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By Stephen Sellner | Citizens Bank Staff
Personal loans provide quick access to cash. These unsecured loans could come in handy when you’re consolidating credit card debt, financing home improvements, funding your dream wedding, making a large purchase, or adopting a child.
So, what’s the application process to get a personal loan? Follow these simple steps.
The better your credit score, the better your chances of being approved for a personal loan. Check yours before applying to see how it compares to lenders’ credit requirements.
Does your credit need improvement? Get a copy of your credit report to discover your detractors, then either improve in those areas or contest anything that’s incorrect.
Once your credit is in good shape, go out and see what terms you could get through prequalification. To get prequalified, lenders conduct a soft credit check (your credit score is not impacted) and gather your personal information, like your name, address, phone number, email address, and Social Security number. In return, you get a sample of what loan terms you could get through that lender.
Note: This is not the same as submitting an application. That happens later.
Hopefully you prequalified for loans with multiple lenders, whether through banks, credit unions, or online lenders. Now you can pick your best option.
Research all available lenders to find the right option for your needs.
Look for the best combination of the following factors when making your decision:
Also, if you plan to apply for a personal loan with a cosigner, make sure your lenders allow for that option. Some don’t.
The first thing you’ll notice about a loan is the interest rate. However, there’s other information you need to pay attention to, such as:
Now you should have all the information you need to make your decision.
Once you pick your lender, take the final step and apply.
The lender will do a hard check on your credit, which will temporarily drop your credit score a few points. Plus, you’ll need to provide documentation to prove your identification, address, income, housing, and employment status. Essentially, you’re confirming the information you provided during prequalification.
Once approved, you should receive the funds within a few business days or a week.
Interested in a personal loan with Citizens Bank? Get more details here.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit: