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Personal Financial Agreement: Caution is the Parent of Safety

Personal Financial Statement Form

It’s quite common to apply for credit: you may want to buy a new house for your family or you just need some extra money. The most obvious decision in this case is to go to the bank and talk to the credit officer. The bank will want some guarantee that you don’t have any financial problems or other pending loans. That’s why a credit officer will ask you to fill out a personal financial statement form. This financial document is used to make a decision on the individual’s credit case. When it comes to money, the bank wants to be sure that you are a reliable person and will be able to return the full amount of the credit.

Who needs a Personal Financial Statement Form (PFS) and what is it for?

The PFS is created to serve as an outline of the financial situation of the individual. Typically, this document is necessary for individuals applying for a bank loan, mortgage or other credit, because they are required to provide adequate documentation so that the bank can consider the application and make a reasonable decision about its approval or rejection. An applicant’s financial position will be evaluated based upon the information they claim on the Personal Financial Statement.

Is PFS accompanied by other forms?

You do not have to file any other form when submitting this one. Keep in mind, though, that the bank can ask you to provide other documents if they have any doubts concerning your case.

When is PFS due?

The applicant for a credit and the bank to which he is applying for credit should agree upon the date of furnishing the financial statement.

Which blocks should I fill in PFS?

The applicant should fill out the following blocks of the Personal Financial Statement form:

  1. Personal information: name, address, social security number, information about you current and previous employment, dependents, marital status;
  2. Assets: cash; securities; life insurance cash value; mortgages and contracts held by you; homestead; other real estate; profit sharing & pension; retirement accounts, including IRA accounts; automobile; personal property; and other assets.
  3. Liabilities: notes due to the bank; notes due to relatives and friends; accounts and bills; loans on life insurance policies; unpaid income taxes; cash rent owned, etc.
  4. Information about the annual income (salary, bonuses, dividends, rental and lease income, etc.)
  5. Estimated sum of annual expenses (income and other taxes, insurance premiums, mortgage payments, rent payable, other expenses)
  6. Some general questions about the applicant’s background

The filler also must provide the detailed information (fill in the schedule) about any cash in banks and any notes due to banks, information about the life insurance, owned securities, receivable notes and accounts, owned real estate, owned mortgages and contracts, personal property and other notes.

The applicant must also certify the statement with a signature and date it.

Where do I send the completed PFS?

The completed Personal Financial Statement must be sent to the chosen bank.