How to Get a Personal Loan

By Michael Cantrell

  • Overview

    There are a number of reasons why you may need to take out a personal loan. You might have had a family emergency that required you to be out of work for an extended time without pay, and you need the money to get caught up on the bills. What ever the case is, if you need emergency money, looking into getting a personal loan is a good first step to finding some relief. Getting a personal loan is a pretty simple process and only takes a little bit of your time.
    How to Get a Personal Loan
    • Step 1

      Check your credit score by getting a free credit check from an online credit check company. One of the biggest determining factors in whether or not you will be approved for a personal loan will be your credit score. Your credit score will also affect what kind of interest rate you are looking at having on your loan. There are a few different places online you can go to get a free credit check. One site that you may want to pay a visit to is FreeCreditReport.com.
    • Step 2

      Find a lender with a respectable reputation. You will want to check with a few different lenders, at least three, before filling out an application. Get quotes from these lenders on what the interest rates on your loan will be. Once you have gathered some information, choose the plan that will best benefit you and your current financial situation.


    • Step 3

      Choose what you are going to use for collateral to put down on your personal loan. Most of these type of loans will require you to have some type of collateral. Some individuals use their car as collateral, or even their home.
    • Step 4

      Choose a co-signer with good credit to help you get approved for your loan. This is an essential step if your credit is bad, but if you have decent credit you may be able to bypass this step, but you should still have a dependable co-signer just in case you need one.
    • Step 5

      Fill out and file an application for your personal loan. This may or may not have a fee, so take that into consideration when looking to file your application.
    • Step 6

      Pay the minimum loan payments back on time to avoid any future problems or seizure of your collateral. If you fail to make your payments on time the lender may seize your property to pay off the loan, so be sure to keep those payments on time.
    • Skill: Moderately Easy

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