Apply loan together
Adding a co-applicant to your loan application is one of the most effective ways to improve your loan terms. You can apply together with someone, such as your spouse, allowing the bank to assess your repayment ability jointly.
Having two applicants can increase your chances of getting approved and help you secure a lower interest rate and better loan terms. A joint loan means that both applicants share responsibility for the loan.
Elekti’s updated process makes applying together easy, flexible, and secure for both applicants.
Here’s how the co-applicant process works:
Add a co-applicant to the application
You complete the application as usual and simply add the co-applicant’s email address.
The co-applicant receives an invitation
The co-applicant receives an email with an invitation and a login code, which they can use to complete their part of the application.
The co-applicant completes their part of the application
The co-applicant logs in to the application via Elekti’s website using the login code they received, completes strong authentication, and fills in their part of the application.
The application is automatically sent to the banks
Once the co-applicant submits their part, the entire application is automatically sent to lenders for processing. You can also submit the application without a co-applicant or change the co-applicant if needed.
What makes Elekti’s co-applicant solution innovative?
Traditionally, both applicants’ details are filled in on a single form, allowing one person to enter information on behalf of the other.
Elekti’s solution splits the process into two independent steps, where each applicant provides their own information. This improves the accuracy and reliability of the data, ensures that participation always happens with each person’s consent, and makes the entire process clearer for both parties.
