How to Apply for a Personal Loan?
Follow these steps to apply for a personal loan:
1. Get preapproved rates. Make sure the lenders you’re requesting rates from will obtain them using a soft credit inquiry. When you request a rate quote, you’ll provide your personal information, such as your address, income and Social Security number, on the lender’s secure website. You’ll indicate the amount you want to borrow, the reason for borrowing and the repayment term length you prefer.
Once you give these details, you’ll be informed of rates and how to formally apply for a loan.
2. Compare offers. Research different lenders to find the best personal loan interest rate.
3. Choose your top one or two lenders. Then formally complete your loan application, which will trigger a hard credit inquiry on your credit report. Keep in mind that even with good credit, you won’t be guaranteed approval or a particular interest rate.
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