A business loan is a great option for business owners who want to expand or need urgent funds for various other business purposes. With this loan, you can launch a new product, buy a new facility, or get new equipment.
Getting approved for a loan is a big deal for any business owner. Any delay in getting funds could result in significant debts, missed opportunities, or losses to the business. Here, we discuss how to track the status of business loan applications.
Importance of Checking Business Loan Status
If you have applied for a business loan, it is important to keep a track of your loan status. Below is the importance of checking the business loan status.
Financial Planning
Understanding your business loan status helps you plan your finances better. Whether you’re setting aside money for future costs or want to plan according to how much business you’ll do, knowing where your loan stands lets you make smart choices that match your business goals.
Identifying Issues Early
Checking your business loan status regularly helps you act quickly if there are any problems or delays in getting approved. This proactive approach can stop issues before they become big problems and make sure your loan application keeps moving forward without any trouble.
Strategic Decision-Making
Knowing your loan status helps you make smart choices for your business’s future. Whether you’re looking at other ways to get money or changing how you run your business, seeing where your loan application stands helps you be prepared to reach your long-term goals.
How To Check Loan Status
If you are wondering how to check the business loan status, the following are the ways to do so.
Online Method
Download the LoanTap app via the app store or visit the official website. After selecting My Account, enter your username and password to log in. You will receive the OTP on your contact number or registered email ID. After verifying the OTP, you will receive your business loan application status.
Offline Method
You can check your loan application status offline if you are not comfortable using the mobile app. You can send an email to “cs.iloan@help.loantap.in” or contact customer care at “91 788 804 0000”. The status of a loan application will be shared with you.
Conclusion
It’s important to check your loan status to manage your financial situation. You can use LoanTap’s app or contact customer care to stay informed about your loan status. This will help you make informed decisions and ensure compliance with future needs.
To find out the status of your loan application, follow the steps described here. By taking the initiative, you may quickly resolve issues or concerns. By staying involved in the process, you can make the most of opportunities to sustain and grow your business efficiently.
FAQs
Can I get a notification regarding my loan application status?
Ans. This will vary from lender to lender. Some lenders send email or SMS notifications, but some do not, and you will have to check the app regularly for notifications.
When can I get my loan application status updates?
Ans. The time may differ for all lenders, but generally, the status is updated within a few days after submission of your application.
My loan application status mentions “Pending” What does it mean?
Ans. “Pending” means that your application has not yet been approved and is still being processed. You will have to wait for some more time for the loan approval.
How frequently should I check the status of my loan application?
Ans. Staying updated with the loan status is important to plan your finances and act accordingly.
Can I check my business loan status offline?
Ans: You can check your business loan application status offline by contacting the customer care number or writing an email to them, and you will receive an update about the loan status.