The personal loan application process isn’t a complicated one to follow, as there are only a few steps to complete along the way. However, before you dive into your application, it’s crucial to compare as many options as possible with Savvy. In doing so, you’ll be in a better position to determine which current personal loan offer is the most appropriate for your needs. You can even use our tools such as our personal loan repayment calculator to give you an idea of how different loan terms, sizes and rates affect their overall cost.
The process of applying with Hume Bank is as follows:
Submit an online application form
Firstly, you can start with Hume Bank’s digital application form. This is filled out so the lender can learn more about you and your financial situation (such as your income, expenses and debts) which will help inform their decision on whether to approve your application. You’ll also share the details of the loan you’re looking to take out and whether you want to provide any collateral.
Provide the required documentation
As part of this process, you’ll need to supply documentation to verify the details of your application. This will likely involve ID such as your driver’s licence and/or passport and evidence of your income, which can come via your two most recent payslips and current group certificate, three months of bank statements relating to any debts being consolidated and two years of financials and tax returns if you’re self-employed.
Receive conditional approval
Once you’ve sent this off, your application can be considered by the lender. It’s at this stage that you’ll be contacted if there are any other documents required for assessment, which you’ll send digital copies of.
Sign your loan agreement and receive your funds
If they’re happy with all of this, you’ll be notified of formal approval and sent a loan contract to sign and return. Carefully review this before sending it off, as it’s important to be across all of the terms, conditions and fine print of your agreement. Upon return, the approved funds can be transferred directly into your nominated account.