Verifying Your Application
The We're verifying your application step is a transition step between the sending of the application to the answer returned by the bank. It contains the message: The verification process may take a few minutes, but we'll let you know as soon as it's complete.
The system uses automation processors to conduct the analysis to check the eligibility of the borrower. They have to be approved for at least one offer from the bank, otherwise, the application is rejected for all banking products.
Three formulas are calculated here from Configuring the Formulas.
- Knockout_CML (calculates the values for the elimination of the applicant)
- Scoring_CML (calculates the scoring of the customer)
- OfferCalculation_CML (calculates the possible offers in case the customer passed the first formula).
If the loan was approved the message is displayed: You qualify for your loan. That's great news! Next, you can check out the personalized loan offers we prepared for you. Click Continue.
Congratulations!
Based on the outcome of the formula OfferCalculation_CML, the system calculates whether the customer is eligible for the loan requested by calculating the eligibility for the requested offer (the DTI including the monthly instalment of the proposed loan). Two scenarios are possible:
- you are eligible for the loan requested, then, that is the offer displayed
- you are not eligible, then the system calculates what could be the maximum offer for which you would qualify, and then, it displays that offer.
For details on what values are displayed here, see response.
Our calculations did not meet your requested values, but we managed to come back with another offer. This offer is non-binding and to access the loan you must continue the process and get full approval.
The details of the loan are displayed:
- Amount (measured in euro)
- Tenure (measured in months)
- Monthly payment (measured in euro)
- APR
Annual percentage rate. APR is an annualized representation of your interest rate..
Click Get full approval if you agree to the details displayed.
You don't qualify for your loan
If the criteria are not met, then the system displays this screen to inform the customer that they cannot receive a loan. The flow ends here. An email is sent to the given email address informing the customer again about the status of their application: Your Decision in Principle had been rejected.
Click Home to return to the initial page.