Loan’s Purpose
You need to lay out why you’re asking the lender for a loan. Most lenders request a reason on standard application. They want to know what you’ll be using that money for. They want to make sure it’s not being used to fund illegal activity. Be clear about how the money is going to be used, giving it in great detail about how the money will be spent.
When You’ll Repay The Loan
In your letter, state when you’ll be paying the loan back entirely. A lender wants to see you commit to a particular date. How do you do this? You take your monthly income after taxes and subtract your monthly expenses. Tell the lender what your disposable income is like, showing them that you can easily repay the loan.
Write About You
Lenders want to know a little about you such as employment, past financial history, personal history, etc. You want to include information about long-term employment, volunteer work, positive borrowing history, etc.
Read Also:
How to get payday loans in Florida with no credit check?
