How To Get A Personal Loan In 8 Steps Bankrate
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Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Written by Contributing writer Jennifer Calonia is an L.A.-based writer and editor. She's covered topics like debt, saving money and credit cards. You can find her work on Business Insider, Forbes and more. Sept. 30, 2022 Edited by Loans Editor, Former Insurance Editor Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been Sept. 30, 2022 Share
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How to get a personal loan in 8 steps
1 Run the numbers
Takeaway: Next steps: 2 Check your credit score
3 Consider your options
4 Choose your loan type
5 Shop around for the best personal loan rates
6 Pick a lender and apply
7 Provide necessary documentation
8 Accept the loan and start making payments
Tips for speeding up the process
If you're looking for a personal loan, you likely want to get your hands on the money as soon as you can. These tips can help you avoid delays when applying for a personal loan" Check your credit report before applying. Know where your credit stands before shopping around for personal loans. Good credit can make it easier to qualify for a personal loan at a lower interest rate. Furthermore, spotting and correcting errors immediately is a simple way to avoid issues later on when you're applying for a loan. Pay off debt. If you have debt and you don't need the loan funds urgently, paying some debt off can raise your credit score and lower your DTI ratio, which can increase your chances of approval. Talk to your existing financial institution. Banks and credit unions might be more willing to consider a personal loan application from a customer with whom it's had a positive, long-standing relationship. Get prequalified. Some lenders have a that you can undergo without a hard credit check. You can also get an idea of what your loan rates and terms may be before you apply to determine if moving forward with the lender is worthwhile. Consider online lenders. Many online lenders offer next-day loan decisions, and funds may be deposited into your bank account within a few days after applying if you are approved. Pick loan funds up in person. If your lender has a brick-and-mortar location, ask if there is an option to pick funds up at the branch so you can get the money faster. How to find the best personal loan rates
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Written by Jennifer Calonia Contributing writer Jennifer Calonia is an L.A.-based writer and editor. She's covered topics like debt, saving money and credit cards. You can find her work on Business Insider, Forbes and more. Edited by Loans Editor, Former Insurance Editor up next Part of Loans To choose the best personal loan lender, you need to consider several impor... Apr. 15, 2022 Learn more Nov. 13, 2022