The process to obtain a personal loan typically begins with an application or a conversation with a banker. If you have excellent credit, you may even receive preapproved offers from creditors. After you submit your application and supporting documentation, the decision can take anywhere from a matter of minutes to days or weeks depending on how strong your application is and the prospective lender’s policies. Wells Fargo, for example, promotes some types of personal loans with credit decisions in 15 minutes or less.
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Funding is made the same day of approval. Such efficiency in the approval process isn’t consistent. Submitting online often speeds up the process relative to sending in paperwork.
Completed application: Some banks won’t approve a personal loan if you leave anything blank on your application, according to Forbes. The loan application requests such details as your contact information, employment, income, proposed loan term and the amount you want to borrow.
Income documentation: On small loans, or in cases where you have excellent credit, you may not have to submit proof of income.payday loans direct If you do, you may need to provide W 2 tax forms, recent pay stubs or both.
Employment verification Lenders often are more concerned with your future money stream rather than your historical income. Therefore, the bank may call your current employer as listed on the application to confirm your work status and possibly your income.
How to Get a Bad Credit Personal Loan
A bad credit personal loan is a relatively new offering from financial institutions that recognize that a less than perfect credit history doesn necessarily mean.