Start by considering what type of personal loan you need, the amount, and the purpose of the funds. Use a personal loan calculator to figure out an estimate of how much you’ll need to pay every month. Don’t forget to include any origination fees or pre-payment penalties.
Bankrate’s network includes lenders that work with borrowers with nearly any credit score and profile. That includes those with limited or poor credit history, as well as those with good credit.
Your credit score and other factors, such as income and debt-to-income ratio (DTI), will determine what types of loans you qualify for, and at what rates. If you have spotty credit or don’t qualify on your own, consider applying with a co-signer.
Bankrate has a pre-qualification process that takes only a few minutes to complete. By pre-qualifying, you can get an idea of which rates are available without hurting your credit score.
Once you’ve selected a lender, head over to their page to finish the application process. Although documentation vary, be ready with the following information:
- Government ID (ex. driver’s license or state-issued ID)
- Social Security Number
- Income verification (ex. tax returns, pay stubs, or an offer of employment)
- Bank statements
- Proof of residency (ex. utility bills or renter’s agreement)
Time to funding depends on the lender. Some lenders offer same-day or next-day funds, while others take 1 to 2 weeks.
