Someone just called and said, "can i apply for a loan" and I say, "yes" and they say " can I do it over the phone?"
how can you apply for a loan over the phone?!?!?!
2006-12-12 05:04:11 · 8 answers · asked by Sara S 4 in Business & Finance ➔ Credit
Once the identity of the person is verified over the phone, and the credit check is completed, it is possible. Also, a verifiable account (checking and/or savings) is needed.
Credit card companies do it all the time.
2006-12-12 06:02:06 · answer #1 · answered by Ambassador Z 4 · 1⤊ 0⤋
All that's needed to apply for a loan is an indication that you want to apply and then enough information to do a credit check - like your SSN, bank account and credit card numbers, etc. Once the bank decides to issue the loan all they need is a signature, which can be done via mail or fax. There's many banks that have no offices - everything is done via phone and over the Internet.
2006-12-12 13:15:26 · answer #2 · answered by c_a_cudmore 2 · 1⤊ 0⤋
I'm sure they can get the process started by getting some basic information from you over the phone. You would authorize them to check your credit and whatnot.
The question is: Why would you want to get a loan from a phone solicitor? I'd rather do the shopping myself if I'm looking for a loan. It's kinda hard to read fine print over the phone, knowhutImean?
2006-12-12 13:16:53 · answer #3 · answered by Dave of the Hill People 4 · 1⤊ 0⤋
I have a better question for you. Why CAN'T you apply for a loan over the phone?
2006-12-12 13:07:21 · answer #4 · answered by traciatim 3 · 0⤊ 1⤋
Many companies will start the loan process over the phone. Maybe not the best practice but many will at least start the process (pre-approve) over the phone.
2006-12-12 13:12:02 · answer #5 · answered by mldjay 5 · 2⤊ 0⤋
I think you are being a bit critical...people need to find out how things work... plus, through my credit union, they can determine whether or not you are elligible to apply for a loan. So there =Ã
2006-12-12 13:12:37 · answer #6 · answered by toonlink 5 · 1⤊ 1⤋
There are some electronic signature and contract laws that do allow this to happen if they can verify some basic information about you.
2006-12-12 13:13:21 · answer #7 · answered by anvilsandinkstudios 3 · 1⤊ 0⤋
tell them to call me - wtf? yes you can apply for a loan over the phone
2006-12-12 13:49:24 · answer #8 · answered by Anonymous · 0⤊ 1⤋