The internet makes it easy to do just about anything these days, and applying for a personal loan is no exception. Within a matter of hours or even minutes, you can apply for and get approved for a personal loan using just a laptop and a wi-fi connection. But how do you get started? Follow these simple steps to get your loan application underway in no time.
Select Your Lender
Most types of lenders now offer online applications, which is great for offering borrowers variety, but can also result in an overwhelming decision-making process. Most major financial institutions like banks and credit unions offer online applications. Big names like Wells Fargo offer a decision as quickly as 15 minutes after submitting your application, and you may even be eligible for same day funding. Peer-to-peer loans are also popular, which allows individual investors to crowdfund your loan.
While the application process is usually fairly quick, it can take up to a few weeks to get your loan amount funded. Payday loans are another type of personal loan that are available online. You can either complete the entire process online typically with same day approval and funding, or find a payday lender with a local brick and mortar store from which to pick up your funds.
Gather and Submit Your Information
In order to apply for a personal loan online, you’ll need to pull together some basic personal and financial information. First and foremost, you will be asked to supply your personal contact information along with your social security number. Additionally, expect to give specifics on your employment and income, along with how much you want to borrow and for how long.
Depending on the lender, you could either get approved or pre-approved in a short turnaround time. Pre-approval typically allows you to receive a loan offer and interest rate without a hard credit pull affecting your credit score. You can then decide if you want to move forward with your loan application. An outright approval will get your funds on the way, sometimes even on the same day you apply.