How to Get a Personal Loan
Depending on the lender and the type of loan, the application process for a personal loan may differ. Some lenders have simplified their online forms and included step-by-step instructions. Others may require you to phone or visit a local branch to talk with a loan officer.
While there may be no credit check, you may still be required to establish your identification and income, as well as present additional evidence. Therefore, when preparing to apply for a personal loan, you may wish to gather the following information:
A photocopy of a valid government-issued picture ID
Pay stubs or other forms of proof of income, such as tax returns, should be provided.
Your work history and contact information for previous jobs
Bank statements from recent times
History of education
References, both personal and professional
How to Get Credit When You Don’t Have a Credit History
If you don’t have a credit history, creating credit and building a solid credit history may be beneficial. Even if you don’t want to seek a loan or a credit card, having high credit can make renting an apartment easier or finding work. Your credit history may also have an impact on your insurance prices in certain jurisdictions.
To begin, you must have your accounts and payments recorded to the consumer credit bureaus. Many people employ one or more of the following approaches:
Open a secured credit card account.
Apply for a credit-builder loan, a lending circle loan, or a peer-to-peer loan.
Make yourself an authorized user on a credit card belonging to a trusted friend or family member.
Make an application for a credit card that does not require a credit check.
Enroll in a rent reporting service.
Once you’ve created credit, make important to handle your accounts properly to build strong credit. For example, making on-time bill payments and limiting using a small fraction of your credit limit on credit cards are significant ways to boost your credit score. As a result, depending on the loan amount, transferring it to a credit card may not be the greatest decision.
Improve Your Credit and Receive Personal Loan Offers
You may utilize the features and capabilities in a free Experian account to create, monitor, and use your credit once you’ve established it.
Experian BoostTM is a free app that connects to your bank account to add utility, phone, and popular streaming service bills to your Experian credit report. These additional accounts and timely payments can help boost your FICO® Score.
In addition, your Experian account includes free credit monitoring and a free FICO® Score based on your Experian report. If you want to put your credit to use, Experian CreditMatchTM can help you compare credit card and loan offers. You may also receive customized offers based on your credit profile in select states.