After submitting an online loan application, there are several ways to determine if it has been approved:
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Instant Approval: Some lenders provide immediate or near-instant approval notifications after you submit the application. You might receive an on-screen message or an email indicating approval or pre-approval.
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Email or Notification: Keep an eye on your email or any notifications associated with the lender’s online platform. Many lenders send confirmation emails or messages regarding the status of your application.
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Check Application Status: Log in to your account on the lender’s website, if applicable, to check the status of your application. Some lenders provide an online portal where you can track your application progress.
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Contact Customer Support: If you haven’t received any notifications and there’s no online tracking available, reach out to the lender’s customer support. They can provide information about the status of your application.
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Phone Call or Mail: In some cases, lenders might follow up with a phone call or send a letter by mail to notify you about the approval or rejection of your application.
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Credit Report Monitoring: Check your credit report. A new loan account might appear on your credit report if the application has been approved.
Remember, approval times can vary. Some lenders might take a few minutes to approve, while others might take several days to review and make a decision. If you haven’t received any communication after a reasonable period, it’s advisable to reach out to the lender directly to inquire about the status of your application.
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