Document on which the lender bases the decision to lend. A loan application is neither a pledge by the applicant nor a commitment by the lender. Contains essential financial and other borrower information . Detailed business plan , 3-year and loan-life current and projected income statements showing profit and loss, balance sheet , and cash flow statement are required for a business loan. Loan amount and purpose, period and means of repayment, and guaranties and/or collateral offered are required of a company applying for a loan. Banks generally use standard forms for the applicant to fill-in for a consumer loan . Also known as credit application .
Black’s Law Online Dictionary
