{"id":22067,"date":"2020-05-04T12:56:08","date_gmt":"2020-05-04T11:56:08","guid":{"rendered":"https:\/\/traders-paradise.com\/magazine\/?p=22067"},"modified":"2020-07-11T15:01:51","modified_gmt":"2020-07-11T14:01:51","slug":"apply-for-a-personal-loan-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/","title":{"rendered":"Apply For a Personal Loan &#8211; Step by Step Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Before_you_apply_for_a_personal_loan_its_important_to_consider_why_you_need_the_money_Depending_on_that_you_will_choose_the_loan_thats_most_suitable_for_your_financial_circumstances\" >Before you apply for a personal loan it\u2019s important to consider why you need the money. Depending on that, you will choose the loan that\u2019s most suitable for your financial circumstances.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Select_the_right_type_of_lender\" >Select the right type of lender<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Check_your_credit_score_before_you_apply_for_a_personal_loan\" >Check your credit score before you apply for a personal loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Check_the_lenders_demands\" >Check the lender\u2019s demands\u00a0\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Examine_lenders\" >Examine lenders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Collect_your_documents_before_you_apply_for_a_personal_loan\" >Collect your documents before you apply for a personal loan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#Consider_rate_and_fees\" >Consider rate and fees<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Before_you_apply_for_a_personal_loan_its_important_to_consider_why_you_need_the_money_Depending_on_that_you_will_choose_the_loan_thats_most_suitable_for_your_financial_circumstances\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22068\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/05\/apply-t-1.jpg\" alt=\"Apply For a Personal Loan - Step by Step Guide\" width=\"800\" height=\"532\" \/><br \/>\n<strong>Before you apply for a personal loan it\u2019s important to consider why you need the money. Depending on that, you will choose the loan that\u2019s most suitable for your financial circumstances.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">A personal loan is a convenient vehicle to cover a large expense if you have them but many people are confused with it and don&#8217;t understand how to apply for a personal loan. The problem is that many of them have not so good credit scores but there are some possibilities to increase their chances of approval during the process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you apply for a personal loan you&#8217;ll have to define what type of loan you want to take out. There are several types and you have to know each of them before you start the process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Personal loans can be an unsecured, secured, variable-rate or fixed-rate loan, debt consolidation, co-sign, a personal line of credit, and many other types but these are the main. <\/span><span style=\"font-weight: 400;\">A personal loan is frequently unsecured. That means it uses your credit as a gauge. To take out this type of personal loan the lender will not <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/04\/before-taking-out-a-loan-ask-questions\/\"><span style=\"font-weight: 400;\">ask<\/span><\/a><span style=\"font-weight: 400;\"> you for assurance in some other asset, for example, house.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second checkpoint in your deciding process before you apply for a personal loan is how much money you need.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That amount should be suitable to cover your expenses but also, your income has to be suitable to cover the monthly charge you&#8217;ll be obliged to pay over the life of the loan. Your personal loan should be less than your maximum monthly expense but also not too small.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you take out a too big loan that surpasses your income per month, you&#8217;ll jump into big financial problems. So, when deciding to apply for a personal loan you have to plan based on current income, not upon the expected. <\/span><span style=\"font-weight: 400;\">Also, applying for a personal loan that is too small will not be sufficient to cover your financial needs. So, you should <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/04\/personal-online-loans-everything-you-need-to-know\/\"><span style=\"font-weight: 400;\">carefully measure<\/span><\/a><span style=\"font-weight: 400;\"> the debt you can handle, and before you apply for a personal loan.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Select_the_right_type_of_lender\"><\/span><b>Select the right type of lender<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Think about what is most important for you: support or speed. You might choose banks or credit unions that are both experienced and if you are already a customer of some you might have some benefits, for example, discounted rates. The problem with these traditional lenders is that the application process may take too much time. They always require a lot of papers and that may eat your time. If you are in a rush maybe online lenders are better for your needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you choose some online lender it is probably because you need cash fast. We hope you compared various lenders before you apply for a personal loan. It is extremely important, you could find some with the lowest rate. Anyway, if you pick an online lender, you&#8217;ll have a lower rate, much lower than it is the case with banks and credit unions. Moreover, they&#8217;ll give you an opportunity to see the rate before you apply for a personal loan. In many senses online loans are unique.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can compare rates by pre-qualifying, there is no need to go anywhere instead you can apply for a personal loan on a website, and what is <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/08\/how-to-reduce-costs\/\"><span style=\"font-weight: 400;\">most important<\/span><\/a><span style=\"font-weight: 400;\"> for those who are in a rush, you&#8217;ll get approval in a few minutes and after a day or two, your loan will be funded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By selecting the right type of lender can save you money.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Check_your_credit_score_before_you_apply_for_a_personal_loan\"><\/span><b>Check your credit score before you apply for a personal loan<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Your credit score determines how much you qualify to borrow or you are not at all. Your chances of getting a loan will increase with a better credit score. Also, your credit score will determine the rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Where to check credit score?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Find some credit scoring service. For example, we suggest you use FICO. <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Credit_score_in_the_United_States#FICO_score\"><span style=\"font-weight: 400;\">FICO score<\/span><\/a><span style=\"font-weight: 400;\"> is a measure of consumer credit risk. It is a standard of lending in the US.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A FICO score is expressed as a number, and it will determine your creditworthiness. That is your credit score. FICO scores are in the range from 300 to 850, where the higher the number represents a better credit score.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The credit score of 740 and over is excellent. Between 670 and 739 is considered as good, between 580 and 699 is rated as fair, and everything below 579 is ranked as poor credit score.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lenders will expect good credit and you&#8217;ll need one year of credit before they approve you an unsecured personal loan. It is smart to check your credit score before you apply for a personal loan.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Check_the_lenders_demands\"><\/span><b>Check the lender\u2019s demands\u00a0\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This sounds logical but many people unveil the lender&#8217;s eligibility requirements after they apply for the loan. Don&#8217;t waste your time. If you don&#8217;t meet its requirements you&#8217;ll be rejected promptly. Apply only if you are eligible for.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typical demands include a good credit score where the lowest average is 640, also your annual income is one of the lenders&#8217; requirements and you&#8217;ll need to have above $25.000. They will also ask you for your credit history of at least 3 years to qualify. The lenders will estimate your debt-to-income ratio or DTI. Lower than 43% is better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you apply for a personal loan you&#8217;ll need to have a good DTI because it has a great influence on your interest rate or loan terms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A debt-to-income ratio shows the debt payments you have every month divided by your total income per month. Lenders estimate your DTI to be sure that you can afford to pay a new loan. Usually, the lenders will calculate your DTI themselves but it is much better if you know your DTI before applying. For example, if you find out your DTI is high, think about paying off your other debts. Otherwise, the lender will offer you too high rates or reject your application.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Examine_lenders\"><\/span><b>Examine lenders<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Examine everything, interest rates, fees, terms, payment options, fine print, literally everything before you sign papers, and fill out your application. Why is this important? First of all, you have to be sure how safe you are. For example, you can find in the lender&#8217;s fine print a note about prepayment penalties or late fees. That could be a great problem if there are any and you didn&#8217;t know before you signed the documents. Check your lender, ask, examine.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to online lenders you should be especially cautious. Choose the lender who is registered and has all information available. If some info is missing, check the lender&#8217;s credibility, it could easily be a scam and you&#8217;ll end up giving your personal and banking details to a scammer.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Collect_your_documents_before_you_apply_for_a_personal_loan\"><\/span><b>Collect your documents before you apply for a personal loan<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is always better to have all documents on hand. In that way, your applying will go faster and you&#8217;ll receive approval sooner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lender in the US will tell you which documents it demands, but it will frequently be some ID, passport, driver license, or similar. Also, the lender will ask for your proof of employment. You can show your pay stubs for the last three months or a W-2 form. You have to have a bank statement also to provide to the lender information about your total income. To be able to check your <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/bad-credit-loan\/\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\">, the lender will ask your social security number.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some lenders or online applications will require your current company\u2019s contact info but some will ask you about previous employers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, prepare all these documents to get your loan as soon as possible.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Consider_rate_and_fees\"><\/span><strong>Consider rate and fees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The main considerations when looking for a loan should be its rate, fees, and terms. Will you choose an online lender or a bank branch is less important.\u00a0 <\/span><span style=\"font-weight: 400;\">Always apply for pre-approval. Online lenders, banks, or credit unions will give you this opportunity. Based on the data you submit, you&#8217;ll know some important things such as the rate (maybe not precise but very close) or loan duration and other conditions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the best-known national banks don\u2019t have unsecured personal loans in offers. They have some other credit products, for example, mortgages, credit cards, etc. <\/span><span style=\"font-weight: 400;\">Credit unions are good for borrowers with a bad credit score. But to apply for a personal loan, you need to be their member first.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you apply for a personal loan it\u2019s important to consider why you need the money. Depending on that, you will choose the loan that\u2019s most suitable for your financial circumstances. By Guy Avtalyon A personal loan is a convenient vehicle to cover a large expense if you have them but many people are confused [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":22069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1018],"tags":[1848,1895,1894,1896,1893,1873,2205,742],"class_list":["post-22067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance-secrets","tag-credit-score","tag-how-to-apply-for-a-loan","tag-how-to-apply-for-a-personal-loan","tag-how-to-check-your-credit-score","tag-loan","tag-loans","tag-needed-for-taking-a-personal-loans","tag-personal-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apply For a Personal Loan - Step by Step Guide - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Apply for a personal loan only after you determine why you need a loan, how much money you really need, and after you check the possible lenders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apply For a Personal Loan - Step by Step Guide - Traders-Paradise\" \/>\n<meta property=\"og:description\" content=\"Apply for a personal loan only after you determine why you need a loan, how much money you really need, and after you check the possible lenders.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/\" \/>\n<meta property=\"og:site_name\" content=\"Traders-Paradise\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradersParadisecom\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-04T11:56:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-11T14:01:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/05\/apply-f-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"824\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:site\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/apply-for-a-personal-loan-step-by-step-guide\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/#\/schema\/person\/ce94bb3c5a52307ca7be58f0e7b93ffe\"},\"headline\":\"Apply For a Personal Loan &#8211; 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