9) Application procedure steps
- Identify your needs;
- Research loan companies and lenders;
- Apply online, via fax or at a branch;
- Submit supporting documents required by lender;
- Finalize terms of agreement with loan officer;
- Sign papers and return them to lender for approval;
- Wait for approval and sign documents electronically if possible (check loan company’s website);
10) Make sure you can afford it!
To be eligible for a personal loan, you should have a steady job and track record of being able to pay back loans. You’ll need enough income (around $1,500 per month) and savings (three months of expenses is standard) to cover your costs until you receive your first paycheck after starting work. Some lenders may also require you have a credit score in good standing, with no past bankruptcies or late payments on any accounts.