Washington State Department of Financial Institutions

Tips To Expedite Consumer Loan Application

These are several things you can do to expedite your Consumer Loan application.

Why Applications Are Delayed

Below are the most common reasons why the processing of a Consumer Loan application is delayed.

  1. Items listed on the New Application Checklist are not received within 5 business days of the filing
  2. Surety Bond Problems
    1. Company name listed incorrectly
    2. Company’s UBI and/or NMLS numbers are missing or are incorrect
    3. Bond not signed by the company or is signed by someone other than a control person
  3. Fingerprint card not submitted for each of the control people for the company
  4. Financial statement from the most recent quarter end not filed on the NMLS or projected financials missing from application package
  5. Company’s toll free phone number is missing from the MU1 in the NMLS
  6. Business Plan and/or Complaint Resolution aren’t on company letterhead, don’t answer the questions asked or are too general
  7. Company not registered with the Washington Secretary of State and/or Business Licensing Services

DFI expects licensees to meet high ethical and performance standards. Often consumers' money is in your hands. Attention to detail and the law is a requirement for licensees and it starts with the licensing application.

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DFI