- Applying for a personal loan where you bank can help improve your chances of being approved. As with most lenders, you will need to be a U.S. citizen and must provide your source of employment and length of time you've been employed there, a Social Security number and your current mailing address. Lenders will check your credit to determine if you are credit-worthy, and if so will approve your application. As of 2009, a good credit rating is 600 and higher. If your credit rating is below 600, you will need a co-signer with a high credit rating before you can be approved.
- Students loans are easier to acquire because they are provided to you through the government. Because they are government loans, the interest rate is lower than student loans from other financial institutions. These loans can only be used to pay for tuition and other fees related to school such as student housing, books and materials. To get approved for a student loan, you have to be a full-time student at an accredited college, a U.S. citizen or a resident alien. If you are a male, you must register with Selective Services before you can be approved. You can also apply for student loans through private lenders, but a good credit score above 600 is necessary, or you must have a co-signer.
- A peer-to-peer lending network is a great way to get a loan without dealing with a large institution. To apply, enter in your loan amount and the maximum interest rate you can afford. Your loan goes into an auction, where lenders can bid on your loan and compete for it. As lenders bid, your interest rate goes down. When the auction is closed, your loan is deposited into your account. Monthly payments are automatically withdrawn from your account at a fixed price until you have repaid your loan plus interest. To get approved for a loan you must meet the following requirements: a U.S. citizen, a bank account, a credit score 640 or higher and a Social Security number. According to Prosper.com, you can borrow between $1,000 to $25,000 of unsecured loans.
