Life is unexpected and you never know when you will need a loan. Applying for a loan and getting approved for the same involves a lot of processes. At the end of that process, when you get loan approval, it feels like a blessing, especially when you are in dire need of money. This is why many people write a thank you letter for loan approval. This article will help you do this through helpful tips and samples.
What is a thank you letter for loan? When is it required?
A thank you letter for loan approval is a document that people write to express gratitude towards the person who approved the loan or lent the money. This is an especially appreciable step in the process since monetary help is difficult to find. When you write this letter, the lender or banker feels appreciated for their deeds. Furthermore, it helps establish a positive relationship with the lender. Therefore, this letter must be written soon after you receive the loan approval.
Tips to write an effective thank you letter for loan
Regardless of the occasion, writing a thank you letter needs regular practice to be mastered. Writing an effective thank you letter for loan approval will express your feelings concisely and clearly. Here are some tips to help you.
1. Be sincere
When writing a thank you letter to your lender, make sure to be sincere and express the same with the right words. A great way to show your sincerity is by personalizing the letter and avoiding copying directly from a template. Instead, write in your words and explain how their actions have or will help you.
2. Show them what it means to you
Extending the previous point, express why you need the money and what their deeds mean to you. This involves sharing personal information like your immediate financial needs aside from being open emotionally. When you express your gratitude with a personal touch, your lender can understand the extent of their influence in someone’s life.
3. Mention when you will be returning
Yet another key thing to add to the letter is when you will be returning. This is especially applicable when the lender is a friend of yours and not an establishment. Banks and independent lenders don’t necessarily require this information. However, as a common courtesy make sure you mention the estimated time you will take to return the money.
4. Offer to help in the future
This is again applicable for lenders with a personal connection to you. Your friend who lent you money may need some help in the future. Since they did you a financial favor, make sure to offer to help them in return should they ever need it in the future. This helps you form a deeper relationship with the person concerned.
5. Use the right tone and format
For the most part, a thank you letter for loan approval is a formal document and requires you to follow the formal format when writing. The tone, too, should be professional and cordial. Using the right tone and format will create a positive impression about you in the recipient’s mind.
6. Keep it short
Unless it is a personal letter, it is safe to practice writing a concise and short letter in formal situations. This ensures that the recipient is not left reading a long essay, waiting for you to get to the point. Not only does this create a bad impression but also makes your letter hard to read.
7. Proofread the letter
Once you are done writing, it is time to read and re-read the letter. No one likes to read a letter rife with grammatical errors. Therefore, proofread and edit your letter multiple times until you have a refined and error-free letter in your hands. Don’t be shy to get your friends to help you with this step.
The basic format for thank you letter for loan
Trust Memorial Bank
1799 College Street
Atlanta, GA 30303
20-10-21
Cassie Everett
2110 Radio Park Drive,
Atlanta, GA 30303
Subject: Expressing gratitude for quick loan approval
Dear sir,
I would like to express my sincere gratitude for granting my loan for [cite your loan type or reason]. You have done a great favor on me by doing this. I was in dire need of money to pay for my college tuition and wasn’t eligible for the Federal Grant. I really appreciate the speedy approval that your bank has offered me. I will now be able to pay my fees before the deadline ends.
With the loan you have approved for me, I will be able to pay my tuition for the next three semesters. By then I will have saved enough money for the rest of the semester. As per the terms of the loan, I will return the money before the deadline given to me.
Once again, I’m grateful for your quick work and loan approval. I will forever remember the kindness you have shown me and try to pass it on to someone in need.
Yours sincerely,
Cassie Everett
Samples for thank you letter for loan
1. Thank you letter for loan to a bank
The Western Bank
498 Thomas Street
Atlanta, GA 39901
20-10-21
William P Wallace
3210 Post Farm Road
Atlanta, GA 30342
Subject: Expressing gratitude for quick loan approval
Dear sir,
I’m William P Wallace and I applied for a personal loan last month. Today, I received a letter that states that my application has been approved. I am extremely grateful for this news. It came right when I needed the money the most.
My family and I have been facing some tough times financially and with a baby on the way, we needed money to buy necessary supplies. Since we are on a limited income for the few months after childbirth, this loan approval is great news for us. With the money, we plan to get the things our baby needs and save the rest for a rainy day.
I will return the money as per the terms. We will have proper income flow by that time. I would like to once again express my gratitude for the quick loan approval. Your efficiency is much appreciated and I will not forget this kindness.
Yours sincerely,
William P Wallace
2. Thank you letter for loan to a friend/relative
Laurie C Fason
1023 Clement Street
Atlanta, GA 30305
20-10-21
Calvin A Cooper
3073 Flint Street
Atlanta, GA 30303
Subject: Expressing gratitude for loaning the money
Dear Laurie,
Hope you are doing well. I just received the money you wired to me. I would like to sincerely thank you for this gesture. I was in dire need of the money for the evening class I wanted to take. What you have wired me will help me enroll in the course without having to pull extra shifts at work.
As you know, I have always been interested in jewelry making and I believe this evening class would help me make a career out of it. As my cousin, you have always been very supportive of my endeavors with words and now, with money.
I will return the money in monthly instalments as we had agreed earlier. Once again, I really appreciate your unconditional support and will remember your kindness. I would like to return the favor someday. So, please let me know how I can help you.
Yours sincerely,
Calvin A Cooper
3. Thank you letter for loan to a lender
James S Edwards
Georgia Private Loans
1023 Clement Street
Atlanta, GA 30305
20-10-21
Charla J Amundson
2099 Clement Street
Atlanta, GA 30303
Subject: Expressing gratitude for the loan
Dear James,
I would like to sincerely express my gratitude to you for lending me money. Since the day I came to your office in Clement Street, you and your employees have been courteous and accommodating. While processing my request, you were sure to speed it up as you knew I needed it to make my mortgage payments in the next few days. I really appreciate how proactive you have been with my loan approval.
Because of your speedy approval, I was able to pay my mortgage. I still have some money left, which I will save up for the next payment. I will return the money in the next couple of months as per our agreement. Once again, I would like to thank you for your efficient service. I will not forget this kind gesture.
Yours sincerely,
Charla J Amundson
4. Thank you letter to a loan officer
Ruth O Murphy
American Bank
2448 Kuhl Avenue
Atlanta, GA 30308
20-10-21
Mary A McWhorter
4903 Mount Olive Road
Atlanta, GA 30303
Subject: Expressing gratitude for the loan approval
Dear Ruth,
I just received my loan approval letter, and I have only you to thank for this. When I visited your bank for the first time, I was clueless about the process and the only thing I knew was that I needed money. You took the time to patiently explain the entire process in simpler terms. I would like to express my sincere gratitude for this kind gesture of yours.
Today, I got approved for the loan because you helped me through every step of the process. With this money, I would be buying myself a sewing machine. Being a tailor has been my professional goal since my teenage years. Now, at 45, I am finally able to live my dreams, and it is because of you. I will forever be grateful for this.
As per the terms, I will be paying my loan back as soon as I start my sewing shop. Once again, thank you for your kindness.
Yours sincerely,
Mary A McWhorter
5. Thank you letter with an invitation
Dwayne L Hays
American Bank
2448 Kuhl Avenue
Atlanta, GA 30308
20-10-21
John A Bible
3589 Fowler Avenue
Atlanta, GA 30303
Subject: Expressing gratitude for the loan approval
Dear Dwayne,
Earlier today, I received my loan approval letter from the American Bank. The first thing I did was thank the lord almighty for the blessing. The second is to write this letter because you are the reason I got this loan approved so quickly. You helped me with every step of the process, and I am grateful for your assistance.
With the approved money, I will be setting up the basketball court that the recreational center and the kids that hang out there desperately need. The work for the court has already started. I am expecting it to be finished by the end of this week. In the coming week, we will be inaugurating the basketball court, and I would like you to be a part of it.
Since you have contributed to this development, it is only fitting that you join us for a little celebration that we have planned following the inauguration. I hope you accept this invitation. If your schedule is packed next week, I would still like to personally thank you. Please let me know when we can have a quick lunch for the same.
Yours sincerely,
John A Bible
6. Thank you letter for loan approval for specific reasons
American Bank
2448 Kuhl Avenue
Atlanta, GA 30308
20-10-21
John S Garcia
2838 Musgrave Street
Atlanta, GA 30305
Subject: Expressing gratitude for the loan approval for my medical treatment
Dear sir,
I am John S Garcia, and I applied for a loan for my chemotherapy a few weeks ago. Today, I received a letter stating the approval of my application. I would like to express my sincere gratitude for processing my loan quickly.
With this loan money, I can finally start the chemo treatment for stage 2 skin cancer. I have had cancer before and this is a relapse. To be honest, I was very vexed about my treatment due to my financial constraints. The last treatment had dried up my savings and when I got back the PET scans a few weeks ago, I wasn’t very hopeful about my chances.
Your bank’s quick loan approval has helped me feel hopeful about my health again. I really appreciate the loan manager assigned to me for helping me with the process as I often got tired and confused during our meetings. Once again, thank you for your efficient work. I will never forget your kindness.
Yours sincerely,
John S Garcia
