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Questions and Answers
What is the primary purpose of conducting a credit check by Loans4All?
What is the primary purpose of conducting a credit check by Loans4All?
- To verify the applicant's identity through external records
- To provide personalized financial advice to the applicant
- To create a detailed financial report for the applicant
- To assess the applicant's credit and payments profile (correct)
How will the information obtained from the credit report be handled?
How will the information obtained from the credit report be handled?
- It will be shared with third parties for promotional purposes
- It will be stored permanently in Loans4All's database
- It will be made available upon request to other creditors
- It will be used solely for the purpose of the loan application (correct)
What must the applicant provide along with their consent for the credit check?
What must the applicant provide along with their consent for the credit check?
- A list of all their personal assets
- A reference from a previous lender
- A detailed financial statement
- A copy of their Identity Document/s (correct)
What timeframe is mentioned for Loans4All to respond to the application?
What timeframe is mentioned for Loans4All to respond to the application?
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What does the applicant grant consent for when completing the application?
What does the applicant grant consent for when completing the application?
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Study Notes
Loan Application Process
- Loans4All requires a credit check to process loan applications.
- The credit check evaluates the applicant's credit and payment history.
Purpose of Credit Check
- Information gathered will be exclusively for assessing the credit profile.
- Credit report details will remain confidential and protected.
Required Documents
- Applicants must complete specified fields and provide a copy of their Identity Document(s).
Consent and Regulation
- Applicants consent to Loans4All performing credit bureau inquiries as needed.
- Personal information will be handled in accordance with the National Credit Act (NCR).
Response Time
- Loans4All will respond to the application within 24 hours.
- Responses do not occur on weekends and public holidays.
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