Over 27 million Americans have personal loan balances as of March 2023. The average personal loan amount is around $11,000.
If you are in need of a personal loan, you may be putting it off because it is a daunting process. However, it doesn’t have to be. It is a quick and easy process that you can complete in under an hour if you have your information ready!
Ready to learn how to fill out a personal loan application? Keep reading to learn more.
1. Decide How to Apply
The first step to filling out a personal loan application is figuring out how you want to apply. When it comes to applying for a personal loan, you may be able to apply online, over the phone, or in person.
You have to check with the lender that you want to use when getting a loan.
If online is your first choice, check out visit fastloandirect.com.
2. Collect Information
Every loan that you fill out is going to ask for specific information. You will most likely have to have a government-issued ID, proof of income, a permanent U.S. address, proof of employment, and your Social Security number.
3. Fill Out Personal Information
When you are filling out a personal loan application, you will have to fill out personal information.
Be sure that you fill this out completely and truthfully so that the loan process goes quickly.
4. Fill Out Financial Information
You will also need to give out some financial information when applying for a loan. This will most likely be your assets and your income. You will also have to state how much money you are requesting from the lender as well.
5. Submit the Application
Once you fill out all of the required information, you will need to submit it. Before you do, be sure that you look over all the information that you input to be sure that it is correct and that you didn’t miss anything.
6. Wait for the Decision
Once your application is in, you will need to wait for the decision. If you apply online, the decision usually happens instantly.
However, if you apply by phone or in person, it is going to take you more time to hear back. Typically, this takes a few days.
Once you are approved for a loan, you will receive your funds up to 7 business days after the approval goes through.
How to Fill Out a Personal Loan Application
Now that you know how to fill out a personal loan application, you may realize that it is quite easy to do! You simply have to follow the steps that the loan application walks you through, which are your personal and financial information.
If you want a loan quickly, be sure to do this online. Otherwise, you can go to a bank or do it by phone.
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