How to Apply for a Small Personal Loan Online
Using the Internet to find a lender for a small personal loan can help save time and allow you to pre-qualify for a loan in minutes. When searching for a personal loan, compare several lenders to find the best interest rate, monthly repayment amounts, and customer service. Use the online forms to process your loan quickly. You may however need to fax or mail additional documentation to the lender before they approve your loan.
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Things You'll Need
- Credit report
- Bank statements (3 months)
- Recent pay stubs
- Tax returns (past 2 years)
Instructions
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How to Apply for a Small Personal Loan Online
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Compare lenders by visiting their websites to learn more about the terms and conditions of personal loans. When comparing lenders, review the following:
-Repayment terms
-Interest rates
-Loan qualifications (some lenders do not grant loans to those living in certain states or regions)
-Loan amounts offered -
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Fill out the pre-qualification online forms provided by the lender. Common questions asked include annual income, resident address, age, reasons for the small personal loan, amount needed, references, and if you own a home.
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Wait for a response from the lender. While you may receive an instant response in the form of an email or phone call, the lender will need to verify that the information provided is accurate before granting you a loan. Lenders may call the references you provided, obtain a copy of your credit report, and may contact your employer.
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Provide documentation required by the lender. Documentation may include a copy of your drivers' license, bank statements, recent pay stub, or tax returns if self-employed. You may be required to visit the local branch of the lender or mail or fax this documentation.
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Sign and return paperwork pertaining to your small personal loan upon loan approval. This paperwork may be found on the lender's website or it may be sent to you.
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Tips & Warnings
Many lenders use online applications to pre-qualify those seeking a loan. You may need to provide additional information via email, regular post, or over the phone in order to secure the loan.
Carefully research lenders before applying for a loan online. Never give out personal information such as your Social Security Number, residential address, or credit card information until you have thoroughly investigated the lender.
