how do i write a loan application letter

WTO / Applications / 20 Best Loan Application Letter Samples (Guide and Format)

20 Best Loan Application Letter Samples (Guide and Format)

An application letter for a loan is a formal letter written to a financial institution by a borrower requesting a loan, payable in a specified amount of time.

The letter helps lenders get acquainted with the borrowers better to determine if they qualify for the loan based on the information provided or not. Writing it is important because it helps convince lending institutions to lend you a specific amount of money. It is their first impression of you, which is why it should be written with great care. In this article, we will guide you on how to write it, the type of information you should provide, and some pointers that will help you highlight your strengths in the letter.

Brief Overview- What to Include

There are no strict rules for writing an application for a loan. It depends on the borrower to decide what information to include, but the following items are typically included in it:

• Contact information
• Explanation of why money is needed
•  Amount of money being requested
• Purpose of the money
• Details about employment history
• Personal references
• Company information
•  A list of supporting documents

When to Write?

Two main situations warrant this letter. The first instance is when you are seeking a loan from a conventional bank lender. Conventional bank lenders are financial institutions that do not offer loans but make them available to the general public. Conventional banks usually require applicants to submit this application to prove their creditworthiness.

The second situation that warrants its use is when applying for an SBA-guaranteed loan. An SBA-guaranteed loan involves the federal government; applicants must undergo additional screening before they are approved for funding. Applicants can improve their chances of getting an SBA guarantee by submitting a personalized, formal loan application with supporting documentation.

There are situations when you do not necessarily need to write this letter, such as when you are borrowing from friends and family, from an alternative lender who may only require your bank statements or pay slips, when seeking equipment financing, and lastly when you are requesting a business line of credit.

Free Templates

Pre-writing Considerations

Applying for a loan involves being prepared for anything, so it is important to have the things you need before writing. Do some research on your lender, and write down notes about why they are suitable for you and what you would like them to know about your project. Write those questions that may arise during the process of applying for your loan. Check your credit score and know your rights as a borrower when you apply for a loan.

After you have done all of the above, review everything and ensure that what you’ve written is easy to understand by someone who has not read your notes or audited your finances. When applying for a loan in a major financial institution or applying for an SBA loan, you will almost always be required to write an application letter for a loan. It is important to note that unless it is supported by a sound credit situation or proper financial planning, it may not be enough to help you secure the loan. 

Fortunately, there are two things that you can do to increase your loan limit and increase your chances of getting a loan. You can first check your business and personal credit scores from accredited credit reporting bureaus such as TransUnion, Equifax, and Experian and take the necessary steps to improve them.

The second thing that you can do is to prepare your business financial statements, i.e., your profit and loss statement, cash-flow statement, balance statement, etc., for the past six months and attach them to your letter. These documents are essential when applying for a loan as they help the financial institution assess your creditworthiness and increase your chances of securing a loan.

How to Write a Loan Application?

Writing it can seem daunting, but it can be a simple process if you follow the proper format and include all the required information.

The following is a summary of the information you must provide in your letter:

The header is an integral part of the standard business letter format. It should include:

• Your name and contact information : Make sure to include your full name, address, and contact information. This should include a mailing address with a zip code, a business email address, and your cell phone number where you can be reached.
• The date : Include the month, day, and year of the letter. You must ensure that you write the date on which the letter was created.
• The name of the recipient : This will be a bank representative in many cases, but it can also be an SBA representative or another financial institution to whom the borrower is addressing the letter.

Subject line

When writing it, make sure to include a clear subject line that will help the recipient understand the purpose of the letter. Make sure to include whether the loan is for personal or professional use in the subject line.

“Loan Request Application Letter.”

Address your letter correctly. If you do not know who will be reading it, write “ To Whom It May Concern .” If you are trying to get a business loan, address it to the company’s representative issuing the loan. If you are applying for a personal loan, address it to the bank or whoever provides it.

Introduction

It should begin with a brief statement of the goal and amount you are requesting. It should also state your qualifications for the loan and any other pertinent information that can be used for your evaluation as a borrower such as your financial status, your work history, the length of time you have been in business, etc.

The body is the main part of the letter, and it should contain all the information the recipient will need to decide whether to grant the loan or deny the request.

Some of the information that must be covered in the body includes:

• Basic business information : If you are writing it, the first item to include in the body of the letter is details about your business. This information will help the lender understand who you are and will serve as the foundation for your loan application. Some of the information that you should cover in this section includes your business’s registered name, business type (i.e., partnership , sole proprietorship, LLC , etc.), nature of your business (i.e., what you do), main services and products, your business model, the number of employees that you have, and your annual generated revenue.
• The purpose of the loan : You must explain why you need the loan and the purpose for which it is being requested. This can be to purchase or expand a business, for a personal reason, or to pay some debt.
• Present yourself as being trustworthy : To get a loan, you need to establish trust with the lender. This can be achieved by explaining what you do for a living, providing some identity documents, and demonstrating why you deserve to be trusted.
• Explain how you intend to pay back : Explain briefly how you plan on repaying the loan. This should include a timeline for repayment and be supported by evidence such as a business plan, personal financial statement, or credit report .
• Proof of financial solvency : In some cases, you will be asked to provide evidence that the funds requested are not your only source of income. Documents like bank statements or tax returns can help you prove that you have other sources of funding, which will increase the likelihood that your request will be granted.

In the conclusion, you must thank the lender for considering your request. Briefly mention all the attached financial documents. Remember that each lender has their own set of loan application requirements and may request different information or documentation from borrowers, so make sure to double-check the specific instructions provided by the lender.

Once you have finished writing the letter, be sure to sign it at the bottom. You may include phrases such as:

“Respectfully yours” or “Sincerely yours”.

Place your name and contact information directly above the signature line.

SBA Loan Application Letter Template

[Your Name]

[Your Address]

[City, State ZIP Code]

[Your Phone Number]

[Your Email Address]

[Loan Officer’s Name]

[Bank Name]

[Bank Address]

Dear [Loan Officer’s Name],

I am writing to apply for a Small Business Administration (SBA) loan to help fund my [business name]. I am excited to have the opportunity to present my business plan to you and explain why I believe my business is a great candidate for an SBA loan.

[Provide an introduction to your business, including its history, products or services offered, and unique selling proposition. Explain why you started the business and what sets it apart from competitors. This should be no more than two paragraphs.]

I am seeking an SBA loan in the amount of [$ amount], which will be used to [briefly explain how the funds will be used]. My business has experienced steady growth in recent years, but we need additional capital to take advantage of new opportunities and expand our reach.

[Provide a detailed explanation of how you plan to use the funds, including any expected return on investment. Be specific about the amount of money you need, how long you will need it for, and how it will be used.]

As part of my loan application, I have included the following documents for your review:

• Business plan
• Financial statements for the past three years
• Tax returns for the past three years
• Cash flow projections
• Articles of incorporation
• Personal financial statements for all owners

A list of collateral that will be used to secure the loan, if applicable

[Provide a comprehensive list of all the documents you have included with your application. Make sure you have included everything the bank has asked for, and any additional documents that may be relevant.]

I am confident in the future success of my business and believe that an SBA loan is the right choice for us. I understand that the loan application process can be lengthy, and I am committed to providing any additional information or documentation that may be required to support my application.

Thank you for considering my loan application. I look forward to hearing from you soon.

Loan Application Letter Sample

Make your small business loan application more polished with our simple sample letters. They’re crafted to help you convey your needs professionally and improve the impact of your request. 

Sample letter 1

Dear Sir/Madam,

I am writing to apply for a Small Business Administration loan to support my growing business, GreenTech Innovations. Established in 2018, we specialize in eco-friendly technology solutions. Our recent market analysis indicates significant growth potential in sustainable energy products.

To capitalize on this opportunity, we require additional funding for research and development, marketing, and expanding our team. An SBA loan would enable us to invest in these critical areas, fostering innovation and job creation. Our business plan, attached to this application, outlines our strategy for a sustainable and profitable future.

GreenTech Innovations has a strong financial track record, with consistent revenue growth over the past three years. We have maintained a healthy cash flow and have a solid plan for loan repayment, as detailed in our financial projections. Our commitment to financial responsibility and strategic growth makes us an ideal candidate for an SBA loan.

Thank you for considering our application. We are committed to contributing positively to the economy and the environment. Your support would be instrumental in helping us achieve our goals.

Jordan Smith

Owner, GreenTech Innovations

Sample letter 2

Dear Business Loan Officer,

I am reaching out to request a business loan for my company, Bella’s Boutique, a unique clothing and accessories store located in downtown Springfield. Since our opening in 2019, we have become a beloved part of the local community, known for our exclusive designs and personalized customer service.

This loan is sought to enhance our inventory, upgrade our in-store technology, and expand our online presence. These improvements are essential for keeping pace with the evolving retail landscape and meeting the growing demands of our customers. Our detailed business plan is attached for your review.

Financially, Bella’s Boutique has demonstrated resilience and growth, even amid challenging economic times. Our sales figures have shown a steady increase, and we have a clear plan for managing the loan and ensuring its repayment. We believe these factors make us a strong candidate for a loan.

Your consideration of our loan application is greatly appreciated. This funding will not only help Bella’s Boutique thrive but will also support the local economy by providing more employment opportunities and enhanced retail experiences.

Thank you for your time and consideration.

Warm regards,

Isabella Martinez

Founder, Bella’s Boutique

The effectiveness of these sample letters as a guide for someone seeking to write a loan application lies in several key aspects. Firstly, they demonstrate the importance of a clear and concise introduction, where the purpose of the letter is immediately stated, ensuring the reader understands the intent from the outset. This is crucial in any formal business communication. Both samples skillfully describe the nature and background of the respective businesses, providing just enough detail to give the reader a sense of the company’s identity and market position without overwhelming them with unnecessary information. This balance is vital in maintaining the reader’s interest and establishing the context of the request.

Moreover, the letters excel in explicitly stating the purpose of the loan, which is a critical component of any loan application. They outline how the funds will be utilized to grow and improve the business, demonstrating not only a clear vision but also a strategic approach to business development. This helps in building a sense of trust and reliability with the lender. Furthermore, the inclusion of financial health indicators, such as past revenue growth, cash flow management, and a repayment plan, adds to this trust by showing financial responsibility and foresight.

The writers also incorporate attachments like business plans and financial projections, which provide additional depth and substantiation to their claims. This shows thorough preparation and professionalism, which are highly regarded in the business world. Finally, the tone of the letters is appropriately formal yet approachable, and they conclude with a note of gratitude, reflecting good business etiquette. This combination of clarity, conciseness, relevance, and professionalism makes these letters exemplary guides for anyone looking to draft an effective and persuasive business loan application.

Tips for Writing

Following are some tips for writing this letter:

Be specific

Be sure to include specific details in it to keep the reader’s attention. Ensure that you include information about the purpose of the loan, how much money you need, and the reason why you are a good candidate for a loan.

Brevity is essential when writing this letter. Stick to the essential points and avoid extraneous details. This will help to ensure that your letter is easy to read and that the reader is not distracted by irrelevant information.

Address the appropriate person

Ensure that you address your letter to the most relevant party for your particular situation.

Consider contacting the bank to find out to whom it should be addressed. This is how you can be sure that it will get to the right person.

Use a proper format and layout

As with all letters, you should use clear, concise paragraphs and avoid unnecessary jargon. Make sure to use the appropriate format for formal letter writing and use a professional, polished layout.

Include business financial statements

The financial statements for your company must be attached to your letter if you are a business owner. In this way, the reader will better understand your overall financial situation and help demonstrate that you are a good candidate for a loan.

The following are some of the purposes for which you may request a small business administration loan: to start a new business, to buy new equipment or inventory for your company, to upgrade or expand an existing business, to cover unanticipated expenditures, to pay off high-interest debt, to fund marketing campaigns, to move your office to a new location, to buy insurance for your business, to purchase stock, to buy out shareholders, and for any other lawful reason authorized by the lender.

Key Takeaways

Here are the key takeaways from this article:

• When writing an application for a loan, be sure to provide specific details about the purpose of the loan, how much money you need, and why you are a good candidate for a loan.
• Use the standard business letter format and use clear, concise paragraphs.
• Brevity is vital when writing such a document, so mention only the essential points and avoid extraneous details.
• Address your letter to the most relevant party for your situation, and be sure to include your company’s financial statements.

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How to Write a Loan Application Letter

Table of Contents

Sometimes, taking out a loan can become inevitable. Whether dealing with piled-up medical bills or a financial emergency, it’s common to turn to fast and convenient borrowing options. According to statistics, advances and loans accounted for more than 60% of bank assets in the European Union in 2021. 

If you wish to take out a loan, you’ll have to fill out a loan application or request letter that details what you need the money for and how you’ll use it. The best way to appeal to a lender is by using a convincing tone and showcasing a clear plan for the money. Keep reading as we look at ways you can achieve this and ensure that your loan is granted successfully. 

What is a Loan Application Letter?

A loan application letter is a typed or handwritten letter provided to your lender, helping them decide whether to approve your loan request. This letter is written when the borrower is seeking financial assistance from a lender to pay off some bills or other expenses. 

When Do You Need One?

You might require a loan application letter in the following financing situations:

• When you wish to borrow money from the SBA (Small Business Administration) since it recommends and encourages applicants to start their loan proposals with an executive summary or a loan application letter
• When a borrower opts for a loan from a conventional bank lender and has to demonstrate that their business is financially viable and experiencing growth

In some situations, you aren’t required to write a loan application letter. These include scenarios like when a borrower is seeking equipment financing and said equipment serves as collateral, when someone requests a business line of credit with business bank statements or financial statements, and when a borrower seeks a term loan online using alternative lenders who want to go over your recent bank statements. 

Essential Loan Application Elements

There are specific guidelines you need to follow when writing a loan application:

1. Header and Greeting

Whether you’re filling out a loan application letter for a personal or business loan, it’s crucial that you start with a header and greeting. Include several sentences that outline the necessary, accurate details of your loan request in the header. If you’re opting for a business loan, then you need to include the following details:

• Company name
• Company phone number
• Company address
• Loan agent or lender’s name and title
• Loan agent or lender’s contact details
• A subject line stating the desired loan amount

Follow this by incorporating a greeting right below the header so that you introduce your application with a friendly tone. 

2. Loan Request Summary

You will have to provide your lender or loan agent with an overview of your loan request in this section. Ensure this section is concise, detailing only crucial information that’ll enable the lender to reach the letter’s body quickly. Entrepreneurs applying for a business loan should state why they are trustworthy borrowers, basic business details, the ideal loan amount, and the use of the loan. 

3. Basic Business Details

It would be best if you started by making a clear loan request which includes the amount you wish to borrow. When you write a few sentences about the workings of your business, they should include the following information:

• The legal business name 
• Any DBA used by the organization
• The amount of time the business has been operating
• The business structure
• Number of employees
• An overview of what the company does
• Profits and annual revenue, if applicable

Once this is done, you can move on to the next step, which is explaining why you need a loan. Don’t also forget to outline how you plan to repay the owed amount if the lender grants the loan.

4. Loan Usage

Every lender’s goal is to minimize risk as much as possible, so don’t be surprised if they carefully scrutinize your application before deciding whether to accept or disapprove it. They will assess whether you can pay back the loan entirely on time. Make a solid outline of how you intend to use the loan and why granting you the funds is a wise investment. It’s essential to inform the lender that you have clear goals you will accomplish if the loan application is approved. 

5. Proof of How You’ll Pay Back the Loan

In order to show your company’s financial health, you’ll need to use figures from the latest balance sheet or income statement. These records are essential because they demonstrate that you can repay the loan. 

Additionally, you must include any additional business finances to prove you’re a low-risk investment. State down any existing debt and a schedule detailing how you’ll pay it back if you owe someone else money. Perhaps, you’re a new business, but profits are stable. In that case, ensure you mention this, as it proves your ability to repay the loan. 

Once you achieve this, you can add a particular cash flow prediction to give the lender an idea of your payback plan, including the principal and interest amount. 

6. Give Accurate Information

There’s no doubt that lending money is a risky investment. You can make your lender’s life easier by providing factual and correct details to ensure both parties agree with the terms of the deal. For example, include your accurate credit history. If you are dishonest during the loan application process, you will be considered a fraud, and there will be repercussions for your actions. 

Tips for Writing a Loan Application Letter

• Before sending a loan letter request, check your business and personal credit scores and whether you need to take specific steps to improve them
• Provide transparent, genuine, and concise explanations
• Ensure all information is factual and relevant
• Keep all your financial statements ready, such as business balance sheets, cash flow statements, PSL statements, etc
• Submit every relevant credential with your loan application request letter
• Include the date, time, method, and manner you’ll use to make your payment
• Avoid writing a letter that is unnecessarily wordy and long
• Follow the rules available online on writing formal letters, so you don’t use an informal tone while assembling your loan application letter
• Whether including your business’s current assets, liabilities, or financial health, don’t jot down false information that can get you into legal trouble.

Loan Terms and Penalties

If you fail to pay your loan on time, cancellation fees or penalties may apply that depend on the number of days you’re overdue on the payment. For example, if you’ve looked into how to get a title loan with a lien , you know that your car will be used as collateral. In case you default on payment or provide false information, you are likely to lose ownership of the vehicle.

You should go through the loan terms and conditions as this will enable you to determine how many days your payments can be delayed, how much penalties are for late payments, and the amount you’ll be charged if you cancel your loan. Choosing a loan provider that offers the lowest and most amenable terms is recommended. 

Whatever reason you have for acquiring a loan, writing a solid loan application letter will improve your chances of obtaining the financial help you need. This application letter should be composed in a polite, convincing tone and include accurate information. You can do thorough research to pick a lender whose provided options align with your requirements. Consider beforehand how much money you need and apply for the relevant loan. 

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Sample Letters

Writing a Loan Application Letter That Works

In this guide, I’ll share my personal tips, real-life examples, and three unique templates to help you write a loan application letter that works.

Key Takeaways

• Purpose of a Loan Application Letter : Explain why you need the loan and how you plan to use the funds.
• Essential Elements : Include your contact information, a formal greeting, a clear purpose, a detailed financial plan, and a professional closing.
• Tone and Language : Maintain a polite, respectful, and professional tone.
• Personal Experience Tips : Highlight your financial stability, previous successful loans, and your commitment to repayment.
• Templates : Three unique and customizable templates to suit different needs.

Understanding the Purpose

The primary purpose of a loan application letter is to provide the lender with a clear understanding of why you need the loan and how you plan to use it. It should also demonstrate your ability to repay the loan. From my experience, being transparent about your financial situation and future plans significantly increases your chances of approval.

Elements of a Successful Loan Application Letter

Tips from Personal Experience

• Be Specific : Clearly outline the purpose of the loan. For instance, if you need a loan for home renovation, specify the projects you plan to undertake.
• Provide Evidence : Include any relevant documents that support your application, such as business plans, invoices, or contracts.
• Show Stability : Highlight your financial stability by mentioning your employment status, income, and any assets you have.
• Repayment Plan : Detail your plan for repaying the loan, including timelines and amounts.

Real-Life Example

When I applied for a loan to expand my small business, I included a detailed business plan showing projected revenue and expenses. I also attached contracts from new clients that demonstrated the demand for my services. This thorough approach impressed the lender and led to a successful loan approval.

Template 1: Personal Loan Application

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date]

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[Loan Officer’s Name] [Bank’s Name] [Bank’s Address] [City, State, ZIP Code]

Dear [Loan Officer’s Name],

I am writing to formally request a personal loan of $[amount] to [state purpose, e.g., consolidate my debt]. I have been a loyal customer of [Bank’s Name] for [number] years, and I am confident in my ability to repay this loan in a timely manner.

My current financial situation is stable, as I am employed at [Your Employer] with a monthly income of $[amount]. Attached are my recent pay stubs and a detailed budget outlining my expenses and repayment plan.

I appreciate your consideration and look forward to your positive response.

Sincerely, [Your Name]

Template 2: Business Loan Application

[Your Name] [Your Business Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date]

I am writing to request a business loan of $[amount] to [state purpose, e.g., expand my business operations]. My business, [Your Business Name], has been operating successfully for [number] years, and this loan will enable us to [specific plans, e.g., open a new branch, purchase new equipment].

Enclosed are our financial statements, business plan, and contracts from new clients, which demonstrate our growth potential and ability to repay the loan.

Thank you for your time and consideration.

Template 3: Home Renovation Loan Application

I am seeking a home renovation loan of $[amount] to improve my residence at [your address]. The planned renovations include [specific projects, e.g., kitchen remodeling, roof replacement], which will enhance the value and functionality of my home.

Attached are estimates from contractors, my recent bank statements, and a detailed plan of the renovations. I am committed to repaying the loan over [repayment period], as outlined in the attached budget.

I look forward to your favorable response.

Final Thoughts

Writing a compelling loan application letter requires attention to detail and a clear presentation of your financial situation and plans. By following this guide and using the provided templates, you can increase your chances of securing the loan you need. Remember, honesty and clarity are your best allies in this process.

All Formats

22+ Sample Loan Application Letters – PDF, DOC

There are times when we need financial aid to push through with our education, business ideas, or other personal projects or goals which require a huge amount of money for its realization. It is for this reason that lending companies have been existing ever since the days of old. Today, the primary step to being taken by someone who wants to borrow money from another individual or institution is to write a loan application letter .

Loan Application Letter

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The Loan Application Process

• Before the loan contract , the borrower would send a loan application cover letter to the prospective lender to express his or her intent to ask for a loan.
• Afterward, when the lender has decided to consider the application for a loan made by the borrower, the borrower, and the lender would convene to negotiate the terms of the loan.
• The payment method, whether personal, through a check, online banking, etc.
• The number of times the payment is going to be made. There are various options. For example, the loan can be paid at one time, or it can be done in yearly or monthly installments.
• The amount of interest to be added on top of the loaned amount. The interest is the amount of money that is charged by the lender to the borrower on top of the amount which he/she has loaned. You may also see job reference letters .
• The assets (land, buildings, vehicles, or other properties) of the borrower would serve as collateral damage in case the borrower fails to make his/her payment on the time it is due.

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Things To Remember in Writing a Loan Application Letter

• Observe the proper rules for writing formal letters.
• State your intent to borrow a specific amount of money.
• Explain in detail the reason for borrowing money. You must be offering a clear, honest, and transparent explanation as to how you intend to utilize the money you intend to borrow. You may also see free application rejection letters .
• Enumerate your assets and liabilities.
• State the time, date, manner, and method which you prefer to make your payment.

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Guide to writing a mortgage letter of explanation (with template)

Your lender asked for a letter of explanation. what now.

When you apply for a home loan, your lender will do a deep dive into your financial history. Depending on what it finds in your bank statements or credit report, additional documentation may be necessary.

You may be asked for a “letter of explanation” during the application process. Fear not. Letters of explanation are fairly standard and nothing to worry about.

However, you want to make sure you write this letter correctly, as it could be crucial to your mortgage approval.

Here’s everything you need to know so you can hit a home run with your letter of explanation.

In this article (Skip to...)

• What is a letter of explanation?
• How to write one
• Sample letter
• Final advice

What is a mortgage letter of explanation?

Commonly referred to as an ‘LOE’ or ‘LOX,’ letters of explanation are often requested by lenders to gain more specific information on a mortgage borrower and their situation.

An LOX can necessary when there is inconsistent, incomplete, or unclear information on a loan application.

Letters of explanation may be required if any red flags turn up during the underwriting process, such as:

• Declining income
• Gaps in your employment history
• Differing names on your credit report
• Large deposits or withdrawals in your bank account
• Recent credit inquiries
• An address discrepancy on your credit report
• Derogatory items in your credit history
• Late payments on credit cards or other debts
• Overdraft fees on an account

There are many other situations where an LOX may be requested, too.

If you need to write one, be sure to ask your loan officer what exactly the underwriter wants to see, and whether you need to provide any supporting documentation along with the letter.

How to write a letter of explanation for your mortgage lender

When it comes to mortgage letters of explanation, less is typically more.

Too much unnecessary information may lead to confusion, or at minimum, additional questions about your file — questions that may have been avoided if it weren’t for some of the details in your letter.

The most important elements of your letter of explanation should include the following:

• Facts — Be honest. Never be tempted to write a letter based on solely on what you may think your lender wants to hear. You shouldn’t fabricate any aspect of your letter. Include correct dates, dollar amounts, and any other pertinent details for your situation
• Resolution — Your lender wants to know how and when the situation that led up to certain events was resolved. For instance, if you were temporarily furloughed during COVID, but you’ve since returned to full employment, you should be able to document your recent paystubs and have your employer verify that you’ll continue working full time for the foreseeable future
• Acknowledgement — This one is important and shouldn’t be left out of your letter. Mortgage underwriters want to know why it is that something happened, and how or why it won’t happen again in the future

Remember that a letter of explanation is a professional document that will go into your loan file.

Be mindful of things like spelling, grammar, and punctuation. Create a letter that’s visually appealing, properly formatted, and communicates the relevant information.

Providing additional documentation with your letter can be helpful. For example, if hospitalization was the culprit behind some missed payments on your credit report, it may be helpful to include hospital bills.

Sample letter of explanation and template

Remember to be honest, formal, and concise when writing a letter of explanation for your mortgage lender.

The exact content will vary based on your situation, but here’s a general letter template you can use as a guide. (Click the image to open a PDF version.)

Remember to include your mailing address, phone number, and the number of your mortgage loan application (or the property address for which you’re applying).

Final advice on writing a letter of explanation

You’ll be asked to submit a pile of documentation during the mortgage loan process, including bank statements, tax returns, pay stubs, and more.

Depending on your financial situation, your lender may also request a letter of explanation. Many first-time home buyers think being asked to provide a letter of explanation means their mortgage application may be doomed.

Remember, this type of request is usually a good thing. The underwriter may be looking for this last item before signing off on your final approval.

When your lender requests a mortgage letter of explanation, remember this first: don’t panic.

Next, double-check with your lender on exactly what is being requested.

Then write a clear, concise letter that’s free of emotional language, negativity, or excessive detail. There’s a good chance that the next time you hear from your lender, it will be to let you know you’re fully approved.

Applications , Request Letters

Loan Request Letter (Format & Sample Applications)

A Loan Request Letter is a letter written by a loan applicant and addressed to a lending institution, generally sent as a part of the loan application process. A loan request letter introduces you to the bank or other lending institution, clearly describes your planned use for the loan funds, and describes how you will pay back the loan. It is the part cover letter and part resume because you demonstrate the qualities that make you a good candidate for a loan by outlining your qualifications.

Anyone who applies for personal or business loan should write a loan request letter and enclose it with their loan application. This letter is often the lending institution’s first impression of you as a borrower. Therefore, it should be professional, clear, and concise, easily fitting into one page.

Important: Write using a professional format and in a professional tone. Banks and other lending organizations are concerned about your ability to repay the loan. Pointing out your financial problems works against you – instead, point out your qualifications as a borrower. Remember, this letter is your first contact with the lender and uses it to showcase your company as a reliable borrower.

What a Lender Needs to Know

In order to consider your loan request, a lender needs some information about you or your company. Although this information is included in detail in your loan application, your letter should formally introduce your request. Here is what you should include in your loan request letter:

• Your name and/or your company name, including any DBA
• Your contact information
• Your business entity structure
• Brief description of your business
• Your number of employees
• How long you have been in operation
• Annual revenue and profits if your company is profitable
• Amount of loan requested
• How the funds will be spent
• Your financial security
• A list of enclosures

The bank or lending institution is primarily concerned with how the money they are lending will be spent and repaid. Be sure to include information on these two critical points in your letter.

In addition to the loan application, you should enclose applicable financial documents, such as tax returns. Send your business plan, cash flow statement, and profit and loss (P&L) statement.

Loan Request Letter (Format)

{your name}

{your company’s name}

{your address}

{lender name}

{lender title}

{lender institution name}

{lender address}

RE: {(Small business) or (Personal)} loan request for {amount}

Dear {lender name}:

The purpose of this letter is to request a {(small business) or (personal)} loan in the amount of {amount} for the purpose of {purpose}. {Use this space to discuss your small business. Include name, business structure, and industry.}

{Business name} began operation on {date}, with {number} employees. As a {business structure type}, {business name} has consistently grown and now employs {number} individuals. {Use this space to discuss your marketing presence.}

{Use this area to briefly discuss your most recent year’s revenue and profit, if profitable. Discuss revenue and profit consistently over time when possible.}

{Use this area to describe the reason for the loan request.} {Use this area to explain that the opportunity is immediately available, but you lack sufficient immediate funds.}

Attached, please find our business plan, our annual profit and loss statement, and our most recent cash flow statement for your review. These financial documents and our strong credit score of {number} combine to make us a safe credit risk for {lending institution name}.

I would greatly appreciate the opportunity to speak with you about a {(small business) or (personal)} loan. I can be reached at {phone number} or by email at {email address}.

Thank you for your time and your consideration of my request.

{your signature}

Sample Loan Application Letter

Matthew Dobney

Entirely Electronics

3048 West First Street

Spavinah, OK 89776

EntirelyElectronics.com

June 22, 2048

Mr. James Burrows

SBA Loan Administrator

Bank of American Businesses

New York, NY 65782

RE: Small business loan request for $20,000

Dear Mr. Burrows:

The purpose of this letter is to request a small business loan in the amount of $20,000 for the purpose of enlarging our warehouse.

Entirely Electronics began operation on June 1, 2020, with two employees. As a partnership, Entirely, Electronics has consistently grown and now has 20 full-time employees. Entirely Electronics has been quite successful in obtaining a proportionate share of the online electronic retail community. Our online presence has grown from our website alone to Facebook, Instagram, and Yelp. Our marketing techniques consistently drive new customers to Entirely Electronics, and we boast a high customer retention rate.

Last year, Entirely, Electronics saw a growth of 25% in revenue over the previous year. Our profit margin remained stable at 18% throughout the year.

Our growth has created a significant shortage of available warehouse space, and market research shows we will continue to grow. As we look to the future, we understand we must create more warehouse space to continue growing. Although our revenue is consistent, we do not have the immediate large amount needed to complete the necessary expansions to our warehouse.

Attached, please find our business plan, our annual profit and loss statement, and our most recent cash flow statement for your review. These financial documents and our strong credit score of 790 combine to make us a safe credit risk for Bank of American Businesses.

I would greatly appreciate the opportunity to speak with you about a small business loan. I can be reached at 983-744-6597 or by email at [email protected] .

Loan Request Letter Template

Writing a loan request letter takes a bit of time and research, but does not have to be difficult. Using the above format, you can easily request a loan for your small business or a personal need. The sample letter demonstrates how to make a great first impression on a lending institution.

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Sample Loan Application Letter

Last Updated On December 25, 2019 By Letter Writing Leave a Comment

Loan application is written when the applicant wants to seek monetary assistance in the form of loan mostly on a mortgage of property. Since it is a request, the letter should be written in a polite tone.

Use the following tips and samples to write an effective loan application letter to a bank manager or a company.

Sample Loan Application Letter Writing Tips:

• As loan application letter is formal, the phrases and words should be chosen carefully.
• The language used should be simple and easy to understand
• The content of the letter should be short and straightforward.

Sample Loan Application Letter Template

__________ (Branch Manager’s name) __________ (Branch address) __________ __________

______________ (Your name) ______________ (Your address) __________________

Date __________ (date of writing letter)

Dear Mr. /Ms_____________ (name of the concerned person),

I have a savings account in your bank with account no._________ for the past …………… years. I want to apply for a ……………..(type of loan) loan for ………………….(state purpose) .

If you can inform me about the details and formalities required for seeking the loan, I shall make all the arrangements and meet you at the earliest.

Looking forward to meeting you,

Thanking you,

Yours Sincerely,

___________ (Your name)

Sample Loan Application Letter Sample, Email and Example/Format

Pavan Kumar 3214 Breeze apts Worli Hyderabad

The Branch Manager, Axis Bank, Station Road Branch, Hyderabad

30th September 2013

Subject: Loan application letter

Dear Sir/Madam,

I have a savings account in your bank for the last five years. I want to avail a home loan from your bank. I would like to know the details to seek a home loan from your bank.

I am a salaried employee, and I work for a central government organisation as a research scientist. You can verify my salary certificate and other details.

As the home loan interest rates have down, I would like to utilise this opportunity to buy a house. I have already booked a flat in Banjara Hills Hyderabad, and I need about Rs 35 lakhs as the loan amount. With my pay scale, I think I am eligible to seek a loan for this amount.

If you can send your representative to my place, we can discuss and finalise the loan. I shall keep all the documents ready so that there will not be a delay in processing the loan.

Looking forward to hearing from you,

_____________

Pavan Kumar

Email Format

A loan application letter is written to ask for financial credit service on some secured mortgage basis. As it is our requirement, the words should be so humble and sincere that the banker or the lender acquires total trust on the applicant. Loan application letter helps the loan applier to appeal for the various types of loans whichever he wishes to depend upon certain conditions.

I have sent this letter to you to explain my reasons behind requesting a loan modification on my mortgage. I wish to purchase a Mercedes Benz 300 Limousine costing Rs 56 lakhs. I am seeking an interest reduction down to 6.25% from my current 8.80%. I feel it is a fair percentage for you, and it is just within my means.

Without a reduction on the interest, I will not be able to afford the monthly payments. I have to choose between a loan modification and a foreclosure. I would far prefer the former, and you probably would as well. 6.25% is the most I will be able to manage, even if I cut all of my expenses out of the picture. Please consider my application seriously, and I hope to hear more from you on the matter.

Yours Faithfully,

____________

Jimmie Verna Melendez.

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• Job Application Letter
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How to Write a Loan Letter to Your Bank

How a Letter to the Bank Might Get Your Loan Approved

Why Write a Letter to Your Bank?

• Letter for a Mortgage Application

Parts of a Loan Letter to a Bank

Sample outline for a loan letter.

Maskot / Getty Images 

Sometimes getting a loan is as easy as filling out an application. But as dollar amounts increase or the situation gets more complicated, lenders may want reassurance. They could even ask you to explain why your loan is a good idea.

If your bank wants more than the basic information that goes on an application, a letter to the bank could be in order. Some banks specifically request letters, while others might appreciate any extra steps you take to try and win the loan.

Learn how a loan letter can improve your application and what you should include in one.

When you write a loan letter to accompany your application, you have the chance to explain exactly why the lender should approve your request. It gives you an opportunity to:

• Add commentary on topics that do not appear in a standard application
• Explain your financial situation thoroughly
• Lay out your plan for using and repaying the loan
• Address any weak spots in your application or finances

Loan letters can be particularly beneficial for small businesses, which often need capital to grow but may not meet the strict requirements laid out by bank loan applications.

Like a cover letter for a job application, a loan letter is your chance to make your case on your terms.

Loan Letter for a Mortgage Application

If you are applying for a mortgage and your application has some weak spots or unexplained elements, writing a loan letter can increase your chances of approval or of receiving a lower interest rate.

You may need to write a letter to accompany your mortgage application if you have:

• Multiple names on your credit report
• Negative entries in your credit report
• Gaps in employment
• Atypical sources of incomes, such as a small business or freelance work
• A recent change in jobs
• Unusual activity in your bank account
• Former delinquencies or bankruptcies

A loan letter gives you a chance to explain these things and address any concerns they may create for the bank.

When writing a letter to accompany your loan application, you need to both keep things brief and provide sufficient detail to make a convincing argument.

Even while keeping things concise, however, there is still specific information you will want to include.

Who and What

Tell the bank a little bit about yourself. If you're applying for a business loan , be sure to include information about the whole team, including the number of employees and how long you've been in business.

Highlight any strengths, designations, or credentials you've earned, as well as successes in your past. Don't go overboard: just pick just a few of the most impressive and relevant things that come to mind.

Lay out the specific amount that you are requesting for your loan. But sure to include the timeframe, such as $100,000 to be repaid over five years.

Explain exactly how you will use the funds. Your lender needs to know that the money will be put to good use.

For example, if you have been turning away business because you didn't previously have capacity, let your lender know about this unmet demand and your ability to satisfy it.

Demonstrate that you have done some market research and know how the loan will impact your business or personal finances .

Your lender needs to know how you’ll fund the repayment. Will you repay a personal loan from your salary or a business loan from increased revenues?

Be specific about how and why your earnings will increase as a result of the loan.

Your lender will notice if you have bad credit or insufficient income to repay the loan. When you address those issues directly, you signal that you're a serious borrower who understands what's at stake.

Be polite and formal in your language, addressing your letter to the loan officer or specialist that you are working with and ending with "Sincerely" or "Regards." Be sure to include your full legal name, address, and contact information.

Like a cover letter for a resumé, aim to keep your loan letter no longer than one page.

Sample for a Small Business Loan Letter

• Overview : “ACME Enterprises specializes in… and has been in business since 2007...”
• Reason : “I’m writing to request a loan for $100,000…”
• Professional information : “ACME Enterprises was founded by Jane Doe, who has over 10 years of industry experience. The marketing team is led by John Jones, who previously helped grow XYZ Corporation…”
• How funds will be used : “Our goal is to increase the number of daily service visits by purchasing an additional vehicle and related equipment. The total cost of these investments is…”
• Benefit : “Currently we are unable to respond to 30% of requests for service, which results in customers calling our competitors or switching products. We will be able to profitably respond to all of those calls with the additional equipment…”
• Basic financial information : “ACME Enterprises currently operates at a profit. Revenue from the previous year was $X, and net income was $Y…”
• Concerns : Anything else that shows you’ve done your homework and deserve the loan.
• Closing : “Please see the enclosed business plan, and feel free to contact me with any questions you have at…”

You will also need to submit a business plan with your loan application. Think of your introductory letter as an abbreviated version of the business plan.

Sample for a Mortgage Loan Letter

• Personal information : “My spouse and I have recently submitted a mortgage application at XYZ Bank, our full names and contact information are...”
• Basic financial information : “You will see in our application that our joint income for the last ten years has ranged from $X to $Y..."
• Concerns : “I’m writing to explain my irregular income and why this will not impact my ability to repay the mortgage I have applied for…”
• Explanation : "Since 2011, I have been self-employed. My business is ABC Enterprises, which provides freelance ABC services for clients such as... My business has made an annual income of no less than $XX for the last ten years, out of which my personal salary has increased from $X to $Y. In the enclosed business plan, you will see that due to These Market Factors I expect demand to continue increasing as I expand my services..."
• Closing : “Thank you for your time and attention, and feel free to contact me with any questions you have at…”

The lending decision ultimately depends on the financials, such as your credit scores , income, collateral , and ability to repay the amount you borrow. But a loan letter can improve your chances by explaining your situation and the impact the loan will have on those factors.

Word & Excel Templates

Printable word and excel templates.

Loan Application Letter

Applying for the loan requires you to provide a lot of documentation. Some organizations ask you to fill out the loan application form, while in some cases, you have to write a loan application letter to the institute to apply for the loan.

The loan application letter allows you to add all the details that you are required to provide. The letter is written to the loan manager of the company, and he then decides whether he should accept the application or not. The letter should include the personal information of the applicant, and since it is a formal letter, it should be written to the point by avoiding unnecessary details. The lender should follow a standard format while writing the loan application letter. The loan manager should be told about the intended use of the money.

The first paragraph of the letter should state the reason for lending the money. It should be assured in the letter that you will not use this money for any illegal purpose. The date on which the applicant will return the borrowed money should be mentioned in the letter.

You should also include information about you in the letter that can make the reader feel that you are a trustworthy person. Here is a sample letter that can help you learn about the structure and format of the letter.

Loan application letter:

Dear [Recipient’s Name],

It is stated that I am writing this letter to request a loan from the finance office of your company because of some of my very peculiar and essential needs. My mother is seriously ill, and I must get her treated at the hospital, for which I need money. Please accept my loan application and sanction me $2000. I assure you that I will return you the loan from the deductions of my gross salary.

I will be highly grateful for this favor of yours.

I am looking forward to your reply.

[Your Name]

Preview and Details of Template

File:  Word  ( .doc ) 2003 + and  iPad  Size: 31 KB

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I am writing this letter to get a loan from your bank branch situated in New Jersey. Currently, I am working as a sales executive for ABC Organization and need a $10,000 loan. I am in utmost need of this amount as I have to meet the surgery expenses of my father. I have gone through all the requirements related to the loan process and have enclosed the necessary documents along with this email. Please let me know what other documents I need to send you, and you can call me at any time for further queries. I hope you will give a positive response to my request.

This application is a request to ask for a loan from your organization. I am Christiana Roseland, and I am currently running a bakery in New Jersey. I am planning to open a new branch according to the rising demand of people. For this purpose, I need $70,000/- and I will return the amount in installments. I have thoroughly read the rules and policies for the loan process and hopefully, I will return the entire amount within the given time period and the financial pronouncement has been affixed with this application. Waiting to get positive feedback from you.

This letter is a request for a loan application to construct a house. I am the managing director at ABC Company, and my monthly salary is not adequate to meet the construction expenses. I will return the due amount according to the company’s rules and policies and will not let you be disappointed. I contacted the admin office to find out the details, and Mr. Jackson has provided me with all the information. If you need additional information, you can ask me at any time. Thank you for taking my request into account.

Dear Madam, I, Darcy Louis, work in the security office of your company. I live in Valley Stream and travel two hours daily to come to the office. I do not have a personal vehicle, and sometimes it creates a lot of difficulties, and I often arrive late to the workplace. I want to apply for a loan because I have to buy a motorcycle. I need $10,000 in this regard. I have chosen a six-month installment plan, and 20% of my salary will be deducted each month. I request that you accept my loan application. I will be grateful to you. Thanking in anticipation.

Dear Sir, I am Dorothy John, and I live in Toronto. I am running a branch of ABC School. The strength of students is increasing with each session, and it is becoming difficult to adjust to the large number of students in a limited space. Therefore, I need to open a new branch adjacent to the current school and construct a new building, but I do not have enough money. I learned about your loan policy and want to apply for it. I have attached the needed documents along with the application. I am hoping to hear a quick response from you.

I am Julia Hughes, and I am writing this message to ask for a loan from your bank. I have an account in your Brooklyn branch, and my account number is [#]. I have a small business marketing in Brooklyn, and I intend to open a new branch in the Netherlands. Hence, it can be a source of ease for hundreds of people. The savings I have and the loan I am asking for will be of great help in expanding my business. Kindly send me an email detailing all the formalities for the loan process. I would like to ask you to send me a confirmation message so I may visit your branch on an immediate basis.

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Find the best business loan rates (2024)

How to Write a Loan Request Letter to Get Your Small Business Funded

TABLE OF CONTENTS

If you want to get business financing from your bank or the Small Business Administration (SBA), you’ll need to know how to write a loan request letter. 

Indeed, your bank’s underwriter will look for your business loan request letter when reviewing your application. The SBA expects you to have one, too.

A well-written letter requesting a loan can make the difference between having your application approved and it getting turned down.

Here’s what you need to know about how to write a loan letter, including when you need one, what you’ll need before writing one, what format you should use, examples to review and a loan request letter template to write your own.

What Is a Business Loan Request Letter?

A business loan request letter is correspondence a borrower writes and submits to a bank as part of the loan-application process. 

Business loan request letters include the following:

• Loan amount 
• Planned use of funds
• Explanation of why you should be funded 
• Details about how you plan to repay your loan 

When You Need a Loan Request Letter

There are 2 main financing situations when loan request letters are called for:

• When you’re requesting a loan from a conventional bank lender and you want to demonstrate that your business is growing and financially viable
• When you’re applying for a loan from the SBA , which recommends you begin your loan proposal with a cover letter or executive summary

If either situation applies to you, you should know how to write a loan letter.

There are situations when you don’t necessarily need a loan letter, including:

• You’re requesting a term loan online from an alternative lender, who may only require recent bank statements  
• You’re seeking equipment financing , in which case the equipment itself will serve as collateral
• You’re requesting a business line of credit , which only may require recent financial statements or business bank statements

Prerequisites for Writing Loan Request Letters

While a loan request letter may be needed for bank and SBA loans , it won’t be enough for approval unless it’s supported by a sound credit situation and solid financial planning. For your request to be persuasive to lenders, you should do 2 things before preparing your business request letter and loan application package:

• Check your personal and business credit scores and take any steps you can to improve them
• Prepare the business financial statements you’ll need for your loan package

Your personal and business credit scores and business financial statements will help lenders assess whether you’re a good financial risk and will lend weight to your loan request letter. Business financials should be submitted with your loan application along with your cover letter. 

Essential financial statements you will need include:

• Profit-and-loss statement (also called an income statement)
• Balance statement
• Cash-flow statement

Business Loan Request Letter Format

When you write your loan request letter, it’s recommended to keep it to 1 page while including the following key elements:

Heading and Greeting

The very top of your letter for a loan application should include contact information, a subject line as a header and a greeting as follows:

• Your name and contact information
• The date of your letter
• The name, title and contact information of your loan agent
• A subject line stating that you’re writing about a loan and specifying the dollar amount you’re requesting

Summary of Your Small Business Loan Request Letter

Start by briefly stating the purpose of your letter and the amount you’re asking to borrow.

Basic Information About Your Business

This should include:

• Your company’s legal name
• Your company’s legal structure ( sole proprietorship , partnership, limited liability company, S corporation, etc.)
• A brief description of what your business does
• How many years you’ve been in business
• How many people you employ
• Your annual revenue and profit

Explanation of the Purpose of Your Loan

Tell your lender how you plan to use the loan. Be as specific as possible, citing numbers to quantify your goals. For instance, instead of saying you plan to use the loan for advertising, specify what types of advertising you’ll use, how much each will cost and the percentage of new customers or increased revenue you hope to gain.

Summarize Your Ability to Repay the Loan

Touch on your credit history and highlight key data from your financial statements that reflect your ability to repay your loan, including:

• Summaries of recent profit-and-loss or balance statements demonstrating that your business is financially healthy and growing
• Schedules for repaying any other business debts you already owe
• Cash-flow projections that indicate when you’ll be able to budget repayments for your loan’s principal and interest

Concluding Elements

The end of your letter should include:

• A paragraph referring to your attached financial statements
• A concluding paragraph asking the loan officer to review your package and expressing your anticipation of speaking with them soon
• Your signature
• A list of enclosures, including your financial statements and any other documents that are required for your loan application. You may also need to provide your business partners’ financials, including for SBA-backed loans .

Don’t want to write a loan request letter? We’ve got you covered.

Loan request letter templates and samples.

Here are loan request letter samples and templates you can use to create your own letter. 

Sample Request Letter for a Working Capital Loan to Support Expansion

ABC Builders

123 Park Lane

Miami, FL 33145

Jan. 1, 2020

Senior Loan Officer

987 Spring Road

Philadelphia, PA 19115 

Re: Small business loan request for $100,000

To Mr. Doe,

ABC Builders is a successful business that is well established in the building and renovation industry. We began operation with 3 employees in January 2010 as a small company offering renovation services to local businesses and homeowners. We now have 20 employees. We advertise on our website, ABCBuilders.com, and market on social media channels as well as at home building expos. 

Last year, our annual sales totaled $3.5 million. In the first year of business, we earned a net profit of $1 million. Additionally, we have maintained a steady balance in the past 10 years.

Because of increasing interest from prospective clients in neighboring cities, we have decided to open a second location. The loan we are requesting is for this additional location, which we anticipate will increase revenue by $300,000 in the first quarter following opening.

Startup costs can be costly, and we require funding to purchase supplies and equipment. However, we anticipate strong sales for the new branch and have immediate work opportunities, which will contribute to our loan repayments. 

The loan of $100,000 we are requesting will provide us with the funding we need to help successfully open our second location. I have attached the contracts we have in the new location, pending equipment availability and ability to complete the project as well as our business plan with a breakdown of costs and detailed market analysis. 

Thank you for reviewing this letter and the accompanying financial documents. I look forward to hearing from you at your convenience.

Jack Smith [signature]

Enclosures: Business plan, profit-and-loss statement, balance statement, cash-flow statement 

Sample Loan Request Letter to Fund the Salary of a New Hire

Chief Executive Officer

Dear Mr. Smith:

I am writing this letter to request a small business loan in the amount of $100,000 for the purpose of hiring additional staff. 

My business, ABC, Inc., is a growing company that serves clients in the food-service industry. You can follow our success online at www.ABCInc.com.

ABC, a corporation, began operation in January 2016 with 5 workers and 1 location. We have grown consistently in the past 4 years. We now employ 15 workers and have expanded to 2 locations.

Last year, our annual sales revenue was $2.8 million and we generated a net profit of $975,000. We have maintained our cash flow consistently over the past 2 years and have generated a net profit each year we’ve been in business.

To promote our continued growth, we plan to hire a full-time manager this year to oversee our business operations. We are requesting working capital funding to continue our expansion efforts and cover the cost of the new manager’s salary and benefits. In addition, in an effort to retain top talent, we plan to offer an enticing relocation package and signing bonus. This new hire will streamline operations and lead to efficiencies totaling $150,000. 

We would like to pursue this endeavor in the second quarter of 2020, but this venture will require more funding than our current cash flow can sustain. Although we lack a lump sum large enough to cover this additional expense, our budget can allow for monthly payments over time given sufficient financing.

A loan in the amount of $100,000 will enable us to acquire the right talent to facilitate our expansion. Our projections, which are enclosed, indicate that increased efficiency and sales will generate enough increased revenue to repay this loan by 2023.

Attached, please find our business plan and our most recent financial statements for your review. Based on these strong financials and our business credit score of 90, we are confident that you will find us a safe credit risk.

Thank you for reviewing this request letter and the accompanying financial documents. I look forward to hearing from you at your convenience.

Jane Doe [signature]

Jane Doe, Chief Executive

Enclosures: Business plan , profit-and-loss statement, balance statement, cash-flow statement

Additionally, you can use the following example to create your own term loan request letter format.

Loan Request Letter Template

[Your name]

[Your title]

[Your business name]

[Your business address]

[Your city], [Your state] [Your ZIP code]

[Loan officer’s name]

[Loan officer’s title]

[Loan officer’s company]

[Loan officer’s address]

[Loan officer’s city], [Loan officer’s state] [Loan officer’s ZIP code]

Re: Small business loan request for $[amount]

Dear [loan officer’s name]:

I am writing this letter to request a small business loan in the amount of $[amount] for the purpose of [summarize the purpose of the loan here]. My business, [your business name], is a growing company that serves clients in the [type of business] industry. You can see our success online at [list your website and any social media profiles you want to showcase].

[Your business name], a [business legal structure], began operation in [date you began operation] with [number] workers [if applicable], and has grown consistently over the past [number] years. We now employ [number] workers [if applicable].

Last year, our annual sales revenue was $[amount], with a net profit of $[amount]. [If you are not profitable, you can omit mention of net profit here.] We have maintained our cash flow consistently over the past [number] years, and have generated an annual net profit each year we’ve been in business [if applicable].

[Explain the reason for the loan request here. For example: To promote our continued growth, we plan to hire a full-time administrative assistant and a sales representative this year. We are requesting funding to cover the cost of their salaries and benefits. (Substitute appropriate language applicable to your business plan.)]

We would like to pursue this next quarter [specify time frame], but this will require more funding than our current cash flow can sustain. Although we lack a lump sum large enough to cover this additional expense, our budget can easily cover monthly payments over time given sufficient financing. A loan in the amount of $[amount] will enable us to cover labor costs for our two new employees. Our projections indicate that increased efficiency and sales will generate enough increased revenue to repay this amount by [date].

Attached, please find our business plan and our most recent financial statements for your review. Based on these strong financials and our business credit score of [score], we are confident that you will find us a safe credit risk.

[Your signature]

[Your name printed]

Enclosures: Business plan, profit-and-loss statement, balance statement, cash-flow statement [list other documents included.]

You also can find loan request letter templates and sample letters online.

Here are a few websites offering examples of business loan application letters you can refer to when writing your own loan request letter:

• If you’re wondering how to write a letter to a bank manager for a loan, check out RequestLetters.com .
• LiveCareer offers a loan application sample letter as well.
• Refer to these loan request samples , too. 

Mastering the Loan Request Letter Format

A loan request letter is essential if you’re applying for a loan from a conventional lender or the SBA. Add weight to your request by optimizing your personal and business credit scores and including your business financial statements. 

Follow the proper format when writing your letter, including a header and greeting, a summary of your request, basic information about your business, an explanation of the purpose of your loan, a summary of your ability to repay your loan and, finally, appropriate concluding elements. Use a template to make writing your loan request letter a little easier.

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How to Write a Loan Application Letter in Nigeria

Do you find it difficult to write a loan application letter or you are clueless about how to go about the process?

No need to fret, you have come to the right page for a solution.

It is not surprising that a lot of Nigerians apply for loans in various financial organisations ranging from commercial banks, and microfinance banks, and that online loan apps are on the increase in Nigeria. 

Due to the current economic hardship coupled with debts incurred by some Nigerians, to settle their debts, they simply look forward to applying for a loan as a solution to their problems.

Nigerians apply for loans for different reasons and purposes. Some for their businesses, education, to pay off debt while some apply for loans to “japa”.

If you’re looking to apply for a loan here in Nigeria, in simple steps, I’ll guide and put you through how to write a loan application letter in Nigeria. 

Table of Contents

Applying For a Loan in Nigeria

Firstly, you need to have a plan, ask yourself the question “what do I need this money for?”

Will the business you’re planning to venture into be productive enough to pay back the loan you’re applying for in the bank?

If you don’t have a plan, at the end of the day, when you write the application for a loan, you often find it difficult to pay back the loan.

This is why some of these loan sharks make public the loan defaulters personal details on social media platforms creating public embarrassment to the defaulters and the people close to them.

Steps in Applying for a Loan  

The major thing you should look out for as you’re about to apply for a loan in Nigeria is the financial institution you want to go for.

Put in mind their interest rates, the loan duration (how long will it take for you to pay off?). 

Read properly the T&Cs, and read it line by line before you append your signature. 

Lots of Nigerians applying for loans make the mistake of not going through the terms and conditions thoroughly, you definitely don’t want to make this mistake to avoid “had I known?”

Don’t be too eager, I repeat, don’t be too eager.

Just recently someone told me something I want you to pick from, she said “one of the policies in giving loans is not to give a loan to a customer that is too eager, the one who never lets you rest”.

Read also: How to get loans without a salary account or collateral.

How to Write a Loan Application Letter

Writing a loan application letter in Nigeria is quite simple as you can refer to the letters you wrote while in school. 

Your loan application letter should be well detailed and concise, not verbose.

There are two things to consider here, are you applying for personal use or for your company?

If it is a personal loan, it is simple, all you have to do is to walk into any bank of your choice to make some findings.

Make sure you get a clean sheet of paper (A4 Paper), your identity card (work id is included), a letter of introduction from your working place if you’re an employee of an organisation.

I’ll list out in bullet points what should be included in your loan application letter so you won’t make any mistakes or leave any information out of your loan application letter.

NOTE: You’re writing a formal letter, not an informal letter.

• The bank’s address (include the branch manager if you’re addressing the letter to him/her. This should be on the left side of your A4 paper.
• Your address should be on the right side of your letter.
• Under the address to the bank, “Dear Ma/Sir” should be written.
• Heading: You should provide heading to your loan application letter. See more details in the samples below.
• Body of your letter: You should explain in detail the reason and the duration.

Read also: Top banks in Nigeria for entrepreneurs. 

Samples of a Loan Application Letter

Below are samples of loan application letters for an individual/personal use:

To the Branch Manager,

United Bank for Africa,

Lebanon Dugbe,

23rd April 2009.

40,  Boladuro Street,

Challenge Ibadan,

Dear Ma/Sir,

               LOAN REQUEST

  I (your name), with the account number (×××××××××) wish to request for a loan in your business office. 

    I look forward to hearing from you soon.

Thanks in advance.

Yours faithfully,

(Signature)

(Phone number).

Applying for a loan in the name of your company? Ensure you have a great turnover with the bank to get a good loan.

The letter for loan application should be on your company’s letterhead. You can’t apply for a loan in Nigeria as a company on a plain sheet of paper. 

        XYZ CONSULTING FIRM LTD.

            +234***********, 40 Boladuro Street Challenge Ibadan. Oyo State.

 To the Branch Manager,

No 40 Boladuro Street,

    Dear Sir/Ma, 

  Our company (name), with the account number (×××××××××) wishes to request for a loan in your business office to get some equipment for our business.

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Applying For a Loan on Your Mobile Phone

Do you know you can pick up your phone and apply for that loan you’ve been searching for? 

Simply visit the Play Store/Apple store app, there are lots of applications offering loan services. 

From Okash to New Credit, Fairmoney, 9ja Cash, Soko Loan and a host of others. 

It is not surprising that some Nigerians prefer to apply for a loan using these mobile applications than walking into the bank.

Everyone wants comfort and a very easy experience. 

Once you download the application of your choice, you click on the register button (all your information would be recorded together with your bank verification number).

While some Nigerians don’t like to apply for a loan from these Loan apps, due to the embarrassment/disgrace they put people  through if they fail to make payment after the payback day, some apply for the loan and pay back in due time. 

Read also: Top 10 best loan apps in Nigeria. 

  Conclusion

 I hope you’ve learnt a thing or two from this article on how to write a loan application letter in Nigeria. 

Whenever you’re in a fix or there’s something really urgent you need money to settle, you can simply visit any bank branch to make enquiries on the type of loan product they have to offer, or make use of online apps.

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• Business Loans
• Posted on December 12, 2022
• Kortney Murray

A business loan application process often requires numerous documents, one of which is a request letter. This letter is a significant part of your application as it is written to request financial assistance from the financial institution.

In most loan application cases, the success of your application process hinges on your ability to craft a convincing and professional business loan request letter. However, to do this, you need to know what the letter entails, the necessary information to include, and, of course, how to write one. 

To help you with your application process, below we have compiled everything you need to know about writing a request letter for a business loan.

What Is A Business Loan Request Letter?

During your loan application process, whether you are getting a business loan for your beauty salon or trucking company, your lender or financial institution will request information from you. This information is to help the lender or institution trust you enough to know that you will be able to pay back their loan.

Many times, the request for this information comes in the form of a business loan request letter. A request letter is a formal letter or a document that is written to request anything from an official. It can be seen as a way of asking for a favor from officials.

In this case, a business loan request letter is a letter to the bank or lending institution that supports your business loan request. During the loan request review process, the bank underwriter will pay attention to the content of your business loan request letter to see if you deserve to get your loan approved.

In essence, your loan request letter is the difference between your loan being approved or refused. A loan request letter usually commits elements such as the loan amount requested, detailed planned use of money if disbursed, reasons why you think you should receive the funds, and a detailed description of how you plan to repay the loan.

The loan request letter is usually requested when asking for financial help in the form of a loan. This can be when you’re applying for a loan from a conventional financial institution or bank lender, or when you’re requesting a loan from the SBA ( Small Business Administration ).

In both cases, you are trying to demonstrate to the lender that your business can repay the borrowed amount, and you have a plan for using the loan when disbursed. Although loan request letters are usually a part of loan application processes, they do not necessarily need to be a part of every loan application process.

Some situations require loan letters, and some can do without them. Some situations that do not require loan request letters are:

• Situations where you require a loan from specific lenders whose only concerns are your bank statement
• Situations where you request a business line of credit and the only requirements are recent business financial statements
• Situations where you request equipment financing and the equipment will be the collateral you need.

Regardless, writing a request letter for a business loan is an essential step to securing your loan. However, simply writing a letter is not enough. It is crucial to write an excellently detailed loan request letter that passes your message across quickly to the money lender.

What You Need To Know About Writing A Loan Request Letter

Many elements go into writing a loan request letter. These request letters are a form of well-documented proposal that accompanies other loan application documents, which is why they should convey specific information. When writing a loan request letter, your letter must have specific information. This information includes: 

1. Basic Business Information

Money lenders and financial institutions do not give out loans to businesses or individuals who walk up their doorsteps. They do not accept and disburse loans without knowing who the borrower is. A detailed business loan request letter should begin with a proper introduction that communicates the borrower’s basic personal and business details.

It is a great way to not only break the ice but also get the lender to be familiar with you and know you’re genuine. The basic business information should include the following:

• Your address
• Your business name
• Your business address
• Name of the money lender or loan agent
• Contact information of the loan agent
• Requested loan amount
• Current business project
• Current annual revenue
• Turnover of the previous financial year
• Current number of employees

These details tell the institution all they need to know about you, your financial needs, and your business. Needless to say, all information given should be legal and up-to-date.

2. Purpose Of The Loan

What is the loan for? How does the lender know you will use the loan for the right things? After offering the basic business information, it is essential to the money lender your plan for the loan when approved. Approving a loan to a business (especially small businesses) is a considerable risk for many financial institutions.

It would be best if you showed the institution that you plan to use the loan for the right things. When talking about the purpose of the loan, briefly tell the lender how you plan to use the business loan. Be concise and professional, yet offer enough details for total insight.

Be persuasive enough to help the lender see your vision and show them you have what it takes to use the loan properly.

3. Provide Repayment Assurance

Before money lenders approve business loss, they want to ensure they receive their money and interest at the due date. Without proper assurance, they will be skeptical and might refuse to approve the loan for disbursement. After drawing out the purpose of the loan you are requesting, it is essential to detail how you mean to repay the money on or before the duration of repayment. 

What are your plans to make back the money? How soon can you make money? Are there any risks that are expected? Still being persuasive yet professional, describe how you expect to pay the loan back. However, don’t just draw out a plan using words. Offer evidence to support your plan.

This will build your credibility and increase your chances of the loan being approved. Your evidence can include a business plan, personal finance and credit history (do you have bad credit? Here is all you need to know about getting a business loan with bad credit ), past business financial decisions and results, and any other relevant financial details.

As with any other letter, it is essential to close your business loan request letter. Your closing is your last chance in the letter to persuade the money lender to approve your application and agree on specific loan terms if possible. In the closing part, you can convey what approving the loan will mean to your business without sounding desperate.

Remain professional yet courteous at this point in your letter. The closing part of your business loan request letter is also an excellent opportunity to negotiate for specific terms, such as a certain interest rate or a longer repayment term. However, don’t just tender your requests.

Back them up with compelling reasons why the lender should take on these terms.

How To Write A Request Letter For A Business Loan

Now that you are familiar with the essential elements of a professional business loan request letter, it is essential to know how to write a convincing and successful request letter. Because your request letter plays an integral role in the success of your business loan application process, knowing the best way to write one is vital to your ability to win a loan.

Business loan request letters are usually about one page in length. However, they should be written professionally and in great detail.

1. Heading And Greeting

When writing a letter, it is a formality to have the heading and greeting first. The loan request letter is not left out. At the top of your business loan application letter, you are expected to leave a formal greeting and belief introduction of yourself. This is where the basic business information comes into play.

• Begin by writing your name and contact information
• Date the letter correctly (when the letter was written)
• Include the name, title, and other important contact information of your loan agent
• Include a subject line that states you are applying for a loan and the amount of loan you are applying for 
• Include a formal greeting.

Below is an example of a format for the heading and greeting section of your letter:

[Company/Business Name]

[Business Address]

[Lender Name]

[Lender Title]

[Lender Institution Name]

[Subject]: 

Dear Mr/Miss/Ms./Mrs [Name],

At a glance, the heading and creating part of your letter will tell the lender what they need to know about your business and the type of loan you need.

2. Summary of Your Business Loan Request Letter

What do you need the loan for? The second step and the second element when writing a business loan request letter is to briefly tell your money lender what the purpose of your letter is, the type of loan you need, and the amount you want to borrow. The summary of your business loan request letter is usually only a few sentences short.

The length may vary from letter to letter as every request letter is unique. Regardless, it should be nothing more than a summary.

For example: 

I am writing this to request a [kind of loan] loan in the amount of [amount] for the purpose of [purpose]. 

This is straight to the point but immediately tells the lender what you need and why.

3. Basic Information About Your Business

Following the summary of your business loan request letter, it is essential to tell your lender all they need to know about your business. To do this, you will provide basic information about your company. Although lenders want to know as much as they can about you and your business, they do not have the time to read pages upon pages of all information about your company.

They spend so much time processing other loan applications that a long introduction can be a big turn-off. So, instead of an entire file on your business history, write out the following:

• Your business’s recognized, registered, and legal name
• Your business’s legal structure (is it a sole-proprietorship company , partnership, or limited liability company?)
• Years of operation or how many years you have been in business for
• A concise description about what your business does or operates in
• Your company’s annual revenue and profit
• Number of employees

4. Description Of The Purpose Of The Loan

After offering the basic introductions, you must tell your lender why you need the loan. In this section, explain to your lender how you plan on using the loan when it is approved. Give them a great but brief insight on the plan and show them you have mapped out the use of the finances every step of the way.

For example, don’t just say you need to buy more stock. Instead, state what stock(s) you need, how much they are, how much you plan to re-sell, and how much revenue you plan to make back from this.

5. Show Your Ability to Repay the Loan

Show the lenders that you are more than capable of repaying the loan given by including several documents that show your current financial ability. Highlight your credit history and present financial disposition using financial statements such as:

• Summaries of up-to-date profit-and-loss or balance statements. This will show the lenders that your business is growing
• Schedules to show repayment plan for other outstanding debt that your company might owe to other lenders
• Future cash-flow projections . This will show your budget for the repayment terms and your ability to pay back.

6. Concluding Elements

As with any other kind of letter, you need to end your request letter with a concluding part. This concluding part should include several elements, such as:

• A final paragraph that refers the lender back to your attached documents and financial statement
• A paragraph persuading the lender to review your package
• A sentence showing the lender that you anticipate speaking to them soon
• Your signature
• A list of all included documents.

Sample Of Business Loan Request Letter

ABC Crescent Street

Miami, FL 12345

Jan. 1, 2022

Jack Stephen

Senior Loan Officer

678 Spring Road

Florida, FL 67890

Re: Small business loan request for $350,000

Dear Mr. Stephen, 

I am writing this to request a small business loan of [input loan type] of $150,000 for the purpose of [input your purpose of the loan]. 123 Movers is a successful business that is well-established in the transportation and shipping industry. Our success is recounted on our official website [input website URL].

123 Movers started operation in April 2018 in one location with just [input number] workers and [input number] trucks. Serving local and international clients, we have grown consistently over three years and now have over [input number] with [input number] of trucks in our services. 

Last year, our annual revenue totaled $1.2 million—[input more information about the growth of the business]. To promote our growth, increase efficiency, and improve the quality of our services, we plan to hire more staff and expand into new market sectors.

We request a [input loan type] to continue our expansion efforts and supplement our growth as a business. [Input more reasons/purpose for the loan application]. A loan in the sum of $350,000 will enable us to [state how the loan will help your business in this paragraph]. 

Attached below, please find our recent financial statements and our business plan for your review. I have also attached other necessary documents [state documents] to highlight how strong our financial disposition is. With a credit score of [input credit score], we are confident in our ability to adhere to the necessary loan terms.

Thank you for reviewing our letter and the attached financial documents. I look forward to a favorable response from you at your convenience.

John Doe [signature]

John Doe, Owner

123 Movers.

Perfecting The Art Of Writing Business Loan Request Letters

Writing request letters for business loans can be an intimidating process, especially if you have no practice doing so.

However, all you need is a few trials, and you will undoubtedly master the art of writing business loan request letters like a pro. Request loan letters are essential in many loan application processes, which is exactly why you need to put your best foot forward while writing.

Optimize your letter by including the necessary documents, highlighting your best assets, and following the proper format mentioned above. Include a header and greeting, a concise description of your request, your business’s basic information, a description of the purpose of your loan application, your ability to repay the loan, and a proper concluding element.

Although mastering the art of writing business loan request letters is one of the many steps in making sound financial decisions for your business, the first step begins with finding a financial company dedicated to offering the solutions you need.  With relationships with over 150 different programs and an aim to maximize your business’s growth, we at Coastal Kapital offer innovative financial solutions to business owners with all credit types. 

From equipment leasing to merchant processing, collateral asset and real estate-backed funding, we have all you need to grow your business. Contact us at 866-670-7483 to discuss your financial options!

Rental Application Denial Letter: How to Politely Reject a Tenant

Reading Time: 5 minutes

Although the ultimate goal of any landlord is to put a renter into a property, there are some times when it’s just not the right fit. Not every applicant who wants to live in your rental is going to work. When this happens, you’ll find yourself having to prepare a rental application denial letter.

It may feel daunting to have to write this type of letter. It’s not easy having to reject someone in any situation. However, with the right approach and plenty of transparency, you’ll get through this process just fine, moving on to find the ideal tenant.

Legal reasons to reject a rental application

While we’ve all met people whose personality is something we’d like to say “no” to, the Fair Housing Act restricts the reasons, as a landlord, you can reject someone’s  rental application . You must adhere to these regulations to prevent any legal recourse.

Under the  Fair Housing Act , a rental application denial letter cannot get served on the basis of race, color, national origin, religion, sex, familial status or disability. This prevents housing discrimination and reverses housing segregation. You’re also not allowed to deny a renter’s application based on their criminal record unless there are dangerous criminal convictions that could put people, and your property, at risk. In other words, a DUI is not grounds to deny a potential renter, but getting convicted of arson, most likely is.

Even with the Fair Housing Act policing rental application rejections, it is legal to say “no” to a potential renter in specific instances, mostly when they fail to meet your rental requirements. Here are a few examples:

1. When a credit score isn’t high enough

It’s a common practice for a landlord to run a credit check on every applicant. As long as you do this, you can reject a potential tenant if their score is too low. Since a credit score is indicative of an applicant’s financial history, a low number could mean they don’t pay their bills, which includes rent.

It’s your personal preference whether you allow them to bring in a  co-signer or guarantor  to help get their rental application approved despite their credit history, but you don’t have to.

2. When the money doesn’t work out

Expectations when it comes to finances are also a major concern for you as a landlord. Not only does an applicant need to have enough liquid funds to cover all the upfront costs — first, last, security, etc. — but they need enough income to pay the rent each month along with their other bills.

Many landlords ask that their renters make a specific amount, annually, above rental costs to ensure everything is good. The standard ask is three times as much income as rent.

3. When their rental record is less than stellar

Looking at a potential tenant’s rental history may also raise some red flags that could lead to a rental application denial letter. Situations like  prior evictions , records of unpaid rent or fees, bad feedback from previous landlords and proof of previous property damage are all solid arguments to reject a rental application. You need to protect your property in every way, so it’s best to be hesitant when issues like these arise.

4. When their lifestyle doesn’t mesh

You’ll most likely have additional rules related to your property. You may have a no pet policy, or a zero smoking indoors policy. Except for emotional support animals, these are rules you’re able to enforce. If a potential tenant comes to you with their dog or says they’re a smoker, you can reject their application because of their inability to meet all your requirements for tenancy.

5. When there’s an issue with their application

If a potential tenant lies on their application, or can’t complete it, you also have grounds to deny them tenancy. These are, in fact, two very big reasons to write a rental application denial letter. Either they’ve falsified the information you need to approve their application, or they simply didn’t give you enough. Either way, you can’t make an informed decision if this applicant is even safe to have living in your property.

6. When the property is no longer available

When demand is high for a specific property, you may get more rental applications than you actually need. Evaluating them on a first-come, first-served basis, you may fill the vacancy quickly. It’s polite to send a letter out to the other applicants letting them know the property is no longer available. Not necessarily a solid rejection, but another example of when it’s legal to tell an applicant “no” in regards to renting your property.

How to write a polite rental application denial letter

Once you understand when it’s okay to reject a rental application, the next part is crafting the actual letter. It’s stressful because you’re having to let someone down. But with enough finesse and information, this should be a seamless break.

Your letter should have a professional and informative tone, covering exactly why you’re denying their rental application. Include as many specifics as possible, such as:

• Application date
• Property address
• Reason(s) for rejection
• Supporting documents (if necessary; i.e., a copy of their credit report)
• Your contact information (for additional questions)
• Suggestions for alternate options (optional)

Also, don’t forget to thank them for applying and let them know you feel bad about having to say “no.” The, “We regret to inform you,” phrase works every time.

Sample rental application denial letter template

Some rental application denial letters will feel like you’re filling out a form. They’ll list all the possible, legal, reasons to deny a renter and let you check the boxes. This does save time, but it’s often impersonal enough to rub prospective renters the wrong way.

If you can, take the time to make it a little more personal, and a little less formulaic.  Download  and try out this template instead.

(Applicant’s full name)

(Address of rental property)

RE: Rental application review

Dear (Applicant’s name),

Thank you so much for submitting your rental application for (Property Address.) I’ve had time to review it and sincerely regret to inform you that it was not accepted at this time.

The decision was made based on (fill in as many specifics regarding the reason why you denied the application such as low credit score, income concerns, the property is no longer available, issues with rental history, etc.)

I understand this is not the news you were hoping to hear. Should you have any questions regarding your rental application status, please don’t hesitate to reach out to me directly at (your phone or email.)

You may also want to consider (insert any advice, if applicable to help them out the next time such as offer up a co-signer, seek rentals more in their price range, etc.)

(Your Name)

Finding the perfect tenant

Remember, there are many reasons why you can reject a rental application, but it’s not always what’s on paper that counts. If possible, get to know your applicants a little bit when they come to view the property, before filling out an application. Make some notes on your first impressions and consider using that to help sway your decision if their application comes back less-than-stellar. Your perfect tenant may not always have the perfect application.

Alison is part of the Content Marketing team as a Content Marketing Specialist. In her 4 years at Redfin, Alison has written a variety of articles ranging from home design tips to housing affordability. A California-native, Alison currently resides in Seattle where you can find her catching a concert or exploring farmers’ markets. Her dream home is a cottage-style house with a chef’s kitchen and a cozy room to store and play vinyl records.

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Step 1: Start with the FAFSA

Step 2: understand your financial aid award letter, step 3: complete additional paperwork (if required), what about private student loans, how to apply for student loans: a beginner's guide.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

• You'll apply for a federal loan with the FAFSA, and a private loan on the lender's website.
• The FAFSA takes about an hour to complete, while private applications can just a few minutes.
• You'll need a credit check to get a private loan and to get a Direct PLUS Loan from the government.

If you need help paying for college and didn't receive enough money through scholarships or work-study programs, you may need to take out a student loan to cover the costs of school.

Getting a student loan is a fairly straightforward process. You'll apply for the loan through a federal or private lender , then wait for the funds to be disbursed to your school.

The FAFSA is the key to obtaining federal aid. FAFSA — which stands for Free Application for Federal Student Aid — determines one's eligibility for loans, grants, and work-study. 

To get started, create your FSA ID, which is essentially your electronic signature for the FAFSA. Parents of dependent students also need an FSA ID. From there, check federal and state deadlines. And remember: Applying early is best!

You won't need a credit check with federal loans, with the exception of a Direct PLUS Loan , which is lent to the parents of undergraduate students or to professional and graduate students. This loan is not based on financial need and has a higher interest rate than subsidized or unsubsidized loans. 

Each school that you've been accepted to will send out a financial award letter detailing the aid package being offered. It will include grants, scholarships, work-study details, and federal student loans (subsidized and/or unsubsidized). After reading through your letter, decide which package makes the most sense for your situation. You don't have to accept the full loan amount offered.

If you have the option, you'll want to take out a subsidized loan over an unsubsidized loan . Subsidized loans are made based on financial need, and the government pays the interest on your loan while you're in school. Financial need doesn't factor into unsubsidized loans, and interest begins to accrue immediately. 

Once you've decided on a financial aid package, fill out any required paperwork and keep all your documents in a safe place. From there, sign up for any online sessions explaining your borrower responsibilities.

You'll also need to sign a Master Promissory Note if you choose to take out a loan. An MPN is a legal document you sign to promise to pay back your loan along with interest and fees. You'll also determine the amount of money you want to borrow and your repayment term. The government won't disburse your loan until you sign this document. 

You can generally expect your school to get your federal funds about 10 days before classes begin. You may experience a 30-day delay if you are both a first-year student and a first-time borrower.

Private student loans often come with higher interest rates and fewer protections for borrowers than federal student loans, but you may need to take them out if your federal options don't cover the cost of your school. 

You can find different applications for private student loans on lenders' websites. You'll probably need to provide similar financial and identification documents as you would on the FAFSA, though the requirements will vary by lender. 

Private lenders will run a credit check to figure out if you qualify for a loan, much like the federal government does with Direct PLUS Loans. Discuss details with your particular lender.

You can apply for a private student loan much more quickly than a federal student loan. You could get your rates and see whether you're approved for a loan within a few minutes with some businesses, and most companies will give you an approval decision within 15 minutes. 

If you want to know the status of your loan disbursement, you can usually check a lender's online portal or call customer service. You'll need to agree to terms similar to those in an MPN and sign a binding document.

Once you officially accept the loan, your college will likely get funds from a private lender within two to 10 weeks. You'll get the funds in your personal bank account if you take out a direct-to-consumer loan, while your school's financial aid office will get the money if you take out a school-certified loan. 

You can fill out the FAFSA before being accepted, but you'll need to add schools later to actually receive award letters.

Schools will usually disburse loans at the start of each semester, but timing can vary.

To get help with the application process, visit your school's financial aid office, the Federal Student Aid website , or your high school counselor.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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How To Write a Recruitment Letter? (With examples & templates)

Steve Jul 23, 2024 Employer News , Hiring 0 comments

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Successful businesses thrive on connections. But how do the right pieces fit together? This is where recruiters come into the picture. They do not just fill the slots; they build winning teams.

Recruiters translate business needs into clear, engaging job descriptions. They tap into a vast network – social media, professional groups, even word-of-mouth – to find the right candidates.

Recruiters coordinate schedules with precision, ensuring a smooth experience for both candidates and hiring managers . Salary negotiations and onboarding are another stage where their expertise shines. They’re skilled professionals, who find a perfect balance that satisfies both employers and candidates.

So, are you an organized person who loves to interact with people, and someone who thrives on finding solutions? Then, a career in recruiting could be the right choice.

This blog will help you write a perfect recruitment letter that gets noticed. Read below to write that perfect recruitment letter that can attract just the right candidates:

What is a Recruitment Letter?

It is a document that employers use to communicate with potential employees. It acts as an invitation and provides important information about open job opportunities. This article is the first step in attracting top talent. 

The main purpose of a recruitment letter is to provide information and engagement. Indicates roles, responsibilities, and needs. It also provides insight into the company’s culture and values. The tone of the letter is professional and approachable, reflecting the company’s name and making a good impression.

It gives candidates a clear understanding of the job and the company and ensures transparency. However, writing an effective recruitment letter requires careful preparation, attention to detail, and a focus on the candidate’s experience. Personalization can make your cover letter more effective and relevant. It bridges the gap between employers and potential employees, laying the foundation for successful recruitment.

How do you write a recruitment letter?

Sending a recruitment letter to a talented individual can give you the right chance and the opportunity to hire talented individuals. Here’s your guide to crafting a recruitment letter that sparks curiosity and makes them eager to join your team.

Step 1: Avoid a boring introduction

Don’t use the tired “Dear [Name]”. Instead, open with a captivating sentence that reflects your company’s mission or a recent, exciting project. Is your team developing a revolutionary product? Briefly mention it! This sparks their interest and gets them thinking about how they could contribute.

Step 2: Explain the Job

This isn’t a brief job description; it’s a deeper look into the job role. Briefly explain the position’s title and who the new hire will collaborate with. But do not use technical jargon! Use clear, action-oriented language that clearly describes day-to-day tasks and the impact they’ll have.

Step 3: Talk about your work culture

What makes your company the right place to work? Is it a collaborative approach to handling global challenges, or someone who appreciates creativity? Mention these clearly in the recruitment letter. Mention a recent team-building event or a unique perk like on-site yoga classes. This lets them see themselves fitting into your vibrant company culture.

Step 4: Beyond the Paycheck

For the candidate, joining a company is a lot more than money. Highlight the benefits package you offer.  Whether it’s a top-notch health plan, generous vacation time, or unique perks like on-site meditation sessions, showcase your commitment to the employee’s well-being.

Step 5: A Call to Action

Don’t leave them hanging! Clearly state the next step – whether it’s directing them to apply online, sending a resume, or scheduling a call. Make the process effortless – a simple link or phone number is all it takes.

Bonus Tip: Proofread!

Typos show carelessness. Remember, a personalized touch goes a long way. Tailor the letter whenever possible, mentioning a specific skill or experience from their resume.

By following these steps, you can craft recruitment letters that are more than just informative – they’re engaging. They’ll attract top talent and make them see your company as the right place for their career advancement!

Recruitment Letter: Examples and Templates

Do you want to write a recruitment letter that attracts the right employees? Here are some templates of recruitment letters you can use to write engaging letters that have result in better results

Recruitment letter template

1. Job Offer Letter: Dear [Candidate Name], We are pleased to offer you the [Job Title] position at [Company Name] . Your skills and experience will be a valuable asset to our team. Enclosed are the details of your job offer, including salary, benefits, and start date. Please review and let us know if you have any questions. We look forward to your positive response and hope you join us at [Company Name] . Sincerely, [Your Name] [Your Position] [Contact Information]

2. Invitation to Interview Letter: Dear [Candidate Name], Thank you for applying for the [Job Title] position at [Company Name] . We were impressed with your application and would like to invite you for an interview. Your interview is scheduled for [Date] at [Time] at [Location] . Please bring [Documents] and prepare for [Interview Format] . We look forward to meeting you. Sincerely, [Your Name] [Your Position] [Contact Information]

3. Referral Recruitment Letter: Dear [Employee/Partner Name], We are currently looking to fill several positions in our company and would appreciate your assistance in identifying potential candidates. If you know someone who would be a good fit for [Job Title] , please refer them to us. We offer [Referral Incentive] for successful hires. Thank you for your support in helping us build a strong team. Sincerely, [Your Name] [Your Position] [Contact Information]

4. Campus Recruitment Letter: Example: Dear [Career Services/Department Head], We are excited to inform you that [Company Name] is seeking talented graduates for our [Job Title] positions. We believe your students would be an excellent fit for our team. We would like to schedule a campus recruitment event on [Date] . Please let us know your availability and any specific requirements. Thank you for your cooperation. Sincerely, [Your Name] [Your Position] [Contact Information]

5. General Recruitment Letter Dear [Potential Candidate], We are thrilled to announce that [Company Name] is expanding and currently hiring for several positions, including [Job Title]. At [Company Name] , we offer a dynamic work environment, competitive compensation, and opportunities for professional growth. If you are passionate and motivated, we encourage you to apply. Please visit our careers page at [Website] to view all available positions and submit your application. We look forward to potentially welcoming you to our team. Sincerely, [Your Name] [Your Position] [Contact Information]

Common Mistakes to Avoid When Writing a Recruitment Letter

Building a powerhouse team is one of the most important aspects of running an organization and it can be challenging. However, navigating the recruitment process can feel like traversing a minefield.

Consistency is the Key

Create a clear, step-by-step process – from crafting a captivating job description to welcoming the new hire with open arms. This ensures everyone is evaluated fairly, based on the same criteria. No more relying on gut feelings or subjective biases.

Be clear & Transparent

Before you start searching, define the role crystal clear.  What are the core responsibilities? 

It’s tempting to inflate the role or create an ideal scenario to attract top candidates. But resist the urge! Transparency goes a long way. An accurate job description builds trust and prevents disappointment down the line. New hires who find reality far from the promised land are more likely to disengage or leave quickly.

Data Wins: Go Beyond the Gut Feeling

“Gut feelings” can be deceiving. Integrate objective assessments like psychometric testing to complement your intuition. These tools provide valuable data to help you evaluate candidates fairly and identify potential strengths or areas needing development. Consider seeking a second opinion from another team member for a broader perspective.

Look Within to build loyalt y

Don’t overlook the talent you already have! Promoting from within encourages loyalty, and team spirit, and saves time and resources. Existing team members already understand your company culture and can contribute more quickly. Consider investing in training and development programs to equip internal candidates with the skills needed for the new role.

Set Realistic Expectations

While finding the ideal candidate is important, don’t get stuck in an endless search.  If qualified applicants are scarce, re-evaluate your expectations.  Is the job description on point? Does the compensation package reflect the current market?  Be flexible and adapt your approach if needed.

Conclusion  

Finding the best candidate depends on a good recruitment letter. This is your chance to make a good first impression and reveal the basics of your company.

Remember that personalization goes a long way. This extra effort shows genuine interest in their qualifications and sets your company apart from the crowd. But the journey doesn’t end there. Operate in a dynamic market , support successful candidates throughout the recruitment process, and provide clear opportunities.

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Sample Loan Request Letter To Employer: Free & Effective

In this article, I’m eager to share a comprehensive, step-by-step guide on how to write an effective loan request letter to your employer, including our customizable templates to get you started.

Key Takeaways Understanding the Purpose: Learn the importance of a loan request letter and how it can facilitate your loan process. Key Components: Discover the essential elements that make your letter clear and compelling. Tone and Structure: Guidance on maintaining a professional tone and a structured format. Free Template: Access a user-friendly template that you can adapt to your specific needs. Follow-Up Strategies: Tips on how to follow up after sending your letter.

Understanding the Purpose of Your Letter

Your loan request letter is more than just a formality. It’s your opportunity to explain your financial situation and demonstrate how the loan would benefit you. 

For instance, when I needed funds for a medical emergency , articulating my needs clearly helped my employer understand the urgency and legitimacy of my request.

Key Components of the Letter

Your loan request letter should include:

• Introduction: Briefly introduce yourself and your position in the company.
• Statement of Purpose: Clearly state that you are requesting a loan.
• Explanation of Need: Detail the reason for the loan request.
• Loan Amount and Repayment Plan: Specify the amount needed and propose a feasible repayment plan.
• Gratitude and Professionalism: Express your appreciation for considering your request and maintain a professional tone.

Crafting the Letter: Tone and Structure

Maintaining a respectful and professional tone is crucial. Address your employer formally, and ensure that your letter is error-free. The structure should be simple and straightforward, making your request and reasons easy to understand.

Sample Loan Request Letter To Employer

Trending now: find out why.

To help you get started, here’s a customizable template:

[Insert Your Name] [Insert Your Job Title] [Insert Date]

[Employer’s Name] [Company’s Name] [Company’s Address]

Dear [Employer’s Name],

I am writing to formally request a personal loan from [Company’s Name] to [briefly explain the purpose of the loan]. As a dedicated [Your Job Title] for [number of years] years, I’ve always admired our company’s support for its employees in times of need.

[Explain your situation and why you need the loan. Be honest but concise.]

I am seeking a loan of [Insert Loan Amount] and propose a repayment plan of [detail your repayment plan]. I am confident that this arrangement will not impact my ongoing commitments and responsibilities towards my role at [Company’s Name].

I appreciate your consideration of my request and am available to discuss this matter further at your earliest convenience.

Thank you for your time and understanding.

Sincerely, [Your Name]

Follow-Up Strategies

After sending your letter, wait for a reasonable amount of time before following up. If you haven’t received a response in a week or two, a polite inquiry to confirm receipt of your letter is appropriate.

Tips for Success

• Personalize Your Letter: Tailor the template to fit your specific situation.
• Be Honest and Direct: Clearly state your needs and reasons.
• Proofread: Ensure your letter is free from errors.
• Follow Company Protocol: Understand and adhere to your company’s policies regarding loans.

Remember, a well-written loan request letter can significantly increase your chances of having your request approved. 

By following these guidelines and using the provided template, you can craft a letter that effectively communicates your needs and maintains your professionalism.

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Frequently Asked Questions (FAQs)

Q: How Do I Write a Loan Request Letter to My Employer?

Answer: When I needed to write a loan request letter to my employer, I started by addressing the letter to my direct supervisor or the HR department, since they are typically in charge of handling such requests. I made sure to include the date and a formal greeting.

In the first paragraph, I clearly stated my request for a loan and the specific amount I needed. I found it important to be straightforward and concise.

In the second paragraph, I explained why I needed the loan. For instance, I might have mentioned an unexpected medical expense or urgent home repair. It’s crucial to provide a legitimate and compelling reason, as this helps in making your request more understandable and relatable.

Then, I proposed a repayment plan. I detailed how I intended to repay the loan, including the time frame and whether the repayments would be deducted from my salary. Being clear about repayment showed responsibility and planning on my part.

I concluded the letter by expressing my gratitude for considering my request and provided my contact information for any further discussion. I signed off the letter with a formal closing, like “Sincerely,” followed by my name.

It’s important to proofread the letter for any errors and ensure it maintains a professional tone throughout. Remember, a well-written and thoughtful letter can greatly increase your chances of your request being considered favorably.

Q: What Information Should I Include in My Loan Request Letter to My Employer?

Answer: When I wrote my loan request letter to my employer, I made sure to include several key pieces of information:

Personal Information: I started with my full name, employee ID (if applicable), department, and position within the company. This helped to identify me clearly to the employer.

Loan Amount and Purpose: I specified the exact amount I was requesting and gave a clear and honest explanation of why I needed the loan. Whether it was for medical bills, education, or home repairs, being transparent about the purpose was crucial.

Repayment Plan: I outlined a feasible repayment plan. This included how much I could pay per month and for how long. I also suggested if the repayments could be deducted directly from my salary, which showed my commitment to repaying the loan.

Gratitude and Understanding: I expressed my appreciation for their consideration of my request. I also acknowledged that they might need time to make a decision or require additional information from me.

Contact Information: I included my contact details, such as my phone number and email address, making it easy for them to reach out to me for any further discussions.

By including these details, I ensured that my letter was comprehensive and respectful, increasing the likelihood of a positive response.

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How to Write a Cover Letter – Template and 9 Expert Tips

July 19, 2024

If you’re applying for a job, you’ll most likely need to prepare a polished résumé, to practice common interview questions , to request recommendations and references , and to write a cover letter. There are many types of cover letters out there. These include the application cover letter, the prospecting cover letter, and the career change cover letter. In this article, we’ll discuss the most common: the application cover letter, which is what you’ll need when trying to secure a new job (usually for a currently open position). Below, we’ll recommend how to write a cover letter (including how to end a cover letter) and provide a cover letter template to help you get started!

If you like our template and tips you may also want to view our 3 Great Cover Letter Examples for Any Job .

While we can provide a cover letter template to serve as a skeleton for your writing, you’ll need to flesh out your work with important details that are relevant to you, your experiences, and the prospective job at hand. As you begin drafting these details, it’s important to remember a few essential moves that are crucial as you learn how to write a cover letter:

1) Do your research

Before you send a cover letter to an employer, it’s imperative that you have a thorough understanding of the position you’re applying for , the job’s expectations and requirements, your future role within the hierarchy of the workplace, and the overall company culture. Knowledge of these items will help you determine which of your relevant skills and accolades you should include in your letter, the person or people to whom you should address your writing, and the tone and style of your cover letter. It will also help you decide what to leave out of your cover letter. Remember to only stick to items that are relevant to the position at hand!

2) Make particular connections

Use specificity when listing your accomplishments and describing your goals. Just as importantly, describe how you as a candidate are uniquely positioned to fill this position successfully. For instance, a general and less-connected sentence might say, “I have strong leadership skills.” But a detailed, job-specific sentence might be, “As a project manager for Waterscapes, I oversaw a team of twelve employees working on the development and implementation of River Clean Up 2024, which reduced plastic waste in our local water systems by 27%. This experience will inform my future work with your company as an Assistant Director of Eco-Initiatives.”

Think of each sentence as an opportunity to illustrate potential links between your previous work and your future career. Just like answering a “ tell me about yourself ” question in an interview, this is a moment to describe your past, present, and now your future in your hoped-for job.

How to Write a Cover Letter – Cover Letter Template (Continued)

3) add well-considered details.

Does your prospective job’s company have a strong online presence? Does your future employer have a LinkedIn profile that lists publications, affiliations, or specific awards and accolades? Do you have a personal connection with your employer or someone important at the company? If so, now is the time to utilize some of your social capital and make mention of these items. Doing so adds a personal touch and makes your cover letter more memorable. It also demonstrates your willingness to research and promote the company’s culture.

For instance, if you’re applying for a position at a language-learning app company and their motto is, “Communication for All,” this specific phrase could be used as you describe your passion for making language-learning accessible, regardless of the student’s background or income.

4) Be professional

Depending on the job for which you’re applying, your overall cover letter tone may vary. If you’re applying for a job as a copywriter for a quirky astrology start-up, you might be able to include fun details about horoscopes in your cover letter. If, on the other hand, it’s a position for a tenure-track professor job at a top research university, your tone will be much more formal and will include particulars about your contributions to the field.

Regardless of the job, you should always utilize a professional font (no Comic Sans!) and clear letterhead for readability to convey your seriousness about the position. You should also always try to convey sincerity in your writing. Additionally, make sure your reader knows you really want this job and will do your best at it if you’re hired.

5) Be confident!

Now is not the time to focus on your professional faults or limitations. Now is the time to promote yourself with abandon. Focus on your relevant work experience, your strengths, your accolades, and your willingness to learn and grow in this new job.

6) Brainstorm and draft

Do not rush your cover letter! This is a professional genre of communication that signifies your intentions to advance your career. It should be treated as a formal record of your employment history. As such, spend time cultivating your writing and trimming it so that it is rich, informative, candid and attractive.

Drafting also includes editing details like spelling and grammar checks – it has long been established that simple errors and problems with writing organization can cause employers to not take your work seriously. [i] Other small details can indicate your level of seriousness about yourself and this work. [ii] For instance, if you have a personal email address like “ [email protected] , you may want to think of creating and using a separate email address that is a little more professional, like “ [email protected] .”

7) Be direct

At all points in your cover letter, it’s essential to start with the punchline. Studies have demonstrated that readers and listeners often retain the first sentence of a paragraph or presentation before their attention starts to wane. [iii] As such, beginning with your main point and following with examples to support that point is the best way to grab your reader’s attention and ensure they fully absorb your meaning.

8) Pay attention to length

How long should a cover letter be? In most cases, a cover letter should not exceed one page of single-spaced writing (about 250 to 400 words, max). Remember that your prospective employer may be reading dozens of cover letters. He or she will probably not have the time nor inclination to read an unnecessarily long cover letter.

9) Finish on a promising note

As you consider how to end a cover letter, it’s important to focus on positivity and continuing dialogue with your prospective employer. Gesture toward future communication with closings like, “I look forward to your response,” or “I look forward to sharing more with you about my previous experience and qualifications for this position.”

Is it okay for me to use this cover letter template?

As you sit down to brainstorm how to write a cover letter, you may be wondering: How can I be original if I’m using a template? Aren’t I just copying what someone else has written? In short, the answer is: you can definitely use a cover letter template because templates are simply great starting points! You aren’t copying the content of the cover letter template. Rather, you are using the frame of the cover letter template to create your own original writing.

Templates are generative, meaning they are simply a beginning or prompt for your own writing and ideas to grow and flourish. Templates help you make writing moves you might not have otherwise considered. In the case of a cover letter template, using a model can be inspirational, helping you remember important details about your résumé and other job-related skills you may have forgotten. Finally, templates can combat writer’s block and help you organize your ideas into a coherent cover letter. Ultimately, “the aim of templates is not to stifle critical thinking but to…be direct about the key rhetorical moves” necessary for a piece of writing. [iv]

Below, you’ll find a cover letter template to get you started. Good luck!

Cover Letter Template

[ Your name ]

[ Your phone number ]

[E mail address ]

[ Optional: Your mailing address – you usually only need to include this if it’s a printed cover letter or if the employer will not be contacting you via email or phone. ]

Dear [ specific title and name of application recipient ],

As a [ your professional title ] with [ number ] years’ experience in [ field ], I am applying for the position of [ job title ]. To this position, I would bring [ highlight the 1-3 most important ways you will bring your specific skills to this job to benefit, develop, and serve the company or employer ].

[Body Paragraph 1: Using the skills you mention at the beginning of the letter, find 1-2 relevant, concrete examples from your previous work experiences to demonstrate how you’ll be a good fit for this new job ].

Because of [ skill or experience listed in first paragraph ], I can facilitate [ your company ] with [ specific requirement listed in the job description ]. Furthermore, my previous work with [ specific skill ] can additionally help [ specific job requirement ].

[Body Paragraph 2: Using the skills or experiences mentioned at the beginning of the letter, demonstrate how your current work will make you a good candidate for this job .]

In my current position as [ job title ] at [ current place of work ], I [ list specific responsibility with detail ] and am eager to continue to grow professionally at [ your company ] with [ similar work that will be required at this new job ]. At [ your company ], [ insert specific detail about the company culture, job requirements, or general news about the company ], I am eager to use my current skills as a [ insert your experience ] to help expand this work.

[Body Paragraph 3: Using the skills and experiences mentioned at the beginning of the letter, demonstrate how you hope to grow as a worker in this new position ].

I have always seen myself as a [ particular job title or responsibility ] and to be afforded the opportunity to do so at a company as prestigious as [ company name ], will let me develop [ specific professional skills ] while promoting the company’s mission to [ include part of the company’s mission ].

I am available to answer any questions you may have about my résumé or previous work experiences. Please don’t hesitate to reach out. Thank you so much for your time and consideration. I look forward to your response.

[ Your Name ]

How to Write a Cover Letter with Template – Works Cited

• [i] McDowell, Earl E. “Perceptions of the Ideal Cover Letter and Ideal Resume,” Journal of Technical Writing and Communication. Volume 17, Issue 2, April 1987.
• [ii] Martin-Lacroux, Christelle, and Alain Lacroux. “Do Employers Forgive Bad Spelling in Resumes?” Business and Professional Communication Quarterly, Volume 80, Issue 3. 26 October 2016.
• [iii] Garner, Joanna K. and Michael P. Alley. “How the design of presentation slides affects audience comprehension: A case for the assertion-evidence approach,”  International Journal of Engineering Education . Vol. 29, Issue 6, 2013.
• [iv] Graff, Gerard, and Cathy Birkenstein. They Say / I Say: The Moves That Matter in Academic Writing . W.W. Norton & Company, New York, 2006.

How to Write a Cover Letter with Template – Additional Resources

• How to Send a Condolence Message for a Coworker (with Samples)
• 25 High Paying Work from Home Jobs 
• How to Tell Your Boss You’re Quitting
• How to Answer “Tell Me About Yourself” with Examples
• Resignation Letter Samples
• 25 Job Interview Questions and Answers 

Jamie Smith

For the past decade, Jamie has taught writing and English literature at several universities, including Boston College, the University of Pittsburgh, and Carnegie Mellon University. She earned a Ph.D. in English from Carnegie Mellon, where she currently teaches courses and conducts research on composition, public writing, and British literature.

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Chaos and Confusion: Tech Outage Causes Disruptions Worldwide

Airlines, hospitals and people’s computers were affected after CrowdStrike, a cybersecurity company, sent out a flawed software update.

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By Adam Satariano Paul Mozur Kate Conger and Sheera Frenkel

• July 19, 2024

Airlines grounded flights. Operators of 911 lines could not respond to emergencies. Hospitals canceled surgeries. Retailers closed for the day. And the actions all traced back to a batch of bad computer code.

A flawed software update sent out by a little-known cybersecurity company caused chaos and disruption around the world on Friday. The company, CrowdStrike , based in Austin, Texas, makes software used by multinational corporations, government agencies and scores of other organizations to protect against hackers and online intruders.

But when CrowdStrike sent its update on Thursday to its customers that run Microsoft Windows software, computers began to crash.

The fallout, which was immediate and inescapable, highlighted the brittleness of global technology infrastructure. The world has become reliant on Microsoft and a handful of cybersecurity firms like CrowdStrike. So when a single flawed piece of software is released over the internet, it can almost instantly damage countless companies and organizations that depend on the technology as part of everyday business.

“This is a very, very uncomfortable illustration of the fragility of the world’s core internet infrastructure,” said Ciaran Martin, the former chief executive of Britain’s National Cyber Security Center and a professor at the Blavatnik School of Government at Oxford University.

A cyberattack did not cause the widespread outage, but the effects on Friday showed how devastating the damage can be when a main artery of the global technology system is disrupted. It raised broader questions about CrowdStrike’s testing processes and what repercussions such software firms should face when flaws in their code cause major disruptions.

How a Software Update Crashed Computers Around the World

Here’s a visual explanation for how a faulty software update crippled machines.

How the airline cancellations rippled around the world (and across time zones)

Share of canceled flights at 25 airports on Friday

50% of flights

Ai r po r t

Bengalu r u K empeg o wda

Dhaka Shahjalal

Minneapolis-Saint P aul

Stuttga r t

Melbou r ne

Be r lin B r anden b urg

London City

Amsterdam Schiphol

Chicago O'Hare

Raleigh−Durham

B r adl e y

Cha r lotte

Reagan National

Philadelphia

1:20 a.m. ET

CrowdStrike’s stock price so far this year

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