A letter of explanation for the source of funds is a form that you would need to file with the bank if you were denied a loan. This form is necessary when you are denied a loan for some reason and you need to know how to go about it.
The first thing you want to do is to contact the lender at the finance company, as this would be the quickest way to get the information you need. Since the bank will not discuss anything with you, you can go online to find out what your options are. This could take a while so just be patient and you will find the information you need.
Next, you will need to get all of your information together. This includes the information about yourself, as well as the loan amount, the interest rate, the duration, and how much is coming out of your bank account each month. You also want to include your employment and any savings accounts you have. The last thing you want to have is something showing up on your bank statement that you were denied.
You then want to start by filling out the application for the loan application. You do not need to fill it out completely, just to be sure that you are completing all of the required information. Be sure to add the required information when it comes to income information, assets, tax returns, and loans and whether or not you have one that is current. The last thing you want to have on your loan application is a letter of explanation for the source of funds.
Once you have submitted the loan application, you will need to wait for your letter of explanation for the source of funds to arrive in the mail. Make sure that you take the time to read through the letter that comes with it. This will tell you exactly why you were denied the loan.
Then, depending on what the loan company tells you, you may be able to change things that they have told you to change. They may tell you that you need to add more money to the loan, or perhaps you will be allowed to pay back the balance of the loan earlier than you were previously told.
If you are able to change your circumstances, you may be able to get approved for the loan. You will still need to submit all of the necessary documentation, but now there may be more opportunities to get the loan approved.
The letter of explanation for the source of funds may also be used in the proof loans that a bank may have. These are loans that are given to people who are behind on payments or who have had financial problems in the past.