Have you ever wondered what goes on behind the scenes once you've submitted your loan application? This process is often cloaked in mystery — we know something is being done, we just don’t know what. So, what does happen once you've hit the Apply or Submit button?

Data processing

First off, we need to know who you are. If you’re an existing client, that’s easily proven and we won’t need to verify any personal information that hasn’t changed. If you’re a new client, then all the information required by law must first be received and captured on our system.

Apart from needing to verify your identity, we need to validate whether you qualify for the loan amount you’ve requested. This process looks at what interest rate to offer you, how much it will cost you over different pay-back periods, and whether you can afford this.

Data verification

We then have to verify that what you’ve told us is true and accurate, while also checking your credit record with the credit bureaus. Once all this information has been gathered, verified and assessed, there’s a chance we’ll make you a revised offer on the terms of the loan. This happens only if our assessment shows we need to amend our calculations based on new or more complete information.

Application finalisation

This doesn’t mean your loan is declined, rather that we’ve had to adjust terms in line with our assessment. These adjustments could mean a different interest rate or extending the loan term to what was initially offered. At this point, you can choose to accept or decline this revised offer.

Depending on the circumstances around your application, the turnaround could be less than a day

Best of all, you mostly won’t have to wait until next week, or even tomorrow, to find out if your application has been approved. All of this could happen in 90 minutes, unless there are unforeseen hold-ups and delays.

Hold-ups and delays

Any process can be derailed by the smallest glitch. The same goes for your loan application. These hold-ups tend to be because some paperwork or proof is missing or incorrect in some way. To avoid any unnecessary delays, follow this guide on the documents and qualifying criteria for a personal loan.

You can ask for the terms of your loan to be reviewed if you’re not happy with the offer – you could request a lower loan amount, or a change in the repayment period. Bear in mind that the bank will then have to make a revised offer, though, so asking to review an offer will cause another delay.

Money in your account

Depending on the circumstances around your application, the turnaround could be less than a day. The quickest way to have money paid into your account is to apply for any of the predetermined loans offered to you. You can find offers like this in the Nedbank Money app or when logged in to Online Banking. Payment on these loans can be instantaneous, because all the background checks have already been done.

If you’re not entirely sure about the loan, whether you can afford it or which option is best, then please speak to a consultant at one of our branches. If you’re confident you know what you want and have all the necessary documentation, then a digital application will be easiest. You can do this on the Nedbank Money app, or you can call the call centre. Or if you don’t have the app, you can apply via our website or request a Call me back.