Question by Muhammad Ibraahim Atchia: How to write a letter of application for a loan??
i need an idea of how to write a letter for laon application!!!
i need ur help guys!!!
Best answer:
Answer by kristidbr
first you need to learn how to spell correctly before trying to get a loan…and you don’t write a letter you fill out an application.
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It varies greatly depending on the type and purpose of loan you are seeking. For example a loan application for the acquisition and development of commercial property requires what is called an Executive Summary and generally Personal Financial Statements on all of the principals of the company asking for the money.
However, to borrow money from a friend, you need to do it on one page and include Why you need the money, how you are going to repay it, how much interest you are willing to pay and what you have to offer of value to the person you are borrowing from that they can take from you in court if you don’t repay the loan. That is called collateral.
If you were applying for a loan to my company we have a form you complete and we don’t need a letter. But if I asked for a letter I would want you to tell me:
Who you are and what you know about what you plan to do with the money. (If you’re opening a restaurant have you ever worked in one or managed one?)
Who knows you that will say you are a good risk. (References)
Exactly how much you need and for what. Sticking with the restaurant idea:
$ 250,000 total
$ 100,000 for remodelling the location and installing the kitchen
$ 50,000 for startup supplies (food, condiments) and salaries
$ 15,000 for coupon advertising
$ 85,000 for reserves to get the restaurant started
How soon you can repay me. 5 years for example.
How much interest you intend to pay. 10% for example.
What do I get if you cannot repay? Your car, some stocks you own, a Rolex watch – whatever collateral you have to offer.
Hope this helps it’s a general answer to a rather vague and broad question.