How To Get a Personal Loan In 5 Easy Steps

By January 9, 2021 October 18th, 2022 Personal Loan

If you’ve never applied for finance before, or maybe you’ve struggled with the application and approval process, then getting a personal loan might feel rather daunting. After all, you’re asking someone to lend you money with the trust that you’ll honour the debt and repay it in full. You might also have some trepidation about getting into debt and having to come up with the money each month to make the repayment.

Truth be told, it’s not that difficult to apply for a personal short-term loan online, and in this article, we’ll take a look at 5 easy steps to get it done with a minimum amount of fuss when you choose to take out finance with a private lender.

#1 – First Things First… Work Out How Much Money You Need To Borrow

There’s no point even starting the process until you’re first certain about the figure you need to borrow from a lender. You might have a specific purpose in mind for your Personal Loan, such as paying for your wedding day or renovating your home. Determine how much you’ll need to borrow, then figure out if you can actually afford to repay that borrowed amount.

Most finance companies have handy little calculators on their websites, where you can input the amount you need, as well as the length of time you would like to have to repay the loan, and it will calculate your repayment amount.

#2 – Find a Lender That’s Right for You and Your Requirements

Not all lenders are the same. Terms and conditions, interest rates and loan establishment fees will vary between lenders. You’ll want to work out what you need and then spend some time doing your research to discover which lender suits your personal needs best.

Any reputable finance company, whether it be a bank, building society or private lender, will display all of this information on their website, so take the time to weigh it all up and choose wisely. Once you’ve committed to financing, there’s no backing out, so you’ll want to make the right choice before applying.

#3 – Have All of Your Details, ID and Supporting Documents Ready

The process of filling out your online application form for a Personal Loan will be a lot quicker and smoother if you have everything ready to go and organised before you get started.

First of all, you’ll want to have your answers ready for questions regarding your financial situation, which includes both your income as well as your debts and expenses. Secondly, you’ll need to be able to prove your identity, so having items like your driver’s licence or passport scanned and ready to upload with your application will short cut the process. You’ll also need to have some income proof to upload, such as recent payslips or a recent bank account statement.

When this is all in order, you can start the application process.

#4 – You Can Do the Complete Application Process Online

Most lenders have the option of being able to apply for a Personal Loan entirely online. This is convenient, as you can do it from the comfort of home at any time of the day or night.

Private lenders tend to have a simplified and more streamlined online form to fill out, so you could be done in only 10 or 15 minutes. It’s really very easy to do if you’re organised, have your documents in order and your answers ready.

#5 – Once Approved, Review Your Application Before Final Commitment

Even once your Personal Loan application has been approved, you’ll get a chance to look over the terms and conditions before you finally commit yourself to the deal and have the funds deposited into your account. Once you do commit, generally you’ll have the funds by the end of the business day or the very next day if you apply with a private lender.

The Wrap

Cashify is your Personal Loan specialist. We focus on providing fast cash loans, loan amounts between $500 and $50K, short-term finance, easy application processes and transparent terms, fees and conditions. Our interest rates are also very competitive and fair. Get in touch with our friendly staff today to learn more.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

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