Applying for a loan doesn’t have to be difficult. Simply follow some a few steps. You will need to check your credit report. You should then make a list of your income and expenses. That includes your rent or mortgage payment, automobile payments, monthly utilities and any other financial commitments you have. You’ll also need proof of your income. Your most recent tax returns will do. You will also need a copy of your lease or mortgage papers to verify your place of residence. Add a state issued picture identification and you’re ready to apply for loans. Follow these steps and you’ll quickly have the money you need.


Step 1: Identify Potential Lenders


Researching sources of loans is a very important step. If you have decent credit and several years on your job, you could consider a bank loan. Make a list of banks in your area. Local banks may be more willing to loan you money. Use the internet to identify online sources of personal loans. There are a quite a few online banks from which you may qualify for a loan. Be sure to do some research on the ones to which you are considering applying. Stick with financial institutions with which you are familiar if possible. There are scammers out there that will try to steal and misuse your information.


Step 2: Find Out The Loan Criteria


Once you have identified good sources of loans, the next step of the process is to find out what it takes to qualify for those loans. Many banks and other financial institutions post their loan criteria on their websites. Some of them provide a loan packet that lists the loan criteria. Contact these organizations and get a list of the things you need to have and do in order to qualify for the loan. The online sources of loans invariably list their loan requirements on their website. This will let you know whether or not you qualify. This will save you time and prevent your credit report from having too many inquiries.


Step 3: Apply To The Best Loan Source


Once you have identified the sources of loans for which you qualify, look for the ones from the safest and most respected sources with the best interest rates. Fill out the application and send it in. You will need to provide the information from the documents you collected. Some of the loan sources may require you to include copies of your documents along with your application. Some sources can give you a response in as little as 24 hours. Only apply to one or two sources of personal loans. This will limit the hits on your credit reports. Plus, if you have done your due diligence, you will get your loan from the first source to which you apply.