Short Loan Application
A request for a loan that includes basic (less than long, less than a 1003) information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. The short application may be sufficient to Pre-qualify the applicant for a loan. However, short application is insufficient to give an Approval to a client for a specific loan amount.

Long Loan Application
A request for a loan that includes the information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. In a narrower sense, the application refers to a standardized application form called the "1003" which the borrower is obliged to fill out.