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About the Loan Process


Pre-Qualification
Pre-qualification occurs before the loan process actually begins, and is usually the first step after initial contact is made.  It is required that you have been employed for a minimum of six months, net $1200 monthly, have an open bank account, not currently in, or filing for bankruptcy and you must be a resident and currently in the state of Illinois.

Application
The application is actually the beginning of the loan process. The borrower completes the application online or over the phone with a loan officer and supplies all the required documentation for processing.

Processing
The processing department reviews the borrower’s applications and all required documents. The loan processor will run a teletrack, verify phone numbers, employment, bank information, verify income and may run other verification.

Approval
The approval department is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into “on hold” and the borrower is contacted to supply more documentation.

Pre-Closing
A loan officer will contact the borrower by phone to notify them that they have/have not been approved. If the lender and borrower are in agreement of said amount, a valid fax or email is required to send contracts for review. Once the contracts have been received by the borrower, a loan officer will walk them through the contracts via phone, that way there is no miss communication over the signed contracts.

Closing
Once the signed contracts have been received by the lender, the loan is then sent to the funding department where the “funds” will be ACHed to the borrower’s bank account. Funds should be available on the next business day as long as we receive the signed contracts before 2:30 pm. Depending on your banking institution, this process can take up, but not limited to 48 hours.