An application is a formal request made by a borrower to a lender for a loan or line of credit. It requires personal, financial, and sometimes employment information to help the lender assess the borrower’s ability to repay. Common application types include mortgage applications, credit card applications, and personal loan applications. The application process can include a credit check, income verification, and other evaluations. If approved, the borrower can proceed with the terms provided, and if denied, they may seek alternative options.