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An application is a form to be filled out with personal information that a company will use to decide whether to issue a loan, credit, or insurance policy.
Completing an application is the first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.
Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested.
