with thin credit histories, low scores or low incomes are usually offered higher rates, and some may not qualify.

High rates. Personal loan rates can be high compared to other borrowing options, especially for those with low credit scores and incomes.

Possible origination fees. Some lenders charge an origination fee of 1% to 10% of the loan amount, which is either taken from the loan amount before you receive the funds or added to the monthly payment. If a lender charges this fee, make sure the final loan amount is enough to cover your expense.

Where to get a small loan

Credit unions.

Many credit unions look beyond your credit score on a personal loan application and review information like your membership history. Credit union personal loan amounts can start below $1,000, and federally-chartered credit unions cap APRs at 18%.

Some federal credit unions also offer payday alternative loans . These are small loans of $200 to $2,000 with rates capped at 28%.

Online lenders

Online lenders can provide personal loans for as little as $1,000 or $2,000. Many online lenders let you pre-qualify to preview potential small loan offers, including the APR, repayment term and loan amount, without affecting your credit score.

Capital Good Fund is one of few online lenders with low rates and loans that can be less than $1,000. These loans are available in only a handful of states, though, and loan amounts vary by state.

Some large banks like U.S. Bank and Citibank offer personal loans with starting amounts of $1,000 or $2,000. Others, including Discover and Wells Fargo, have starting amounts of $2,500 or above. Banks typically prefer borrowers with good or excellent credit.

Some of the nation’s largest banks have introduced new small-dollar loans in recent years. Here are examples:

The U.S. Bank Simple Loan is offered in amounts from $100 to $1,000 and is repaid over three months. The loan’s fee is $6 for every $100 borrowed.

Bank of America’s Balance Assist provides loans from $100 to $500 and is repaid over three months. The loan carries a flat $5 fee.

The Wells Fargo Flex Loan is a short-term small loan that’s repaid in four monthly installments, according to the bank. Loans can be $250 with a $12 fee or $500 with a $20 fee.

Most banks require customers to have a bank account open for a few months before they can apply for a small loan.

How to compare small loans

Here are the most important features to compare when choosing a small loan.

APR: Annual percentage rate provides an apples-to-apples cost comparison for all loan types. The least expensive loan has the lowest APR.

Payments: Review your budget to see how much room you have to repay a loan. A personal loan calculator can show you what rate and repayment term you’d need to get an affordable monthly payment.

Terms: Some small loans have a repayment term of a few weeks or months, while others can be repaid over a year or more. A long repayment term means you’ll pay more in interest, so find a term that keeps payments low but helps you clear the debt quickly.

Requirements: Some lenders prefer borrowers with strong credit and income, while others accept lower credit scores. Review a lender’s borrowing requirements to determine your likelihood of qualifying.

Funding time: Loan approval and funding can take a couple of days or up to a week, depending on the lender and how smoothly the application process goes. If you need the funds fast, look for a lender that offers fast loans .

» MORE: How long does it take to get a personal loan?

How to get a small personal loan

Review your credit and debts. Before applying, check your credit report for opportunities to address any negative marks or unpaid debts. Also, calculate your debt-to-income ratio , which lenders use to see how much of a borrower’s income goes to other debts. 

Pre-qualify. Since pre-qualifying usually takes a few minutes and doesn’t affect your credit score, it’s a quick way to compare small loans.

Collect necessary documents . A loan application may require information like your Social Security number, W-2s and pay stubs. Gathering this information before you apply can speed up the loan application process .

Submit the application. This part may be done in person with local banks and credit unions, but many lenders have online applications. If you’re approved, expect funding within a day to a week. Applying will temporarily shave a few points off your credit score.

» GET STARTED: Check your personal loan rate on NerdWallet

How to qualify for a small loan with bad credit

If you have bad credit (a score of 629 or lower), you may still qualify for a small loan from a credit union or reputable online lender, but your rate could be on the high end of the lender’s range.

Here are some ways to improve your chances of qualifying :

Add a co-signer whose credit score or income is higher than yours. A co-signer won't have access to loan funds or information about your payments, but they will be on the hook if you fail to repay.

Get a joint personal loan with someone whose credit score or income is higher than yours. Co-borrowers share the responsibility for repayment and have equal access to the loan funds and payment information.

Choose a lender that offers secured personal loans . Most lenders let you use a savings account or vehicle as collateral.

How to spot a predatory small loan

A small loan from a predatory lender can damage your finances and trap you in a cycle of debt. Watch for these red flags when shopping for a small personal loan.

High interest rates: Reputable lenders cap APRs at 36%, the highest rate most consumer advocates say an affordable loan can have. Some high-interest lenders can charge triple-digit interest rates or high fees that make the loan difficult to repay.

Extra short repayment terms: Payday loans are so named because you repay them on your next payday — usually in two weeks or less. These loans require a balloon payment (all or most of the loan repaid at once) and may not give you enough time to pull the funds together.

» MORE: Alternatives to payday loans

Extra long repayment terms: Installment loans with long repayment terms are appealing because they have low monthly or bi-weekly payments, but some lenders draw out the repayment term for longer than you need in order to make more money on interest. An extra long repayment term, even on a small loan, could have you paying more than 50% of what you borrowed in interest.

Expensive refinancing options: Some high-interest installment lenders offer refinancing options that may lower your monthly payment, but because of their high rates, this option could keep you in debt for longer and cost you much more in interest.

No credit checks : A lender that approves you without checking your credit isn't trying to ensure that you can repay the loan and may even be betting that you can’t, which could lead you to borrow more money to pay off the first loan.

» MORE: How to spot a personal loan scam

Alternatives to small personal loans

NerdWallet recommends exhausting cheaper alternatives before getting a small loan, even if you need the money for an emergency. Consider these options first:

Form a lending circle with friends and family members you trust, or accept a loan from a family member .

Pick up a side gig to make extra money . Options range from selling clothes to walking dogs.

Seek assistance from local nonprofits, charities and religious organizations for help with things like bills, gas, groceries, food or clothes.

Borrow against your next paycheck with a cash advance app . These loans can be an affordable way to borrow a few hundred dollars, but advances are repaid on your next payday.

Use a “buy now, pay later” app to split the cost of a large purchase into smaller payments spread out over a few weeks or months.

Last updated on January 4, 2024

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

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Frequently asked questions

Some lenders have minimum credit score requirements as low as 560. If you're not sure whether you'd qualify, you can pre-qualify for a personal loan. Pre-qualifying won't hurt your credit score, and it allows you to see the rate and terms a lender may offer you.

Few major banks offer personal loans below $1,000. These two large banks offer small-dollar loans to existing customers:

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You can find small personal loans at banks, credit unions or online lenders. Some large banks provide small loans to existing customers. Credit union personal loans may have low starting amounts. Federal credit unions can also offer a specific type of small loan called a payday alternative loan. Online personal loans usually start at $1,000, but some lenders may offer smaller loans.

Home > Finance > Loans

How to Properly Write a Business Loan Request

Chloe Goodshore

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Have to submit a business loan request letter as part of your loan application? Not sure how to get started?

We don’t blame you. These kinds of letters aren’t as common as they used to be. While online lenders don’t usually ask for small-business loan requests, some traditional banks and credit unions still do. And if you apply for an SBA business loan (a loan backed by the US Small Business Administration), you’ll need a small-business loan request as part of your loan application package.

No matter which lender you’re applying with, this guide will help you write a strong business loan request letter―and to get the business loan you need.

How to write a business loan request letter

  • Start with the easy stuff
  • Write a brief summary
  • Add information about your business
  • Explain your financing needs
  • Discuss your repayment plan
  • Close the letter

1. Start with the easy stuff

Writing a loan request can feel overwhelming. After all, it’s not an everyday part of being a small-business owner. What do you say when applying for a bank loan? How do you write a business proposal for your loan application? What’s your lender even looking for in a business loan request letter?

That’s why we suggest starting your request writing process with the easy bits: formatting.

You’ll want to begin your business loan request with some pretty standardized formatting that includes your contact information, the date, your lender’s contact information, a subject line, and a greeting.

Typically, you’ll want to format the beginning of your small-business loan request roughly like this:

First and last name

Business’s name

Business’s phone number

Business’s address (this one is optional)

Lender name (or loan agent’s name and title, if you have one)

Contact information for your lender or loan agent

Subject line

Obviously you can simply plug in the relevant information for most of this. Easy peasy, right?

You’ll really only have to come up with your own subject line and greeting. But don’t overthink it. Something like this will work just fine for your subject line:

  • Re: [Your business’s name] business loan request for [loan amount]

Likewise, keep your greeting simple. “Dear [lender]” or “Dear [loan agent]” will do quite nicely.

Got all that? Then you’re ready to get into the actual loan request.

Small Business Loan Requirements Checklist

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2. Write a brief summary

Before you dive into the meat of your loan request, you should give a brief summary of your letter. Just write a short paragraph that says why you’re writing and what you want.

So you’ll probably want to include the following details:

  • Business name
  • Business industry
  • Desired loan amount
  • What you’ll use the loan for

No need to get fancy with this. You’re trying to condense the most important information into one or two sentences.

For example, your summary might look something like this:

  • I’m writing to request a [loan amount] loan for my small business in the [industry name] industry, [business name]. With this loan, [business name] would [describe your intended business loan use].

As you can see, you don’t need much detail here. You’re just giving the reader a quick overview of what’s to come.

And now that you’ve given them that preview, it’s time to get more in depth.

Remember, your lender isn’t here to grade your writing. Try to use good spelling, grammar, and punctuation―but don’t stress about crafting beautiful sentences.

3. Add information about your business

Your next section should add more detail about your business. You’ll want to include information like this:

  • Business’s legal name (if different than name used)
  • Business’s legal structure (LLC, partnership, S corp, sole proprietorship, etc.)
  • Business’s purpose
  • Business’s age (or date it began operating)
  • Annual revenue
  • Annual profit (if applicable)
  • Number of employees

Now, keep in mind that you’re not trying to give your reader an encyclopedic history of your business. Instead, you’re trying to show that you have a well-established business―one that’s solid enough to deserve a business loan. So focus on relevant details that show your business’s maturity.

You can keep this section as short as a few sentences or as long as a few (brief) paragraphs. Just make sure you leave plenty of room for the next two sections.

4. Explain your financing needs

After discussing your business, it’s time to explain why you need a bank loan.

That means you’ll want to offer some details about how you plan to use your business financing. For example, you can talk about the employees you plan to hire, the building you want to expand, or whatever else you intend to do with your term loan .

Take note, though, that you also need to explain why your loan request makes sense. Because your lender doesn’t really care that you want a loan―it cares whether or not it makes sense to lend to you. You need to convince your lender that you have a good plan for your loan―one that will make it easy to repay the money you borrow.

Try to answer questions like these as you write this section:

  • Why should your lender want to approve your loan application?
  • What happens to your business if you get your small-business loan?
  • What kind of growth will your business loan allow for?

Dig into your business plan and projections to find some good stats. Explain how hiring those additional employees will increase your revenue by a certain percentage or dollar amount. Break down how opening that add-on to your restaurant will allow you to seat a number of additional customers, and how much revenue you expect that to bring in.

The more specific you can get, the better. Because again, you’re trying to convince your lender that you’re borrowing as part of a thoughtful business plan ―not just because you want some cash.

And take your time with this part. In most cases, this section and the next one will form the meat of your business loan request letter. 

As a rule, you should keep your business loan request letter to one page.

5. Discuss your repayment plan

By this point, your lender should understand what your business does and why a loan would help it grow. Now you need to prove to your lender that you can repay your small-business loan.

This doesn’t mean you have to show precise calculations breaking down your desired interest rate and monthly payment. (After all, your bank probably hasn’t even committed to a specific interest rate yet.)

Instead, talk about things like your business’s past finances, other existing debts, and any projections can you offer.

So if you have a profitable business, point that out, and discuss how that will free up cash flow to repay your loan. Offer summaries of profit-and-loss statements that show your business has been growing. Tell your lender how you’ll pay off that existing loan within a few months, so they don’t need to worry about it interfering with repayment of your new term loan.

Put simply, this is your chance to convince your lender of your creditworthiness. Especially if you have a slightly low credit score or some other concern, you want to use this section to show that you will absolutely repay your loan.

6. Close the letter

Finally, you can add a few finishing touches.

Usually you should close with a short paragraph or two that refers the reader to any attached documents (like financial statements) and asks them to review your loan application.

You may also want to include a sentence expressing willingness to answer any questions―or just saying you’re looking forward to hearing back.

Then end things with your signature, list any enclosed documents, and you’re done!

Well, sort of.

At this point, we strongly recommend you print off your business loan request letter and read it―out loud, if possible. This will help you catch any errors. Because no, your lender isn’t a writing teacher, but you still want to make a good impression.

Plus, if you make typos on something like your business name or desired loan amount, that inaccuracy could lead to confusion from your lender―slowing down your loan approval process.

Once you’ve proofread your loan request letter, you’re ready to submit it to your lender. With any luck, your thoughtful letter will help convince your lender to give you that loan you want.

Loan proposal letter template

So how do all those steps look when you put them together? Something like this:

            First and last name

            Business’s name

            Business’s phone number

            Business’s address (this one is optional)

            Date

            Lender name (or loan agent’s name and title, if you have one)

            Contact information for your lender or loan agent

            Subject line

            Greeting

This first paragraph should summarize the rest of your letter. Keep it to just a couple sentences.

The next one to three paragraphs add more detail about your business. Include facts about its age, revenue, profit, employees, and other relevant information.

Then explain why you need financing and how you’ll use it to grow your business. This section can be a little longer (but remember your whole letter  should fit on one page).

Next, talk about how your business will repay your loan. You may want to mention how financial documents show your business’s financial health, for example.

Finally, close with a short paragraph or two that list any enclosed documents and invite the lender to consider your loan application.

Printed name

List of enclosed financial documents

That’s not so hard, is it? With this basic business loan request letter template, you can easily write your own personalized business loan proposal.

The takeaway

So there you have it―that’s how to properly write a business loan request.

Get your formatting right, include a short summary, talk about your business, explain your loan needs, prove you can repay your loan, and close things off. (And don’t forget to proofread.)

We believe in you. You can write this thing.

And good luck getting your loan application approved!

Don’t just tell your lender you can repay your business loan―make sure you can with our business loan calculator .

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Mid aged business man in suit holding reading business loan letter

  • Business Loans
  • Posted on December 12, 2022
  • Kortney Murray

A business loan application process often requires numerous documents, one of which is a request letter. This letter is a significant part of your application as it is written to request financial assistance from the financial institution.

In most loan application cases, the success of your application process hinges on your ability to craft a convincing and professional business loan request letter. However, to do this, you need to know what the letter entails, the necessary information to include, and, of course, how to write one. 

To help you with your application process, below we have compiled everything you need to know about writing a request letter for a business loan.

Loan document and agreement with pen for signing loan request letter

What Is A Business Loan Request Letter?

During your loan application process, whether you are getting a business loan for your beauty salon or trucking company, your lender or financial institution will request information from you. This information is to help the lender or institution trust you enough to know that you will be able to pay back their loan.

Many times, the request for this information comes in the form of a business loan request letter. A request letter is a formal letter or a document that is written to request anything from an official. It can be seen as a way of asking for a favor from officials.

In this case, a business loan request letter is a letter to the bank or lending institution that supports your business loan request. During the loan request review process, the bank underwriter will pay attention to the content of your business loan request letter to see if you deserve to get your loan approved.

In essence, your loan request letter is the difference between your loan being approved or refused. A loan request letter usually commits elements such as the loan amount requested, detailed planned use of money if disbursed, reasons why you think you should receive the funds, and a detailed description of how you plan to repay the loan.

The loan request letter is usually requested when asking for financial help in the form of a loan. This can be when you’re applying for a loan from a conventional financial institution or bank lender, or when you’re requesting a loan from the SBA ( Small Business Administration ).

In both cases, you are trying to demonstrate to the lender that your business can repay the borrowed amount, and you have a plan for using the loan when disbursed. Although loan request letters are usually a part of loan application processes, they do not necessarily need to be a part of every loan application process.

Some situations require loan letters, and some can do without them. Some situations that do not require loan request letters are:

  • Situations where you require a loan from specific lenders whose only concerns are your bank statement
  • Situations where you request a business line of credit and the only requirements are recent business financial statements
  • Situations where you request equipment financing and the equipment will be the collateral you need.

Regardless, writing a request letter for a business loan is an essential step to securing your loan. However, simply writing a letter is not enough. It is crucial to write an excellently detailed loan request letter that passes your message across quickly to the money lender.

What You Need To Know About Writing A Loan Request Letter

Many elements go into writing a loan request letter. These request letters are a form of well-documented proposal that accompanies other loan application documents, which is why they should convey specific information. When writing a loan request letter, your letter must have specific information. This information includes: 

1. Basic Business Information

Money lenders and financial institutions do not give out loans to businesses or individuals who walk up their doorsteps. They do not accept and disburse loans without knowing who the borrower is. A detailed business loan request letter should begin with a proper introduction that communicates the borrower’s basic personal and business details.

It is a great way to not only break the ice but also get the lender to be familiar with you and know you’re genuine. The basic business information should include the following:

  • Your address
  • Your business name
  • Your business address
  • Name of the money lender or loan agent
  • Contact information of the loan agent
  • Requested loan amount
  • Current business project
  • Current annual revenue
  • Turnover of the previous financial year
  • Current number of employees

These details tell the institution all they need to know about you, your financial needs, and your business. Needless to say, all information given should be legal and up-to-date.

2. Purpose Of The Loan

What is the loan for? How does the lender know you will use the loan for the right things? After offering the basic business information, it is essential to the money lender your plan for the loan when approved. Approving a loan to a business (especially small businesses) is a considerable risk for many financial institutions.

It would be best if you showed the institution that you plan to use the loan for the right things. When talking about the purpose of the loan, briefly tell the lender how you plan to use the business loan. Be concise and professional, yet offer enough details for total insight.

Be persuasive enough to help the lender see your vision and show them you have what it takes to use the loan properly.

3. Provide Repayment Assurance

Before money lenders approve business loss, they want to ensure they receive their money and interest at the due date. Without proper assurance, they will be skeptical and might refuse to approve the loan for disbursement. After drawing out the purpose of the loan you are requesting, it is essential to detail how you mean to repay the money on or before the duration of repayment. 

What are your plans to make back the money? How soon can you make money? Are there any risks that are expected? Still being persuasive yet professional, describe how you expect to pay the loan back. However, don’t just draw out a plan using words. Offer evidence to support your plan.

This will build your credibility and increase your chances of the loan being approved. Your evidence can include a business plan, personal finance and credit history (do you have bad credit? Here is all you need to know about getting a business loan with bad credit ), past business financial decisions and results, and any other relevant financial details.

As with any other letter, it is essential to close your business loan request letter. Your closing is your last chance in the letter to persuade the money lender to approve your application and agree on specific loan terms if possible. In the closing part, you can convey what approving the loan will mean to your business without sounding desperate.

Remain professional yet courteous at this point in your letter. The closing part of your business loan request letter is also an excellent opportunity to negotiate for specific terms, such as a certain interest rate or a longer repayment term. However, don’t just tender your requests.

Back them up with compelling reasons why the lender should take on these terms.

Laptop, small business and senior woman writing loan request letter

How To Write A Request Letter For A Business Loan

Now that you are familiar with the essential elements of a professional business loan request letter, it is essential to know how to write a convincing and successful request letter. Because your request letter plays an integral role in the success of your business loan application process, knowing the best way to write one is vital to your ability to win a loan.

Business loan request letters are usually about one page in length. However, they should be written professionally and in great detail.

1. Heading And Greeting

When writing a letter, it is a formality to have the heading and greeting first. The loan request letter is not left out. At the top of your business loan application letter, you are expected to leave a formal greeting and belief introduction of yourself. This is where the basic business information comes into play.

  • Begin by writing your name and contact information
  • Date the letter correctly (when the letter was written)
  • Include the name, title, and other important contact information of your loan agent
  • Include a subject line that states you are applying for a loan and the amount of loan you are applying for 
  • Include a formal greeting.

Below is an example of a format for the heading and greeting section of your letter:

[Company/Business Name]

[Business Address]

[Lender Name]

[Lender Title]

[Lender Institution Name]

[Subject]: 

Dear Mr/Miss/Ms./Mrs [Name],

At a glance, the heading and creating part of your letter will tell the lender what they need to know about your business and the type of loan you need.

2. Summary of Your Business Loan Request Letter

What do you need the loan for? The second step and the second element when writing a business loan request letter is to briefly tell your money lender what the purpose of your letter is, the type of loan you need, and the amount you want to borrow. The summary of your business loan request letter is usually only a few sentences short.

The length may vary from letter to letter as every request letter is unique. Regardless, it should be nothing more than a summary.

For example: 

I am writing this to request a [kind of loan] loan in the amount of [amount] for the purpose of [purpose]. 

This is straight to the point but immediately tells the lender what you need and why.

3. Basic Information About Your Business

Following the summary of your business loan request letter, it is essential to tell your lender all they need to know about your business. To do this, you will provide basic information about your company. Although lenders want to know as much as they can about you and your business, they do not have the time to read pages upon pages of all information about your company.

They spend so much time processing other loan applications that a long introduction can be a big turn-off. So, instead of an entire file on your business history, write out the following:

  • Your business’s recognized, registered, and legal name
  • Your business’s legal structure (is it a sole-proprietorship company , partnership, or limited liability company?)
  • Years of operation or how many years you have been in business for
  • A concise description about what your business does or operates in
  • Your company’s annual revenue and profit
  • Number of employees

4. Description Of The Purpose Of The Loan

After offering the basic introductions, you must tell your lender why you need the loan. In this section, explain to your lender how you plan on using the loan when it is approved. Give them a great but brief insight on the plan and show them you have mapped out the use of the finances every step of the way.

For example, don’t just say you need to buy more stock. Instead, state what stock(s) you need, how much they are, how much you plan to re-sell, and how much revenue you plan to make back from this.

5. Show Your Ability to Repay the Loan

Show the lenders that you are more than capable of repaying the loan given by including several documents that show your current financial ability. Highlight your credit history and present financial disposition using financial statements such as:

  • Summaries of up-to-date profit-and-loss or balance statements. This will show the lenders that your business is growing
  • Schedules to show repayment plan for other outstanding debt that your company might owe to other lenders
  • Future cash-flow projections . This will show your budget for the repayment terms and your ability to pay back.

6. Concluding Elements

As with any other kind of letter, you need to end your request letter with a concluding part. This concluding part should include several elements, such as:

  • A final paragraph that refers the lender back to your attached documents and financial statement
  • A paragraph persuading the lender to review your package
  • A sentence showing the lender that you anticipate speaking to them soon
  • Your signature
  • A list of all included documents.

Sample Of Business Loan Request Letter

ABC Crescent Street

Miami, FL 12345

Jan. 1, 2022

Jack Stephen

Senior Loan Officer

678 Spring Road

Florida, FL 67890

Re: Small business loan request for $350,000

Dear Mr. Stephen, 

I am writing this to request a small business loan of [input loan type] of $150,000 for the purpose of [input your purpose of the loan]. 123 Movers is a successful business that is well-established in the transportation and shipping industry. Our success is recounted on our official website [input website URL].

123 Movers started operation in April 2018 in one location with just [input number] workers and [input number] trucks. Serving local and international clients, we have grown consistently over three years and now have over [input number] with [input number] of trucks in our services. 

Last year, our annual revenue totaled $1.2 million—[input more information about the growth of the business]. To promote our growth, increase efficiency, and improve the quality of our services, we plan to hire more staff and expand into new market sectors.

We request a [input loan type] to continue our expansion efforts and supplement our growth as a business. [Input more reasons/purpose for the loan application]. A loan in the sum of $350,000 will enable us to [state how the loan will help your business in this paragraph]. 

Attached below, please find our recent financial statements and our business plan for your review. I have also attached other necessary documents [state documents] to highlight how strong our financial disposition is. With a credit score of [input credit score], we are confident in our ability to adhere to the necessary loan terms.

Thank you for reviewing our letter and the attached financial documents. I look forward to a favorable response from you at your convenience.

John Doe [signature]

John Doe, Owner

123 Movers.

Perfecting The Art Of Writing Business Loan Request Letters

Writing request letters for business loans can be an intimidating process, especially if you have no practice doing so.

However, all you need is a few trials, and you will undoubtedly master the art of writing business loan request letters like a pro. Request loan letters are essential in many loan application processes, which is exactly why you need to put your best foot forward while writing.

Optimize your letter by including the necessary documents, highlighting your best assets, and following the proper format mentioned above. Include a header and greeting, a concise description of your request, your business’s basic information, a description of the purpose of your loan application, your ability to repay the loan, and a proper concluding element.

Although mastering the art of writing business loan request letters is one of the many steps in making sound financial decisions for your business, the first step begins with finding a financial company dedicated to offering the solutions you need.  With relationships with over 150 different programs and an aim to maximize your business’s growth, we at Coastal Kapital offer innovative financial solutions to business owners with all credit types. 

From equipment leasing to merchant processing, collateral asset and real estate-backed funding, we have all you need to grow your business. Contact us at 866-670-7483 to discuss your financial options!

short loan application letter

short loan application letter

Create a form in Word that users can complete or print

In Word, you can create a form that others can fill out and save or print.  To do this, you will start with baseline content in a document, potentially via a form template.  Then you can add content controls for elements such as check boxes, text boxes, date pickers, and drop-down lists. Optionally, these content controls can be linked to database information.  Following are the recommended action steps in sequence.  

Show the Developer tab

In Word, be sure you have the Developer tab displayed in the ribbon.  (See how here:  Show the developer tab .)

Open a template or a blank document on which to base the form

You can start with a template or just start from scratch with a blank document.

Start with a form template

Go to File > New .

In the  Search for online templates  field, type  Forms or the kind of form you want. Then press Enter .

In the displayed results, right-click any item, then select  Create. 

Start with a blank document 

Select Blank document .

Add content to the form

Go to the  Developer  tab Controls section where you can choose controls to add to your document or form. Hover over any icon therein to see what control type it represents. The various control types are described below. You can set properties on a control once it has been inserted.

To delete a content control, right-click it, then select Remove content control  in the pop-up menu. 

Note:  You can print a form that was created via content controls. However, the boxes around the content controls will not print.

Insert a text control

The rich text content control enables users to format text (e.g., bold, italic) and type multiple paragraphs. To limit these capabilities, use the plain text content control . 

Click or tap where you want to insert the control.

Rich text control button

To learn about setting specific properties on these controls, see Set or change properties for content controls .

Insert a picture control

A picture control is most often used for templates, but you can also add a picture control to a form.

Picture control button

Insert a building block control

Use a building block control  when you want users to choose a specific block of text. These are helpful when you need to add different boilerplate text depending on the document's specific purpose. You can create rich text content controls for each version of the boilerplate text, and then use a building block control as the container for the rich text content controls.

building block gallery control

Select Developer and content controls for the building block.

Developer tab showing content controls

Insert a combo box or a drop-down list

In a combo box, users can select from a list of choices that you provide or they can type in their own information. In a drop-down list, users can only select from the list of choices.

combo box button

Select the content control, and then select Properties .

To create a list of choices, select Add under Drop-Down List Properties .

Type a choice in Display Name , such as Yes , No , or Maybe .

Repeat this step until all of the choices are in the drop-down list.

Fill in any other properties that you want.

Note:  If you select the Contents cannot be edited check box, users won’t be able to click a choice.

Insert a date picker

Click or tap where you want to insert the date picker control.

Date picker button

Insert a check box

Click or tap where you want to insert the check box control.

Check box button

Use the legacy form controls

Legacy form controls are for compatibility with older versions of Word and consist of legacy form and Active X controls.

Click or tap where you want to insert a legacy control.

Legacy control button

Select the Legacy Form control or Active X Control that you want to include.

Set or change properties for content controls

Each content control has properties that you can set or change. For example, the Date Picker control offers options for the format you want to use to display the date.

Select the content control that you want to change.

Go to Developer > Properties .

Controls Properties  button

Change the properties that you want.

Add protection to a form

If you want to limit how much others can edit or format a form, use the Restrict Editing command:

Open the form that you want to lock or protect.

Select Developer > Restrict Editing .

Restrict editing button

After selecting restrictions, select Yes, Start Enforcing Protection .

Restrict editing panel

Advanced Tip:

If you want to protect only parts of the document, separate the document into sections and only protect the sections you want.

To do this, choose Select Sections in the Restrict Editing panel. For more info on sections, see Insert a section break .

Sections selector on Resrict sections panel

If the developer tab isn't displayed in the ribbon, see Show the Developer tab .

Open a template or use a blank document

To create a form in Word that others can fill out, start with a template or document and add content controls. Content controls include things like check boxes, text boxes, and drop-down lists. If you’re familiar with databases, these content controls can even be linked to data.

Go to File > New from Template .

New from template option

In Search, type form .

Double-click the template you want to use.

Select File > Save As , and pick a location to save the form.

In Save As , type a file name and then select Save .

Start with a blank document

Go to File > New Document .

New document option

Go to File > Save As .

Go to Developer , and then choose the controls that you want to add to the document or form. To remove a content control, select the control and press Delete. You can set Options on controls once inserted. From Options, you can add entry and exit macros to run when users interact with the controls, as well as list items for combo boxes, .

Adding content controls to your form

In the document, click or tap where you want to add a content control.

On Developer , select Text Box , Check Box , or Combo Box .

Developer tab with content controls

To set specific properties for the control, select Options , and set .

Repeat steps 1 through 3 for each control that you want to add.

Set options

Options let you set common settings, as well as control specific settings. Select a control and then select Options to set up or make changes.

Set common properties.

Select Macro to Run on lets you choose a recorded or custom macro to run on Entry or Exit from the field.

Bookmark Set a unique name or bookmark for each control.

Calculate on exit This forces Word to run or refresh any calculations, such as total price when the user exits the field.

Add Help Text Give hints or instructions for each field.

OK Saves settings and exits the panel.

Cancel Forgets changes and exits the panel.

Set specific properties for a Text box

Type Select form Regular text, Number, Date, Current Date, Current Time, or Calculation.

Default text sets optional instructional text that's displayed in the text box before the user types in the field. Set Text box enabled to allow the user to enter text into the field.

Maximum length sets the length of text that a user can enter. The default is Unlimited .

Text format can set whether text automatically formats to Uppercase , Lowercase , First capital, or Title case .

Text box enabled Lets the user enter text into a field. If there is default text, user text replaces it.

Set specific properties for a Check box .

Default Value Choose between Not checked or checked as default.

Checkbox size Set a size Exactly or Auto to change size as needed.

Check box enabled Lets the user check or clear the text box.

Set specific properties for a Combo box

Drop-down item Type in strings for the list box items. Press + or Enter to add an item to the list.

Items in drop-down list Shows your current list. Select an item and use the up or down arrows to change the order, Press - to remove a selected item.

Drop-down enabled Lets the user open the combo box and make selections.

Protect the form

Go to Developer > Protect Form .

Protect form button on the Developer tab

Note:  To unprotect the form and continue editing, select Protect Form again.

Save and close the form.

Test the form (optional)

If you want, you can test the form before you distribute it.

Protect the form.

Reopen the form, fill it out as the user would, and then save a copy.

Creating fillable forms isn’t available in Word for the web.

You can create the form with the desktop version of Word with the instructions in Create a fillable form .

When you save the document and reopen it in Word for the web, you’ll see the changes you made.

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Get quick cash with the 4 best fast business loans, these lenders can fund your small business loan in as little as two days or less..

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When a financial emergency strikes, your business might need cash in a pinch. In such cases, it's crucial to find a small business lender that provides a speedy application process, favorable terms and quick funding.

CNBC Select compared over a dozen lenders to find the best business loans when you need access to cash in two days or less. (See our methodology for more information about how we chose the best fast small business loans.)

Best fast small business loans

  • Best for lower credit scores: OnDeck
  • Best for long-term loans : Funding Circle
  • Best for financing options: Credibly
  • Best for line of credit: Bluevine

Best for lower credit scores

Types of loans, better business bureau (bbb) rating.

Loan amounts

$5,000 to $250,000

Up to 24 months

Minimum credit score needed

Minimum requirements.

In business at least 1 year, $100,000 annual revenue, business bank account

Terms apply.

  • Potential for same-day cash disbursement (only available in certain states, for term loans up to $100,000)
  • Top-tier A+ rating with the BBB
  • Low minimum credit score
  • Fixed monthly payments
  • 100% Prepayment Benefit option, so you can pay your loan off early without any penalty or fee
  • Doesn't lend to businesses in Nevada, North Dakota or South Dakota
  • Early prepayment fee if you don't qualify for the 100% Prepayment Benefit

Who's this for? OnDeck offers term loans of $5,000 to $250,000 with repayment terms of up to 24 months. Its loans have a minimum 625 FICO credit score requirement, making it a more accessible option for those with lower credit scores.

Standout benefits: OnDeck advertises a quick application process that you can complete in a few minutes online. You can also check if you qualify for a loan without a hard credit pull . If your loan amount is $100,000 or less, you may qualify for same-day funding, depending on your state.

[ Jump to more details ]

Best for long-term loans

Funding circle.

$5,000 to $500,000

3 months to 10 years

In business at least 2 years, no bankruptcies within the last 7 years

  • No prepayment penalties
  • Funding in as little as 48 hours
  • You have to be in business at least 2 years to qualify

Who's this for? Funding Circle can be a good choice if your business needs a larger sum and more time to pay it off. You can borrow up to $500,000 and take up to seven years to repay the loan. This lender also stands out for not having a minimum revenue requirement.

Standout benefits: Funding Circle offers a quick application process and allows you to see if you qualify without a hard credit check. The lender can fund your loan in as quick as two days and charges no prepayment penalties.

Best for financing options

Long-term loans, working capital loans, business line of credit and merchant cash advance

$5,000 to $400,000

3–15 months

Must have been in business for at least six months and have average monthly revenue of at least $15,000

  • Offers multiple options for small business financing
  • Can get approved within four hours
  • Low minimum credit score requirement
  • Provides loan amounts of up to $400,000
  • Funds deposited as soon as the same business day
  • Considers overall business health as an approval criteria
  • Requires an average monthly revenue of at least $15,000

Who's this for? Credibly offers many options for those considering alternatives to traditional term loans, including working capital loans, merchant cash advances, long-term loans, business lines of credit and equipment financing. Depending on the type, you can borrow up to $400,000 and receive same-day funding.

Standout benefits: You can pre-qualify online with a soft credit pull and get approved in less than four hours. Additionally, certain products such as merchant cash advance and equipment financing may be available even if your credit needs some work.

Best for line of credit

Bluevine business line of credit, annual percentage rate (apr).

Starting at 6.20% APR

Up to $250,000

6 or 12 months

Credit needed

Early payoff penalty, maintenance fees.

5% of the missed repayment (minimum of $35)

  • Open to borrowers with fair credit (minimum 625 score)
  • High loan maximum
  • Quick funding
  • Option to pay monthly or weekly
  • Requires at least 24 months in business which may not suit newer businesses
  • Requires at least $40,000 in monthly revenue
  • Not available for all industries or in all states

Who's this for? A line of credit can give your business continuous access to a revolving line of capital when you need it. Bluevine offers credit lines of up to $250,000 and a quick application process. It considers applicants with credit scores as low as 625.

Standout benefits: Bluevine charges no fees for opening, maintaining, prepayment or account closure on its business lines of credit. When you request funds, you can get the money within hours of approval with the bank wire option.

More on our top fast business loans

OnDeck is an online small business lender that aims to provide fast and simple financing. Besides business term loans, the lender offers business lines of credit .

Eligibility requirements

At least one year in business, a 625 personal FICO score, $100,000 business annual revenue, a business checking account .

Repayment schedule

Daily or weekly

[ Return to summary ]

Funding Circle is a global online lender that works with small businesses. Besides business term loans, it also provides SBA 7(a) loans and business lines of credit.

$25,000 to $500,000

660 FICO score, two years in business, no personal bankruptcies within the last seven years, a business that doesn't operate in select industries such as speculative real estate, nonprofit organizations, weapons manufacturers, gambling businesses, marijuana dispensaries and pornography

Bi-weekly or monthly

Credibly is an online fintech lending platform specializing in financing solutions for small and medium-sized businesses. It focuses on the business's overall health when working with borrowers rather than strictly traditional financial factors.

Specific requirements may vary, but you'll generally need at least six months in business, a credit score of over 500 and an average monthly revenue of $15,000 or more.

Daily, weekly or monthly

Bluevine is a fintech company offering financial products for businesses, including business checking accounts, business loans and credit cards .

Credit lines up to $250,000

A 625 FICO score, at least 24 months in business, $40,000 in monthly revenue, a business operating or incorporated in an eligible U.S. state

Fixed monthly or weekly payments over six or 12 months for each draw

What is the quickest way to get a business loan?

The quickest way to get a business loan is to work with an online lender specializing in fast business loans — or loans that can get funded in two business days or less.

How fast can you get a small business loan?

You can get a fast small business loan funded within 24 to 48 hours of approval, depending on the lender.

Can I get a business loan with a 500 credit score?

It may be challenging to get approved for a business if you don't have good credit, but some lenders may be willing to work with borrowers with low credit scores

How long do you have to be in business to qualify for a loan?

Requirements vary by lender, but online lenders typically require borrowers to be in business for at least six months to two years.

Bottom line

A fast business loan can be a financial lifeline when your business needs quick access to funds. Still, even when you need financing urgently, take your time to compare offers from several lenders. Remember that most lenders can pre-qualify you with a soft credit pull, so you can view the terms without any impact on your credit.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every business loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business loan products . While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best fast business loans.

Our methodology

To determine which fast business loan lenders offer the best terms, CNBC Select analyzed over a dozen U.S. loans offered by both online and brick-and-mortar lenders. We narrowed down our rankings by only considering business loans that offer funding within one to two business days of approval.

We compared each small business loan on a range of features, including:

  • Minimum and maximum loan amounts
  • Length of term
  • Credit score needed
  • Application requirements
  • Streamlined application process
  • Fund disbursement
  • Customer support
  • Better Business Bureau rating
  • Customer reviews, when available

The rates and fee structures for small business loans are subject to change without notice, and they often fluctuate in accordance with the  prime rate . Your APR, monthly payment and loan amount depend on your credit history and creditworthiness.

To take out a small business loan, lenders will conduct a hard credit inquiry and request a full application, which could require both personal and business proof of income, identity verification, proof of address and more. You'll likely also need to put up collateral, which can include business equipment, real estate or personal assets.

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money , and follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

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  • CNBC’s best 0% APR credit cards of 2024 CNBC Select
  • The best free business checking accounts with no minimum balance requirements Jasmin Suknanan
  • Homeowner insurance rates skyrocketed in these states Liz Knueven

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IMAGES

  1. 16 Free Loan Application Letter Samples

    short loan application letter

  2. Application Letter Examples

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  3. Personal Loan Application Letter

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  4. 16 Free Loan Application Letter Samples

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  5. Formatting Loan Application Letter

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  6. Loan Request Letter Template

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COMMENTS

  1. 16 Loan Application Letter Samples

    An Application Letter for a Loan Officer is a formal document submitted by an individual to a bank or financial institution, expressing interest in obtaining a specific loan. This letter outlines the purpose of the loan, provides personal and financial information, and might also detail the applicant's creditworthiness and repayment strategy.

  2. 20 Best Loan Application Letter Samples (Guide and Format)

    A loan application letter is a formal letter written to a financial institution by a borrower requesting a loan, payable in a specified amount of time. The letter helps lenders get acquainted with the borrowers better to determine if they qualify for the loan based on the information provided or not.

  3. How to Write a Loan Application Letter (with Samples)

    A Loan application letter is a document that informs the financial lending institution of the amount of money you are asking for, a clear outline of what you intend to do with the money, and convinces the bank why you are a good investment risk.

  4. 22+ Sample Loan Application Letters

    The following examples of printable letters apply to loan purposes for COVID-19, small business template capital, personal loans, home loans, mortgage payment, education, car loans, wedding/marriage, medical emergency, foreclosure, and bank loans. Loan Application Letter [/ns _col] Details File Format Google Docs Word Apple Pages PDF Download Now

  5. Guide For Effective Loan Application Letter- Superworks

    October 5, 2023 Need of money? Whenever it is required, the only way to adopt is to advance or loan! However, most companies provide loans to employees, when needed. As an employee, if you're worried about asking for a loan, you need a perfect loan application letter and process for that.

  6. Writing a Good Loan Application Letter (with Sample)

    Name of Bank or Lending Institution. Address of Bank or Lending Institution. City, State, Zip Code. RE: Application for loan of $50,000. Dear Name of Loan Officer: This letter is a formal request that you favorably consider my loan application. I have been a patron of this bank for the past 20 years.

  7. How to Apply for a Personal Loan

    Applying for a loan starts with checking your credit and pre-qualifying to compare personal loan offers. Many or all of the products featured here are from our partners who compensate us. This ...

  8. Get Preapproved For A Mortgage In 3 Steps

    Step 2: Complete a preapproval application. To get preapproved, you need to fill out a mortgage loan application. Most lenders let you complete the app online, over the phone, or in person. Online ...

  9. Loan Application Letter Templates

    Loan applications form are a standard piece of document that is significant when asking for a sample loan, and in this website, we provide you with ample of application letter templates for loan to choose from and use. Our simple templates are free of charge, reusable, easily accessible for your own convenience, and simple to use.

  10. Loan Application Letter Template for Word

    Dear [Recipient's Name], It is stated that I am writing this letter to request a loan from the finance office of your company because of some of my very peculiar and essential needs. My mother is seriously ill, and I must get her treated at the hospital, for which I need money. Please accept my loan application and sanction me $2000.

  11. Loan Application Letter

    Loan Application Letter Sample Want to use this letter? Customize this Letter Madelynn Wilkinson City, State, Zip Code Home : 000-000-0000 Cell: 000-000-0000 [email protected] Dear Mrs. Loper, Exactly one year ago I began a small cloth diaper company out of my own home.

  12. How to Write a Letter of Explanation for Your Mortgage

    Date the letter is being written. Lender's name, mailing address and phone number. Loan number. Subject line should read "RE: Your name, loan number". Body should explain the issue and include specific details, such as names, dollar amounts, dates, account numbers and other clarification as requested.

  13. How To Write A Loan Request Letter (With Example And Tips)

    1. Add basic information about the business The first step to drafting a communicative, informative and persuasive business loan request letter is to begin with a header and a greeting. An effective header includes some lines, providing the basics of your business loan request.

  14. Loan Request Letter: Our Guide to Writing a Convincing One

    A business loan request letter is correspondence a borrower writes and submits to a bank as part of the loan-application process. Business loan request letters include the following: Loan amount Planned use of funds Explanation of why you should be funded Details about how you plan to repay your loan When You Need a Loan Request Letter

  15. Letter Of Explanation

    Your full legal name as it appears on your mortgage application, signed and printed. Your spouse or partner's name if they're on the loan application with you. Your full mailing address and 10-digit phone number. A polite closing. It's best when writing a letter of explanation to make it short and to the point.

  16. Sample Loan Request Letter To Employer

    1. Clarification of Intent: A loan request letter is a formal way to ask your employer for a financial loan. It's crucial to clearly state the purpose of the loan and your reasons for not seeking it through traditional financial institutions. 2. Professionalism: This letter is a reflection of your professionalism.

  17. Best Small Personal Loans in 2024

    Navy Federal Credit Union Personal Loan: Best for Small loans starting at $250. Oportun: Best for Small loans starting at $300. First Tech Credit Union Personal Loan: Best for Small loans starting ...

  18. How to Properly Write a Business Loan Request

    1. Start with the easy stuff Writing a loan request can feel overwhelming. After all, it's not an everyday part of being a small-business owner. What do you say when applying for a bank loan? How do you write a business proposal for your loan application? What's your lender even looking for in a business loan request letter?

  19. How to Write a Business Loan Request Letter

    A small business loan request letter is a letter to a bank that supports your business loan application. It should include the amount of money you want to borrow and explain why you merit the loan, how you expect to use the loan, and how you plan to pay the bank back.

  20. How To Easily Write A Promissory Note For A Personal Loan To ...

    Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like eForms or LegalZoom. At its ...

  21. How To Write A Request Letter For A Business Loan

    Many elements go into writing a loan request letter. These request letters are a form of well-documented proposal that accompanies other loan application documents, which is why they should convey specific information. When writing a loan request letter, your letter must have specific information. This information includes: 1.

  22. Create a form in Word that users can complete or print

    Show the Developer tab. If the developer tab isn't displayed in the ribbon, see Show the Developer tab.. Open a template or use a blank document. To create a form in Word that others can fill out, start with a template or document and add content controls.

  23. 4 Best Fast Business Loans Of 2024

    Credibly offers many options for those considering alternatives to traditional term loans, including working capital loans, merchant cash advances, long-term loans, business lines of credit and ...