Final answer:
To qualify for the Empower Plus Loan, a borrower needs to provide information about their income sources, undergo a credit check, and may require a cosigner or collateral.
Step-by-step explanation:
To qualify for the Empower Plus Loan, there are several factors that a prospective borrower needs to consider. Firstly, the bank requires the borrower to fill out forms regarding their sources of income. This helps the bank assess the borrower's ability to repay the loan. Secondly, the bank conducts a credit check on the individual's past borrowing. This helps the bank determine the borrower's creditworthiness and the likelihood of loan repayment. Additionally, some banks may require a cosigner on the loan, who legally pledges to repay the loan if the original borrower fails to do so. Lastly, collateral may be required, such as property or equipment that the bank can seize and sell if the borrower defaults on the loan.