Here’s an overview of what Fortify or our third-party bank and credit union partners evaluate, when you apply for a loan.
Creditworthiness and consumer reports
We may review your creditworthiness to assess your ability to repay the loan. This includes:
Credit history: Your credit history, which provides insights into your past borrowing behavior and financial responsibility.
Consumer reports: we may obtain consumer reports from consumer reporting agencies to gather additional information about your credit profile.
Employment history and enrollment status
Your employment history and enrollment status may also be important factors:
Employment history: we may look at your employment history to understand your stability and income potential.
Enrollment status: If you are currently enrolled or planning to enroll in a qualifying educational program, we may consider your enrollment status as part of the application process.
Career and financial potential
In addition to your financial background, we may also evaluate the future career prospects of the program you’re attending.
We may also consider the skills you aim to acquire through your educational program, and the income potential and growth prospects of the occupation you plan to pursue, such as the average starting salary or the growth of your salary over time.
Your school's approval
In addition to being approved for financing, you'll also need to have your financing plan certified by the school that you're attending before you can proceed, since financing is only available when you are enrolled at qualifying educational institutions that Fortify partners with. If your school does not certify your application and your enrollment information, you will not be able to proceed until they do.
Make sure to stay in communication with your school throughout the process in order to ensure a smooth application.
Holistic approach to approval
Overall, Fortify and our bank and credit union partners strive to take a holistic approach to loan approval, considering multiple aspects of your financial and career trajectory. We encourage you to apply to Fortify and see what financing products you qualify for!
For more information or assistance, Fortify's customer service team is always ready to guide you through the process.