Additional approval steps
Providing Additional Guarantors¶
Sometimes, if your credit score doesn't meet our requirements, guarantor(s) may be required in order to continue the review process.
Adding Guarantors¶
If an application requires additional guarantors in order to meet the required credit score amount, it will have the Awaiting Guarantors status. Please visit the details page and provide guarantor(s) in order to meet this requirement.
Note
This step is only required if your credit score amount doesn't meet our requirements.
Providing Additional Documents¶
In some cases, we aren't able to automatically approve your application. When this happens, we will need additional documents to continue the review process.
Uploading Documents¶
If an application requires additional documentation, it will have the Awaiting Documents status. Please visit the details page and provide bank statements from the last three months.
Note
This step is only required if we were unable to automatically approve your application.
Uploading Steps¶
- Select the document upload area to open your device's file viewer.
- Locate and select your customer's bank statements.
- Verify any uploaded documents are correct and select Submit Documents.
Submitting¶
After submission, your application will be placed Under Review. Our team will review the provided documents and your application, responding within 24 hours during normal business hours.
Learn how to fill in the approval steps here.
Downloading Documents¶
You can download previously uploaded documents in the Documents section on the details page.
Business Name Corrections¶
Velocity Lending verifies that the business information that you provide is accurate. In some cases, we may detect that the name of the business is not fully accurate. If this is the case, you may be asked to either accept or reject the updated name for the business.
If the suggestion is accepted, we will proceed with the evaluation, otherwise you will have to contact your MedShift Contact to resolve the correction.
