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Banks and credit unions are two common choices for personal loans, but which one is right for you depends on your specific needs and circumstances. For example, banks might have stricter lending standards and higher credit score requirements than credit unions. But credit unions often have a more relaxed approval process and are willing to work with borrowers with fair or average scores.
In addition, you'll want to factor in whether a lender offers prequalification and how it will affect your credit score. Some lenders use soft inquiries to predict your credit score and won't damage your credit in the process, while others make hard inquiries that can negatively impact your credit.
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Filling Out the Application
Whether you're looking to consolidate debt, finance a big purchase or cover unexpected expenses, personal loans may be an option. But, before you apply, you should know what to expect so that you can make the best decision for your financial situation.
Start by checking your credit to understand how you're doing and what loan terms lenders are likely to offer. Then, determine how much you need to borrow and ensure it's within your budget. Consider using online prequalification tools to see a range of options without impacting your credit score and getting an estimate of monthly payments.
Lenders will look at your credit report and income to determine approval, rates, fees and terms. They'll also check your debt-to-income ratio, which compares your monthly income to your total debt payments. If your credit score is low or your debt-to-income ratio is high, you might need to work on improving those factors before you can qualify for a personal loan.
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Once you've decided on a lender, you can usually submit your application online or in person. Be sure to complete the application completely and accurately, and make sure you have all necessary documentation. If you're applying with a cosigner, you should also have their information available. And don't be afraid to ask questions if you don't fully understand anything on the application or are unclear about any details.
If you're approved for the loan, the lender will typically send funds directly to your bank account or a check will be sent in the mail depending on the lender's policy. You'll then need to pay the monthly payments according to your lender's schedule. If you're unable to make your monthly payments, you should contact the lender to discuss your options before defaulting on your loan.
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