Introduction: How to Apply for a Personal Unsecured Loan
If you’ve been thinking about applying for an unsecured loan, you may not know where to begin. Let’s start with the basics: What exactly is a personal unsecured loan? Personal unsecured loans don’t require any sort of collateral to be used as security for repayment, unlike secured loans. Many times, your personal income and credit are the only two underwriting factors that are considered when a bank or lender decides whether or not to approve your application.
Step 1: Read on to Find Out Exactly How to Apply for a Personal Unsecured Loan.
1. Gather together the information you’ll need, which includes an up-to-date credit report, proof of residence (utility bill, previous tax return, etc.), and a government-issued photo identification such as your driver’s license.
2. When you get your credit report, take the time to look it over. Check for any inconsistencies or errors, and dispute them as soon as possible to ensure that everything is correct. Your credit report is the most important factor when it comes to applying for an unsecured personal loan, so you want to make sure that it is accurate.
3. Next, research lenders in your area that offer unsecured loans. Make a list, detailing information such as loan amounts offered, interest rates, loan costs, underwriting time lines, and loan terms.
4. From your list, select the lender that can provide you with the best rate and terms that fit your specific needs. Before you move on to the actual application process, contact the lender directly and verify that your research is correct and matches up with the terms and rates that they offer.
5. Once you’ve verified that you have the correct information, make an appointment with a loan officer at your bank or lender of choice.
6. Thoroughly and carefully fill out an unsecured personal loan application. If this is your first time doing so, do it with the loan officer there so you can ask him or her any questions you may have.
7. Be aware that at this time, you may have to pay any application fees that apply.
2. When you get your credit report, take the time to look it over. Check for any inconsistencies or errors, and dispute them as soon as possible to ensure that everything is correct. Your credit report is the most important factor when it comes to applying for an unsecured personal loan, so you want to make sure that it is accurate.
3. Next, research lenders in your area that offer unsecured loans. Make a list, detailing information such as loan amounts offered, interest rates, loan costs, underwriting time lines, and loan terms.
4. From your list, select the lender that can provide you with the best rate and terms that fit your specific needs. Before you move on to the actual application process, contact the lender directly and verify that your research is correct and matches up with the terms and rates that they offer.
5. Once you’ve verified that you have the correct information, make an appointment with a loan officer at your bank or lender of choice.
6. Thoroughly and carefully fill out an unsecured personal loan application. If this is your first time doing so, do it with the loan officer there so you can ask him or her any questions you may have.
7. Be aware that at this time, you may have to pay any application fees that apply.
Step 2:
That’s it! After you’ve followed these seven steps, your application for an unsecured personal loan will be made, and all you’ll have to do is sit tight and wait to find out if you got the loan.
