Tuesday, January 15, 2008

How to Get A Loan In 5 Simple Steps


Here are 5 steps that reveal how simple it can be to get a loan.


Difficulty: Moderate

Things You'll Need

  • Internet
  • Telephone
  • Pen
  • Personal finance documents



Step One

Determine which type of loan you need to apply for: Is the loan for personal use or commercial/business use? If you are a homeowner then better rates are available to you through 'secured' loans. Is the loan for use on debt consolidation or any other purpose?

From there you have 2 general options: A remortgage so you can use some of the equity in your home and/or get the lowest possible loan rate, or taking a secured personal loan without remortgaging.

And finally the last consideration is whether you need bad credit loans information for any poor credit history that you might have.

Step Two

How much do you want to borrow and for how long?

At this stage you might not have an exact idea. That’s ok. You can use a free loan calculator on personal loan search websites to help get a good idea of how much you can afford to repay. That will help you answer the question of ‘how much to borrow’ and ‘for how long to repay it’.

Even with a general idea you will be able to move to step 3.

Step Three

Get a free loan quote. You don't need to pay for a quote. And make sure the quote is without obligation, so if you do not take out the loan, you won't have to pay the company for the research they did to find you the quote.

Step Four

The paper work will hit your door mat within the next few days. It’s so important to jump on them right away and just get through them quickly. Making a big deal out of it can stump your dreams or cost you a lot of money because we can’t get your loan through to you fast enough.

So Step 4 is to sit down with those documents you receive with the loan quote and fill them in as much as you can at that point.

If you get stuck, be sure to give the loan company a call right away, as it's their job to help you through Step 4. They might even be able to send someone out to you and help you complete the documents in person.

Step Five

Sit back and relax. You’ve done your work. Now it’s the loan companies turn to secure the deal with the lender, double check all your paperwork, and get your money to you ASAP.

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