Private College Student Loan

I applied for a private student loan at chase bank and was conditionally approved?

What exactly does this mean i sent in all of my information that they need including the promissory note my class schedule id etc. and now its in process of being reviewed can i be denied a loan and if so then why. And they told me they werent gona do another credit check because they had already did that when i applied online

Public Comments

1. You would only be denied if they found out you lied about something, in your online application. If everything is as stated in your application (such as your income, enrollment status, etc), you should get a check or your school should some time in the near future. This is all standard procedure, what you are describing. They need to confirm everything you told them in your online application, is in fact true. However, i have also had problems with chase, so be weary of them hassling you about something not being absolutely perfect, like your signature not being easy to read or something. In which case they will keep asking you to resend stuff. I'm not saying it will happen but I had those problems before. The whole thing takes about 2-3 weeks to process, review, and for you or your school to receive funds, so just sit back and be patient. Remember, you can always call them to see what the status is.
2. When a lender offers a "conditional approval", they are indicating that the information that you have provided on your application is sufficient to support the approval of your loan. However... "Final" approval is predicated on 2 things: 1. That you complete and sign the promissory note that the lender will send you and... 2. That you provide satisfactory documentation to verify all of the information that you provided on your application form. Once you return the requested documents and authorize the lender to access other forms of information, a final determination is generally made within 5 to 14 days. So long as the information you provided on your application was accurate, and the lender doesn't encounter any unexpected surprises when they verify your income and review your credit history, your "conditional" approval should become a final approval. Good luck. I hope that information helps.