Loan Preparation Checklist
Prepare for your loan conversation
Use this checklist before contacting a lender. Keep it for your own planning; do not write identity numbers, passwords or account credentials on a copy you share casually.
1 Write down the purpose
What exactly will the money pay for? What does it cost? Is the whole amount necessary now? If the expense can be reduced or postponed, consider that before borrowing.
2 Map your available cash
List realistic income and when it arrives. Subtract essential business costs, household needs, existing debt payments and irregular commitments. Do not rely on optimistic sales alone.
3 Consider a difficult month
What happens if sales fall, a customer pays late or an unexpected bill arrives? If there is no room for a setback, reconsider the amount or timing.
4 Gather the relevant records
Prepare income or business records, existing borrowing details and quotations or orders that explain your request. Ask the lender which documents are required and how to send them securely.
5 Ask about the full cost
What is the approved amount? What will I actually receive? What interest and fees apply? What is the total repayment? What are the payment dates? What happens if I pay early or late?
6 Understand security and guarantees
What collateral is required? Who is guaranteeing the loan? What could happen if repayments are missed? Every person taking on a responsibility should understand it.
7 Take an informed next step
Request a written offer and repayment schedule. Keep a copy, ask questions and accept only when you understand the commitment. An enquiry does not oblige you to borrow.
Use a monthly planning worksheet
Write down income available in a typical month, essential costs, current loan repayments and an amount for irregular expenses. Subtract those commitments from income. Repeat with lower income to see how the balance changes. A positive balance is not an amount you are advised or eligible to borrow; use it to prepare questions about a real offer.
Explore the next step
Take the next step with clarity
Lending is subject to eligibility, assessment and agreed terms. An enquiry is not a loan approval.