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  2. Loan Application & Approval Process

Loan Application & Approval Process

Learn more about the loan application process and what happens after your loan is approved.

How to Apply

  • What is the application process?
  • Can I take a loan for my family member or friend?
  • How long does it take to get a loan with MPOWER?
  • I'm having trouble filling out the application.
  • How do I update or edit my application?
  • How do I apply for more than one loan?

Application Status

  • What is the status of my application?

Required Documentation

  • What documents and personal information should I have prepared when applying?
  • What financial documents do I need?
  • What school documents do I need?
  • Are test scores required?
  • Where can I find MPOWER provided forms?
  • I have a question about my proof of address, resume, ID or immigration related document.

Credit Reviews

  • How does MPOWER review my home country credit history? What is Nova Credit?
  • How does applying for an MPOWER loan impact my U.S. credit score?

Approval

  • How does MPOWER review my application?
  • Why was I approved for less than the amount I requested? Can I request more if this happens?

School Certification

  • My school certified my loan, but I still haven’t received my Final Loan Documents.
  • What is School Certification and why is it needed?
  • Why is the School Certification taking so long? Can it be expedited?

Cancellation

  • Can I cancel my application?

Disbursement

  • What is disbursement?
  • How is the loan disbursed?
  • When will MPOWER send the funds to my school?
  • Where can I find the date my funds will be sent to my school?
  • How are the funds for books, insurance, and other living expenses disbursed?
  • What is a rescission period?

© MPOWER Financing, Public Benefit Corporation 2020


DISCLAIMER - Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.