What You Need to Apply for a Personal Loan

At some point in life, everyone finds themselves in a financial bind. Maybe you’ve come up a little short for monthly bills, or need to make a large purchase, or maybe just needing a little extra cash. Whatever the reason, an online personal loan with TLC is the perfect solution.

 

Applying for a personal loan with TLC is a quick and easy process. Here is the simple checklist of everything you need to apply for an online personal loan.

 

1. Proof of Identity

You’ll need to give your date of birth, social security number, driver’s license number, address, along with a phone number and email address.

 

2. Income Information

Almost every lender requires a minimum income amount, to ensure you’ll be able to pay back the loan. For this portion you have to confirm employment with pay stubs, bank statements, tax returns, or whatever they require.

 

3. Credit Score

Often times lenders use credit score as an additional way to verify you will be able to repay the loan. FICO credit score is based off of 5 factors: payment history, amount of money owed, length of credit history, amount of new credit, and types of credit in use. While it is beneficial to have a high credit score, it isn’t necessarily a make or break for all lenders. You can learn more about bad credit loans with TLC here.

 

4. Additional Banking Information

Along with credit history you’ll be asked to provide your account and routing number and possibly a few other pieces of information. Some lenders may ask for things such as other sources of income, estimation of current expenses, and rent or mortgage statements.

 

Some ways to speed up the application process for yourself is to know exactly what you need before you start and scan all the documents ahead of time. This way you have easy access to everything you need and can complete the process in just a few minutes.

What’s Next?

Once you have completed the application process you should know whether or not you were matched up with a lender fairy quickly. The time it takes to get the money in your account ultimately depends on the lender, but there are some that will get it to you within the next business day.

 

Questions on our loan process? Get in contact with us. Or simply apply here today.