How to check your personal loan application status
Don’t know the status of your loan application? All banks or lending institutions give option for tracking loan status online. You can use this option to find out where the loan application stands and when the loan amount will be dispersed. It makes the entire loan application process very transparent and ensures borrowers that have timely updates on their application and disbursement.
In an event that your loan application is denied, this helps figure out why it has been rejected. Once you are aware of the loan status you can look for alternatives and apply for loan giving app with other financial institutions.
Details required to check the personal loan status:
The status of the personal loan application can easily be checked online. It will just take a few minutes. You will need to go to the official website of the bank or financial institution. On the website, you need to look for the “check loan status” option. Now you will need to enter the details you have mentioned in the loan application such as date of birth, email address, mobile number, etc.
Once these details are sent, the bank will tell you the exact status of your loan application. You can also use other online methods such as net banking and mobile banking. For both, you will need similar information and process.
Here are few ways to check your loan application:
Net banking
This is the best option for people who are existing customers of the bank. You just need to login to the Net banking and go to the loans section of the website. You can use your contact details or the application reference number given by the bank.
Mobile number
All financial institutions ask for your mobile number at the time of submitting the loan application. This is the number that will be associated with your loan and all communication will be sent here. Hence, it is simpler to track the loan status using the contact details. A verification code gets sent to your mobile number by the bank. Once you enter this you will get connected to your loan tracking page.
Customer Service
Most of the banks have customer service numbers where borrowers can call to check to get information about the loan application status. This is mostly a toll-free number, you will need to provide basic details that you entered while applying for the loan. The customer service representative will help you with the loan application status. The customer service number can be easily found on the official bank website.
App:
There are many personal loan apps like CASHe which can be easily downloaded from Google play store or Apple app store on your smartphone. The app verifies your details within a few hours and can approve or disapprove your loan. Online instant personal loan apps are faster than you can imagine. The registration and loan application process will merely take your 10 minutes. The documents also need to be submitted on the app during the application process.
This can be done from the comfort of your home or on the go. These apps are available 24/7. You can check the status anytime on the app. The approval or rejection is done within hours of the loan application. These loan apps are gaining popularity among young professionals because of the benefits they offer.
