How to get a best personal loan

The application process is the same for everyone when you apply for a personal loan loan from a bank, credit union, or personal loan online lender.

Putting together the required documents before you apply for a loan can streamline the process and save you a lot of stress.

Required documents include proof of identity, proof of address and list of monthly expenses and evidence of how much your collateral is worth.

Take the time to shop around for the best lender. Lenders make loan decisions based on a "soft" credit check, which has no impact on your credit score.

Fill out the entire loan application and provide all requested documents to the lender. If you do, it doesn't take long to hear whether your loan is approved or not.

Most lenders allow you to electronically sign documents when you make a loan application.

Please read the documents thoroughly before signing. Once signed, you are legally committed to what is written inside the four corners of the contract.

Funds usually reach your bank account within one to 14 days of loan approval. If you need money quickly, ask lenders about their fund disbursement times when you shop for the loan.

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