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Step 1
Repair your credit history. Before approving a personal loan request, lenders take several factors into account. For starters, they'll review your credit report and determine whether you're eligible for a loan. Order a copy of your free report from www.annualcreditreport.com. To obtain the best rate on the loan, attempt to boost a low credit score. You can accomplish this by paying your existing creditors on time and reducing your credit card balances.
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Step 2
Learn your options. There are two types of personal loans: secured and unsecured. To qualify for an unsecured loan, you'll need sufficient income and a high credit score, over 750. Unfortunately, unsecured personal loans feature higher interest rates. On the other hand, you can apply for a secured personal loan and present the lender with collateral such as auto title, boat title and home equity.
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Step 3
Compare personal loan quotes. You likely want to get the best rate on the personal loan. Therefore, it's ideal to use a broker and request multiple quotes. The process is quick and simple. Complete a loan application, and the broker matches you with potential lenders. You're able to make a side-by-side comparison, and select the personal loan with the best rate and terms.
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Step 4
Consider a short-term personal loan. If you can't qualify for a traditional bank loan due to poor credit or no credit history, apply for a payday or cash advance loan. These loans feature high fees. However, they're useful during an emergency. You don't need collateral or credit; and with simple loan requirements, most people qualify. Because loan fees vary, contact at least three cash advance lenders and compare rates.
How to Get a Personal Loan Quickly
