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How to Qualify for a Personal Loan

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How to Qualify in order to obtain a loan for personal use
Pre-qualification provides you with a glimpse of the possible terms of the personal loan. Learn how to qualify.


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Updated on November 23rd 2022

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Steps



Steps





The process of pre-qualifying for a personal loan is the initial phase of your loan acceptance process. It gives lenders an idea of your creditworthiness and it gives you a preview for the loan you could be offered.
Getting pre-qualified, however, does not guarantee you the possibility of a loan as lenders will have to verify your details prior to granting the final approval.
Here are four steps to help you qualify for a personal loan.
1. Fill out the pre-qualification form

A lot of lenders allow you to pre-qualify for an individual loan on their site by filling out a questionnaire. You'll have to submit information including:
Personal information, such as your name, birth date as well as your Social Security number.
Contact details like your address and number.
The amount you earn each year as well as information about your employment.
Other financial information including whether you have retirement savings, savings and investment account.
Your preferred loan amount and loan goal.

Because rates and terms are different, NerdWallet recommends pre-qualifying for multiple loans to compare rates and terms among lenders.
Pre-qualifying offers will include the potential loan terms, like the amount you qualify for and the interest rate, however the numbers could change once you apply in a formal manner and a lender gains detailed insight into your financial position.
Check if you are pre-qualified for a personal loan that doesn't impact the credit rating.
Simply answer a few questions to get personalized rates of our lenders.
Loan purpose Select your option Debt Consolidation Home Improvement Medical credit card consolidation auto Motorbike Major Purchase Start a business Education IRS Tax Other Debt

The loan amount

Credit score Select your option Good Good Fair Poor

Employment status Select your option Full-time Part-time Self-employed unemployed military Retired Other



Find out if you're pre-qualified



2. Undergo a soft credit check

The process of pre-qualifying for a personal loan will not impact the credit rating.
After you have completed the pre-qualification form, lenders will do an assessment of your creditworthiness. The soft credit check won't show up on the credit reports that a lender will look at when you apply and so pre-qualifying with several lenders will not hurt your chances of being approved for a loan.
If you get an offer through pre-qualification, the lender will then invite you to fill out a full application. If you decide to submit a full application this, the lender will check your financial history with an investigation of your credit report, which will appear in your credit file for up to two years. Then, it will shave a few percentage points from your credit score.
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3. Find out whether you're certified

The lender will look at your credit score and debt-to income ratio to evaluate your application. Cash flow and your score indicate how much monthly income you're able to make loan payments. Your credit score reflects the way you've dealt with the burden of debt. For that reason, is the best way to increase your chances of getting pre-qualified.
Be sure to pay your bills on time, make sure to keep your balances in check and try to pay off your credit card balances completely every month, to build your credit profile.
How do you get a loan even with bad credit
If you're concerned about getting approved due to you credit scores, may have reduced rates, as well as flexible agreements for applicants with lower credit scores.
Online lenders can also provide bad credit personal loans. They may also consider other aspects in your request, including your educational background and where you work to qualify you. But they typically offer higher rates, meaning the loan is more costly.
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4. In writing, you can apply for money

When you've submitted your pre-qualification application, you should see potential loan terms within moments. If you're pleased with the rate, amount and repayment term and you're ready to apply for a loan .
This step typically involves uploading financial records like bank statements and recent tax returns, which the lender will use to verify the information you provided during the pre-qualification. After you finish the application the lender will run a hard credit check.
If you're approved, some lenders will be able to fund the loan in the next business day. They can deposit the funds into a checking or savings account that you prefer. The majority of lenders will fund the loan within one week.
If you're not approved
If your application is rejected and you are denied, you will receive an adverse action notice or letter. This will include information about the credit bureau that issued the report, why you were denied the application, your current score, and factors contributing to it and how you can get a free copy of your report.
This information could be useful in determining ways to improve your chances of getting accepted for an individual loan.
How to increase chances of approval
If you don't receive an offer via pre-qualification, the lender might request that you submit a joint application for a joint or secured loan.
Joint and loans permit you to apply for a creditor with better standing in your request, which can increase your chances of approval or receiving a lower interest. However, a co-applicant is accountable for any late payments.
A requires you to put up collateral such as your vehicle or savings account in order to back the loan. It's typically easier to be approved for secured loan however you could lose the collateral if are unable to pay the loan.
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The authors' bio: Jackie Veling covers personal loans for NerdWallet.


Annie Millerbernd works as a personal loans writer. Her writing has been featured in The Associated Press and USA Today.


Ronita Choudhuri-Wade is the private loans to NerdWallet.







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