40 Free Credit Application Forms and Samples

A Credit Application Form is a standardized document used by financial businesses such as lenders and banks to determine if a borrower should be given a loan or line of credit.

The details provided in the form helps lenders determine if a borrower can repay the loan. It can be used in the case of both personal and commercial loans. The application can be conducted in either written or verbal form.

The form gives the lender the power to control whether or not a borrower receives a loan. It also enables the lender to gather the information that borrowers would otherwise not provide if they obtain the loan before giving their details. Financial businesses use the applications to establish contractual relationships which legally bind the borrower and lenders to the terms and conditions it stipulates.

The emergence of new financial technology systems enables lenders in the credit market to offer borrowers various credit applications. These applications allow borrowers to fill them in person or individually.

New financial technology has also provided other benefits, which include:

  • Enabling borrowers to complete the information required on their own using online application forms
  • Decreasing the waiting period for loan approval
  • Enable lenders to provide a wide range of online lending options
  • Enabling banks to add a variety of new lending services to borrowers

Credit Application Templates

Following are some free downloadable templates for you:

Free Credit Application Form Template 01 for Word File
Free Credit Application Form Template 02 for Word File
Printable Credit Application Form Template 03 for Word File
Free Credit Application Form Template 04 for Word File
Free Credit Application Form Template 05 for Word File
Printable Credit Application Form Template 06 for Word File
Free Credit Application Form Template 07 for Word File
Editable Credit Application Form Template 08 for Word File
Free Credit Application Form Template 09 for Word File
Free Credit Application Form Template 10 for Word File
Printable Credit Application Form Template 11 for Word File
Professional Credit Application Form Template 12 for Word File
Free Credit Application Form Template 13 for Word File
Printable Credit Application Form Template 14 for Word File
Editable Credit Application Form Template 15 for Word File
Editable Credit Application Form Template 16 for Word File
Free Credit Application Form Template 17 for Word File
Free Credit Application Form Template 18 for Word File

    What to Include in a Credit Application Form

    The components of the form enable lenders to determine the creditworthiness of borrowers. Lenders can also revisit the application when disputes arise over the borrowerโ€™s failure to adhere to the terms and conditions stated.

    The following information should be included in the application:

    Customerโ€™s information

    The form is the lenderโ€™s information gathering tool; therefore, a vital component of the document is the customerโ€™s information. The information the creditor requests from the customer should be adequate to enable an informed assessment to be carried out.

    The lender should request the following customer information:

    Name

    The customerโ€™s legal name must be provided in the form. If the customer is a company or corporation, it must provide its corporate name, which appears in its state and federal documents. It should provide an option that seeks information on whether the customer is a corporate, partnership sole proprietorship, LLP or LLC, or others. The lender can also ask the customer to list the domain name of the company or organization, that is if it has a website.

    Address

    The form should request the customerโ€™s physical and mailing address. The customerโ€™s address information can be used later by the lender to send notices and other loan repayment correspondences to the borrower. The addresses also help the lender establish whether or not the borrower has a stable residence.

    Telephone number

    The customerโ€™s primary and secondary telephone numbers should be indicated in the application. The contact information will ease the lenderโ€™s ability to get in touch with the borrower in the future. It will also help ensure that the lender can use other communication means separate from formal letters and written notices.

    Employment and income information

    The lender should ensure the application requests the customerโ€™s employment and income information. The employment information requested should include the name, address, and phone number of the customerโ€™s employer. The customerโ€™s annual salary should also be indicated. Other employment information that should be requested includes:

    Employer identification number (EIN)

    Customers that are business entities should be requested to provide their Employer Identification Number in the form. The EIN is a unique nine-digit number provided by the IRS to help identify businesses operating in the US. When used for employment tax reporting, the EIN can be referred to as a Taxable Identification Number(TIN). The application should contain both the โ€˜EIN and TINโ€™ options to ensure that customers can identify the information being requested.

    Bank information and credit references

    The application should request information on all the banks where the customer has opened an account. Each bankโ€™s name and address, coupled with the customerโ€™s account numbers, should be indicated. The customer should also list a minimum of three credit references. Each credit referenceโ€™s name, address, and phone number should be provided. The lender may also request customers to provide details of credit references that can be contacted for inquiries.

    Residential status 

    Lenders should ensure that foreign nationals indicate their residential status in the form. The indication of the customerโ€™s residential status can help the lender decide whether or not to provide the loan. Therefore, the lender should confirm the residential status indicated by the customer.

    Checking and savings account

    The form should request information on whether or not a customer has a checking and savings account. The lender can use the information provided to establish whether the customer is financially stable. The customerโ€™s checking and savings account are among the most important parts of the form.

    Investment portfolio

    A list of the customerโ€™s financial investments, such as stocks, bonds, or commodities, among other financial assets, should be indicated in the form. The lender can use the investment portfolio to establish the borrowerโ€™s financial assets. It helps inform the lender how the customer generates returns in the short or long term. The lender can use this information to discern whether a customer is capable of paying back the loan.

    Income tax statements

    The application should contain the customerโ€™s income tax statement. The customerโ€™s income tax statement is often demanded when the loan requested is high. It helps the lender identify the customerโ€™s tax liability.

    Credit information 

    Customers should provide information on debts owed to other financial businesses. The customerโ€™s credit information shows the lender whether the customer is capable of repaying debts. The lender should confirm the customerโ€™s credit information by checking the records held by customer credit agencies.

    Guarantorโ€™s information

    The form should contain information about the customerโ€™s guarantor. The guarantor is the individual or entity that promises to pay a customerโ€™s loan in the event of a borrowerโ€™s default in payment.

    The following information about the guarantor should be provided:

    Name

    The full name of the customerโ€™s guarantor should be provided in the form. The full name should include the guarantorโ€™s first, middle, and last name. For example, If the guarantor is a corporate, then the corporate name should be indicated.

    Address

    The guarantorโ€™s home and business address should be provided. The lender can use the addresses to send correspondences about the customerโ€™s loan. The guarantorโ€™s address information should include the city, state, and zip code.

    Telephone

    The guarantorโ€™s telephone number should also be indicated in the form. The guarantorโ€™s telephone number should include the primary and secondary numbers. The telephone information will help the lender get in touch with the grantor in the future.

    Email address

    The application should contain the grantorโ€™s email. The email will provide a faster means by which the lender can contact the grantor as opposed to using the mailing address. It also provides alternative means to contact the grantor when all other means like the telephone are not working.

    Social security number (SSN)

    The social security number of the guarantor will help the lender obtain the grantorโ€™s credit history. Information obtained from using the SSN helps the lender determine if the grantor is acceptable. It also helps the lender to check the guarantorโ€™s credit score.

    Driverโ€™s license number

    The guarantorsโ€™ driving license should also be provided in the application. The driving license number provides more proof that the grantors are who they say they are. It ensures that there is no mismatch of the grantorโ€™s information.

    Position in the company

    The application should also contain information on positions grantorsโ€™ occupy in their occupation. The name of the company should also be indicated in the form. The information on the position occupied by the grantor helps demonstrate responsibility.

    Business loan questions

    The form should contain business loan questions that the lender is interested in knowing. The questions may include the amount of money the customer wants, how the funds will be used and how the customer plans to repay the loan. The business loan questions help the lender understand the customerโ€™s financial situation.

    Signature line

    The application should contain signature lines appropriate to the types of businesses that may submit loan applications. Indicating various signature lines ensures that the application enables the customerโ€™s signatory parties to be included in the document, for instance, individuals signing on the customerโ€™s behalf. A date should be on each type of signature line provided in the application.

    Interest and attorneyโ€™s fees

    A statement should be included in the form that indicates that the lender will collect interest and attorney fees if the customer defaults on making full or timely payments. The percentage or amount charged for the attorneyโ€™s fees doesnโ€™t have to be mentioned. However, the amount of interest that will be charged should be indicated by the lender.

    How to Review a Credit Application

    Once the customer completes the application, the lender should review the document. The review should be carried out in a well-outlined step-by-step process. The process ensures that the lender carries out a thorough review.

    The following process should be followed when reviewing the application:

    Confirm customerโ€™s identity

    First, the lender should confirm who the customer is. The customerโ€™s identity enables the lender to determine if a borrower can conduct a transaction within the state. In addition, confirmation of the customerโ€™s identity ensures the lender is not defrauded.

    Check UCC filing information

    Secondly, the Uniform Commercial Code filing information should be checked. The UCC filing information allows the lender to determine if customers have secured loans by other creditors using their personal property such as their accounts, equipment, inventory, or anything other than their real estate. If this is the case, then lenders should follow up with the other creditors before deciding to loan money to the customer.

    Google their name and address

    Thirdly the lender should carry out a google search to confirm the name indicated in the application. The customerโ€™s city of residence should also be confirmed. A google search of the customerโ€™s details will help the lender find information that may not have been included in the application, such as another phone number that the customer didnโ€™t indicate in the document. Finally, in instances where the customer is a corporation, a google search helps the lender obtain information from business reviews. The business reviews will help determine if the customer repays loans to creditors.

    Follow up with credit references

    Next, the lender should follow up with the list of credit references. The credit references will provide the lenders with the customerโ€™s business and loan payment history. The lender should also investigate any information uncovered during the review.

    Correct the errors

    Finally, the lender should correct any errors in the application. Correcting the application ensures that the lender remains in a position of strength. It also ensures that the lender has complete, accurate information on the customerโ€™s financial status.

    Download Free Samples

    Free Credit Application Template 19 for Word File
    Printable Credit Application Template 20 for Word File
    Free Credit Application Template 21 for Word File
    Editable Credit Application Template 22 for Word File
    Professional Credit Application Template 23 for Word File
    Free Credit Application Template 24 for Word File
    Free Credit Application Template 25 for Word File
    Free Credit Application Template 26 for Word File
    Free Credit Application Template 27 for Word File
    Free Credit Application Template 28 for Word File
    Free Credit Application Template 29 for Word File
    Free Credit Application Template 30 for Word File
    Free Credit Application Template 31 for Word File
    Free Credit Application Template 32 for Word File

    credit application template free 07

    simple credit application form 07

      Frequently Asked Questions

      What is meant by Regulation Z?

      Regulation Z is a federal law that requires lenders to disclose borrowing costs to the customer. Therefore it is a consumer protection law. It is also referred to as the Truth in Lending Act. It helps protect customers from misleading practices that may be found in the lending industry.

      What services do banks provide their customers to collect information for seeking credit?

      Banks provide customer services that help borrowers with the lending process. They also offer telecommunication services where bank representatives guide customers through obtaining a loan and completing the credit application form over the phone. Both of these services enable a more personal interaction between customers and their banks.

      What types of loans do banks offer to their customers in a credit application?

      Banks offer lines of credit, mortgage loans, and home equity loans in the credit application form. The components of the forms for each of the loan types differ. The type of loan the customer requests will determine the type of credit application form availed by the lender.

      About This Article

      Michael
      Authored by:
      Business Writing | BBA, Industrial Management
      Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor based in Texas. With over 40 years of experience in business and finance, he has gained valuable insights and expertise in the field. Michael served as a Vice President for Blue Cross Blue Shield of Texas, where he played a pivotal role in driving organizational success and growth. Known for his exceptional business writing skills, he has become an authority in effectively communicating complex concepts to diverse audiences. His extensive knowledge and experience make him a sought-after advisor for businesses seeking guidance in strategic decision-making, financial planning, and overall business operations. Michael holds a Bachelor of Business Administration (BBA) degree in Industrial Management from the prestigious University of Texas at Austin.

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