How to Get a Personal Loan to Rent an Apartment

By Gwynita Leggington

  • Overview

    So you want to rent an apartment, but you don't have the money. Fortunately, there are a variety of financial institutions that offer a wide selection of personal loan options. The application process is not that difficult, and if approved, you can have the funds in your hands in a short time.
    • Step 1

      Decide how much money you need to borrow. Before you apply for a loan, make a list of all of the relevant expenses that are involved in renting an apartment. Figure out how much money you'll need to pay your rent each month and to cover your additional living expenses. You may also have to pay a security deposit (sometimes equal to the amount of your rent); and you may also need money to have the utilities turned on in your name (electricity, water and gas). In addition, there are normally additional expenses involved with renting an apartment, such as paying someone to help you move your personal belongings to your new place.
    • Step 2

      Contact the financial institution to inquire about its application process. Some banks and credit unions allow customers to apply for a personal loan in person at a local branch; online on the lender's website; or over the telephone with a loan agent. Be sure to find out what information and documents you need in order to apply for a personal loan with that lender.

    • Step 3

      Complete the loan application. More than likely, you'll have to include your personal information on the application, such as your full name, physical and mailing addresses, home telephone number, social security number, driver's license number, employment information and contact information for references. Make sure you state on the application that you need the loan in order to rent an apartment. You may have to supply additional information on yuor application.
    • Step 4

      Give the lender time to review your application. Some financial institutions review loan applications rather quickly (within a few days); others may take up to 2 weeks to notify you of a decision. Be sure to ask the lender when you should expect a response from them.
    • Step 5

      Receive your loan from the lender. Once your application is approved, a loan agent will contact you with details of the loan. You must sign important documents agreeing to the terms and conditions for your personal loan. After you have signed all of the necessary paperwork, the loan agent will release the funds to you. However, it may take several days or so to receive your money, depending on the lender's disbursement method.
    • Skill: Moderate
    • Tip: Be sure to include accurate and valid information on your loan application, because the lender will need to verify the details before approving you for a loan.
    • Warning:
    • Some financial institutions require applicants to have good credit in order to qualify for a personal loan. Make sure that you inquire about the lender's credit requirements before applying for a personal loan.

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