Learn How to Get a Personal Loan in 8 Steps

6. Choose a lender and apply

After doing your research, choose the lender with the greatest deal for your needs and begin the application process. Depending on the lender, you might be able to complete the entire application process online.

Some lenders may also ask you to apply in person at a local bank or credit union branch. Each lender requires different information on the application, but you’ll normally need to include your name, address, and contact information, as well as your income and work details and the reason for the loan.

The lender will also want to know how much money you wish to borrow. Following a gentle credit check, may provide you with a few options to consider. You will also have the opportunity to evaluate the loan’s full terms and conditions, including fees and repayment duration.

To avoid hidden fees and other problems, carefully read the loan agreement. Takeaway: Each lender has unique qualification requirements and may request different information.

Some lenders may also need you to apply in person, but others may allow you to complete the entire application online.

Next steps: Determine the application procedure for the lender you’ve selected. When you’re ready, gather all of the information you’ll need for the application and submit it as prompted.

7. Provide all required documentation

What you need to apply for varies depending on the lender. After you submit your application, your lender will most likely request more documentation.

You may be required to upload or fax a copy of your most recent pay stub, a copy of your driver’s license, or proof of address. The lender will notify you if any documentation is required from you and how to send it to the appropriate person. The sooner you supply the information, the faster you will receive a decision.

Takeaway: Be ready to provide more documents if it is needed during the application process.

Next steps: To expedite the application process, gather pay stubs, proof of residency, driver’s license information, and W-2s ahead of time. Submit all needed papers to your lender as soon as possible to receive your decision.