What does it mean when your loan is pending?

Hi there! SnapCash here again. Today, we’re answering the age-long question of our valued user — YOU.

In this article, we provide clear answers to the question — ‘What does it mean when my loan is pending?”

Sadly, the misconception some SnapCash users have is that; their loan application is denied because their documents are pending. They see that even when all stages of their verification/application are complete (or sometimes not), their SnapCash dashboard still reads as “pending”. Therefore they conclude their loan application has been rejected.

But, here’s the thing; a pending loan application doesn’t translate to rejection. There are a couple of reasons why your loan is still pending…

Until this final verification check is done. Your SnapCash dashboard will read as “pending” To keep your data safe and prevent identity theft, the SnapCash loan application process has checks in place that must be completed before your loan can be approved and the “Phone call verification” check is one of them.

After you apply for a loan, you’re instantly sent an email with a number you’re required to call and speak with a SnapCash representative as a means of further verification. Once you complete this process, the SnapCash system carries out additional checks before approving or denying your application.

During this period, your app dashboard shows “pending”. This doesn’t mean your loan has been rejected but rather your documents and identity are being vetted. Although, if for any reason you fail to carry out the phone call verification, your dashboard will continue to show “pending” with no change forthcoming. After some time, SnapCash will contact you via email to inform you that the phone call verification has not been carried out and inquire as to whether you would like to cancel or continue the loan application.

Another likely reason why your SnapCash dashboard still reads “pending” may be because of an incomplete or incorrect application. Not completing your application process or putting in invalid personal details may put the whole process at a standstill. It could also be that SnapCash is vetting your documents and checking your credit profile. So we can be in the safe zone as well. Remember, any lender that’s not afraid to lose their money is a walking red flag . Know that it’s never SnapCash’s intention to cause our loyal users any form of distress and that’s why our loan application is seamless and fast.

Here’s one final misconception to fact-check — a pending loan status does not mean that your loan repayment date has started counting! Let us put your mind at ease now, your loan only begins to count after it’s been approved and your loan disbursed. … As always, we’re available to answer your questions — whether it’s to confirm facts or simply make inquiries you can always reach out to us at hello@snapcash.ng!!