Things You'll Need:
- Computer
- Internet Access
- Social security number
- Income records
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Step 1
Pull your credit report to ensure that there are no errors hurting you credit. You can get your 3-in-1 credit report very cheaply or even fro free, and there is another fee to see your credit score. It's very handy to know your score to get an idea of your rank as a borrower. To qualify for the best personal loans, you'll need a score of at least 640.
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Step 2
Ensure that you have a good history of always paying your debts and obligations on time, with no recent bankruptcies. If you are a few months away from having negative items drop off your credit report, wait for that to happen before applying as it will make a huge difference.
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Step 3
Check your credit card, loan and line of credit balances to make sure you are utilizing no more than 60 percent of your available credit.Pay off some of your balances if you are over this threshold.
- Five credit sources that are at least three years old.
- A stable income large enough to handle the new loan payment. -
Step 4
Have at least five credit sources at least three years old, and a sufficient, stable income source that will allow you to easily cover your new debt obligation.
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Step 5
Apply for a loan through peer to peer lending. After approval, you can receive your funds in as little as two days. The interest rates are lower than banks and can be lowered even further through social networking. If people who want to lend money chose your loan, your interest rate will go down. Some borrowers wind up with interest-free loans at Zopa.
Comments
klnygaard said
on 8/19/2008 good info