1. What is a personal loan?
Answer—A personal loan is a loan received for personal use. You can buy a car, a home appliance, a home improvement, for bill consolidation etc.
2. Does any bank approve my application for a personal loan?
Answer--The answer is no. You have to be a client even before you can apply for a loan from them.
3. Can I apply for a loan the day I become a client with a bank?
Answer —No, you cannot. Your account should be at least three-months old.
4. How do I apply for a loan?
Answer —You have both options—online or in person.
5. What do I need to provide them?
Answer— The following information--
a) Personal details
b) Social security number
c) Purpose of loan
d) Amount needed
e) Employment certification
f) Salary proof
g) Co-signer, if required
h) Last two years tax return reports
i) Proof of assets
6. Any more prior preparation?
Answer — Yes, your credit score and reports are of greatest value. They are actually what make or mar your endeavor. (You already know good scores are good for you.) In the 350 to 850 score, you should stand up 720 for a ‘good size’ loan.
7. What other matter/s may affect my application approval?
Answer -- Your income-to-debt ratio. It should be under the half at best for a monthly installment. Positive previous repayment history and long employment go in your favor.
8. How much time does it take to get my application approved?
Answer — From a workday to a week in most cases.
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