Rick Bormin, Personal Loans Moderator
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To apply for a personal loan, first get pre-qualified and choose your method of applying (online, by phone, in person or by mail), then fill out the application with your personal and financial information. Finally, double check that the information is complete and accurate, submit the application and wait for approval.
How to Apply for a Personal Loan
- Get pre-qualified if possible. Checking to see if you're pre-qualified for a personal loan will give you a sense of your approval odds and potential rates before you can apply, without impacting your credit score.
- Choose your application method. In general, it's best to apply online, but some lenders let you apply over the phone, in person or by mail.
- Fill out your personal information. The personal information you must enter on a personal loan application typically includes things like your name, address, date of birth and Social Security number (or ITIN/passport in some cases).
- Fill out your financial information. The financial information you must enter on a personal loan application typically includes things like your income, sources of income, employment status, housing status and monthly housing payment.
- Look over the application carefully. Any incorrect or incomplete information on your personal loan application can slow the approval process down greatly. Double check that everything is accurate and filled in to be safe.
- Submit your application. Once you send in your application, you will typically get a decision within a few business days.
If you are approved for a personal loan, you will generally receive the funds within 7 business days after you applied. You'll then need to make monthly payments until you have fully paid back your loan with interest.
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