Personal loans help millions of Americans get out of tricky financial situations. The right personal loan can even help you save up for a product you can’t afford or get you out of debt.

Unfortunately, the process of getting a personal loan isn’t always easy. The good news is that we’re here to help. We’ll show you how to get a personal loan and how to see if you qualify before applying.

Read on to learn everything you need to know.

How To Get A Personal Loan

Personal loans aren’t always easy to get but in most cases, it’s as easy as filling out an application. You can apply for your loan at your local bank or work with some credit card companies. Typically, it comes down to comparing lenders and narrowing down your options based on how much you can get and the interest rate.

How Long Does It Take To Get A Personal Loan?

The average amount of time it takes to get a personal loan is about seven business days. That said, some lenders can fund your loan on the same day. It’s also possible for the process to take up to 30 days. Typically, this is the time frame you’re looking at.

Factors that contribute to how long the process takes include the amount of money, the type of loan, and your credit score.

Whether you visit a lender in person or online will also influence how long the process takes. For this reason, online lenders usually fund loans the fastest. Still, it’s not uncommon for some banks to fund your loan on the same day. For example, TD Bank usually funds a personal loan in less than 24 hours.

What Credit Score Do You Need To Qualify For A Personal Loan?

A credit score that’s between 610 and 640 is usually the minimum requirement to get a personal loan. However, that doesn’t always mean that you’ll get approved and the loan amount might be undesirable.

Personal loans you take out with a low credit score may also have high-interest rates that make the loan unappealing. Therefore, it’s a good idea to apply if you have a credit score that’s over 650.

Getting a loan is usually simple but the process can take time, especially if you have to visit a bank or lender in person.

How To Know If You’ll Qualify For A Personal Loan Before Applying

Applying for a personal loan isn’t always easy, especially if you don’t know what your credit situation looks like. In fact, applying to several loans with no plan will result in a lot of unnecessary credit checks and that will damage your credit score.

Thankfully, there are several ways to know your credit score before applying.

Check Your Credit Score

One of the best ways to determine if you’ll qualify for a personal loan is to check your credit score. Credit scores are based on your financial history, which includes things like making payments on time, delinquencies on accounts, and much more.

Applications like Credit Karma also offer additional insights into things like your borrowing power, which can show you how much money you can borrow with a personal loan.

Check Your Public Records

Credit websites and apps like Credit Karma help check your credit but they don’t always tell the full story. To be extra sure about getting approved, it’s best to check your public records. You can do so by running a people search with reputable platforms like Information.com. All you need to view all of your public records is your full name, address, city, and state.

Your public records will reveal things you won’t always see on your credit report, which includes things like tax liens, bankruptcies from longer than 7 years ago, and some assets.

Always check your credit history before applying for a loan to avoid potential problems.

See If You Qualify For A Personal Loan Today!

Personal loans can be a huge relief for you if you need a large amount of money. Plus, some personal loans can arrive in your bank account in about 24 hours.

That said, it’s important to see if you’ll qualify before you apply to prevent any issues with your credit score, and using a good public records search tool can help you do that. Check your records today and make sure you look beyond just your credit score.

Read Also:

• How To Increase Your Chances Of Getting A Loan
• SBA Loan Applications: How to Do It Successfully
• 6 Things You Should Know Before You Apply For A Home Loan