If you’re thinking about applying for a personal loan to pay off credit cards or consolidate other debts or you’re just wondering how to apply for a personal loan, you should know that the personal loan application process is pretty simple and straightforward, for the most part. That’s assuming, of course, that you chose a personal loan lender or provider who allows you to apply for a personal loan alone and makes the process as easy as they can. If you’re working with a good personal loan lender, the personal loan application process shouldn’t cause you too much stress.
Breaking Down The Personal Loan Application Process
Before you dive into the personal loan application process, you will want to make sure that you’ve done your due diligence and thoroughly researched the personal loan options that are available at local banks, credit unions, and online. You will want to compare personal loans to make sure you find a lender with a good reputation and that your personal loan provider offers the amount that you need at a competitive personal loan interest rate, with competitive terms, fees, features, etc. If you’d like to compare personal loans, you can find multiple personal loan options on our personal loan comparison page. Once you’ve decided to apply for a personal loan, you can dive deeper into the personal loan application process. Again, before you even dig in and figure out how to apply for a personal loan, you’ll want to make sure that you research many personal loans before applying/
You have a couple of options when you apply for a personal loan: You can apply with multiple lenders, however, you will want to make sure that you apply to all of them within a 14-30 day window, so the credit bureaus will consider these inquiries as rate-shopping. If you’d rather not apply to multiple personal loan lenders, you can apply through a personal loan aggregator like this one, which will give you an idea of what you may qualify for, without impacting your credit score or even doing a hard credit pull. Using a personal loan aggregator may help you find out what personal loans you’ll qualify for out of a pool of multiple lenders, and then you can save time and only apply for the loan from the lender that gives you the best offer from the personal loan aggregator.
Once you’ve decided which way you are going to apply for a personal loan, the personal loan application process may involve you gathering some documentation to submit with your personal loan application. Typically, but not always, you will need to gather the following documents to submit with your formal personal loan application: An official ID and social security number, income statements (pay stubs), W2 forms, debt statement, and housing costs (mortgage or lease). There may be more or fewer documents required in the personal loan application process, depending on the lender you choose and their requirements. If you are approved and you decide to accept the personal loan, you will be able to schedule a time to close on the personal loan at the bank, credit union, or even possibly online, depending on your lender and their capabilities.
If you’d like to compare personal loans, feel free to visit our free personal loan comparison page.