Learn How to Get a Personal Loan in 8 Steps

Consider a personal loan from a traditional bank, credit union, or online lender. These unsecured loan products can assist you in getting out of a financial rut, covering an unforeseen expense, paying down debt faster, or making a large-ticket purchase.

Personal loans come in a variety of forms, including debt consolidation loans, home renovation loans, medical loans, and wedding loans. Although the application procedure is straightforward, you should be aware of what to expect to avoid unpleasant surprises.

What information do I need to have before applying for a loan?

Gather all of the paperwork and information you’ll need along the road before applying for a personal loan. This will allow you to progress through each step of the process as quickly as possible and receive your funds.

You might require the following items:

• Two kinds of personal identification, such as a driver’s license, a state-issued identification card, a military identification card, a certificate of citizenship, a Social Security card, a birth certificate, or a passport.

• Income documentation, such as W-2s, paystubs, 1099s, bank statements, and tax returns.

• Employer information, such as the company name, the name of your manager, and the phone number.

• Proof of address, such as a utility bill bearing your name and address or a lease agreement, mortgage statement, proof of insurance (auto, house, or rental), property tax receipt, or voter registration card.

8 Steps to Obtaining a Personal Loan

A personal loan can be obtained for a variety of reasons, such as unexpected medical expenses or essential car repairs. If you’ve concluded that a personal loan is the best option for you, follow these eight steps to apply.