How to Prepare For a Loan Appointment

Loan application

You may need to take out a personal loan, a loan for a car or a loan to consolidate your bills. By preparing in advance, you will show the lending institution that you are a person that can be trusted with their money.

Things You'll Need

• At least 3 months of pay stubs
• Last year's tax documents
• Any statements showing that you recently paid off any loans or credit cards
• A nice outfit

Instructions

1. Gather the documents that prove how much you have earned in the last three months. If you made any extra money on the side, bring that information along, too. You must know your social security number, and it is also a good idea to have your driver's license or another form of identification with you.

2. Take along last year's tax forms. Some loan companies will require these, especially if you are a new customer or if you need a large loan.

3. Bring any documentation that shows that you paid off loans or credit cards recently. If you just paid off a loan, it may not show on your credit report right away. By having solid written proof, you may get a better loan rate.

4. Be prepared for the questions you will be asked. Lenders will likely ask for your current address, and they will also ask what you need the money for. Have your responses ready and answer all the lender's questions truthfully.

5. Dress nicely. You don't have to wear a suit or a fancy dress, but make sure that you look clean and are wearing nice clothes.

6. Show up on time and stay calm and relaxed during your appointment.

Tips & Warnings

• Stay calm and relaxed during your appointment.

• Pay attention to the date your first payment is due and make a note of it.

• Read the fine print on the loan contract before signing.

• Only take out loans when they are absolutely necessary.

References

• Lending Resource: Preparing For A Loan Interview