Loan application

A **Loan application** is the formal request submitted by an individual or business to a financial institution or lender to borrow money. This process typically involves providing personal and financial information, including income details, credit history, and the purpose of the loan. Loan applications are essential for securing various types of loans such as personal loans, mortgages, auto loans, or business financing. Understanding the steps and requirements involved can help applicants improve their chances of approval and secure favorable terms.