How To Apply For A Loan

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Learn How To Apply For A Loan

If you are applying for a personal loan through an online lender, you may find it refreshing how simple and streamlined the entire process can be. If you are looking for a personal loan, you may want to consider using an online lender to acquire the loan if you are looking for funds as quickly as possible. Some online lenders can offer same-day loan approval and processing and they can even wire you your money in as little as 24-hours, although funding and approval times can vary.

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Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
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Compare terms and payment options to select the offer that’s best for you
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Finish application

Complete your application on your selected lender’s website
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Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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Learn More About How To Apply For A Loan

Applying for a personal loan online is simple, fast, and secure if you know the proper steps and you have prepared all the necessary paperwork in advance.

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How to apply for a personal loan

Here is a step-by-step breakdown of how to apply for a personal loan in a way that may ensure your application is processed as efficiently as possible and that you can receive your funds immediately.
Prepare documents: If you are looking to receive your money from a personal loan as fast as possible, then you should have digital copies made of all the following types of documents in advance. Doing so can streamline the process and increase the chances that your loan could be approved the same day that you apply.
Identification documents: You may need to verify your identity by providing two forms of ID whether it be a driver's license, passport, social security card, military ID, state-issued ID, or a birth certificate.
Proof of income: You can prove your level of income to a lender by showing them your paystubs, W-2s, and/or tax returns. If you are self-employed, you may be required to show more extensive documentation, but generally, tax returns, 1099s, bank statements, and profit/loss statements are some of the documents that you can use to show your self-employed income.
Proof of residence: You may need to verify your place of residence either through a utility bill, proof of insurance, mortgage statement, rental agreement, or a voter registration card.
Check your credit score: Checking your credit score and analyzing your credit report before applying for a new loan can give you a better idea of where you stand when it comes to creditworthiness as well as give you an opportunity to address any mistakes, correct any errors, and/or spend a little time improving your credit score to help you qualify for better rates and loan terms.
Prequalify: Prequalifying for a personal loan allows you to see what types of lenders are willing to provide you with a personal loan for the amount that you would like and with types of rates. terms, and conditions.
Shop for lenders and browse loan offers: After you prequalify, you will be able to review loan offers from various lenders side-by-side to make it easier to make sure you are finding the best loan option available to you.
Pick a lender and apply: Once you find an offer and a lender you can work with, complete the loan application directly with the lender and provide all the required information and requested documents the lender may need to process your loan application.
Accept the loan and sign the loan agreement: If your application is approved, go ahead and accept the loan offer and sign the loan agreement.
Receive your money: Now just sit back and wait for the funds to hit your account. Funding can be done the next day or can take up to a few days depending on the lender.
Applying for a personal loan online is simple, fast, and secure if you know the proper steps and you have prepared all the necessary paperwork in advance.

Where can I apply for a personal loan?

You can apply for a personal loan either through your personal bank or credit union, or you can try using an online lender. Most online lenders are trusted, secure, and extremely efficient when it comes to processing your loan and getting you the money that you need. To ensure you work with a legitimate online lender, you should use a platform such as Acorn Finance to check offers. At Acorn Finance you can check personal loan offers within 60 seconds or less with no impact on your credit score. Our network of top national lenders can offer personal loans up to $100,000, depending on credit score.

Is getting a loan easy?

Generally, if you have a decent credit score, 600 or above, anda steady income, getting a loan can be quite easy. This is especially true if you decide to use an online lender to service your personal loan. Being prepared and knowledgeable in regards to your credit position can help simplify the process.

Is getting a personal loan hard?

If you have a bad credit score, below 600, or you do not have a steady income, then yes, getting a personal loan can be hard. If you are a bad credit or low-income borrower, it may be best if you find a co-signer or explore secured loan options if you are in need of a personal loan. If you have credit challenges, you should be realistic about what you may or may not qualify for. If you are shopping for an offer that you don't qualify for or that does not exist, getting a personal loan can seem hard.

What is the easiest loan to get approved for?

The easiest loan types to be approved for are generally the ones you may want to stay away from. Those include Payday lenders, title loan centers, and pawnshops. Additionally, there are some no-credit-check personal loan options out there that can come with interest rates as high as 36% in addition to a number of other fees.

How can I get approved for a loan quickly?

The quickest way to get approved for a personal loan is to have all the necessary documents prepared and accessible before you prequalify online. Once you prequalify, you can find a lender, accept an offer, submit an application along with your documents, and often you may be approved the same day you apply. Once approved, funding can take as little as 24-hours, although funding times may vary. If you work with an online lender, it's likely that your loan will be approved and funded faster than if you work with a bank or credit union.

Is it easy to get a $1,500 loan?

While it may be easier to qualify for a small loan amount such as $1,500, there are still requirements. If you meet the requirements, then it should be easy to get a $1,500 loan. Some lenders may have minimum loan amounts higher than $1,500, so you will want to make sure you apply with a lender who can accommodate a $1,500 loan. At Acorn Finance, our lending partners can offer loans between $1,000 to $100,000, depending on credit score.

Can you borrow money online instantly?

Yes, in recent years there have been a number of new websites and/or mobile apps that help people instantly borrow small amounts of money within a few minutes. However, these may not be the best option, unless you need to borrow an extremely small amount of money. While you may be in a hurry to get money, it's important to take your time and make sound financial decisions.

How can I get a loan when I keep getting denied?

If you are continuously denied for personal loans from various lenders, then it may be time to explore a secured loan option or to find a co-signer willing to sign onto a personal loan for you. A secured loan option uses an asset you own as collateral to secure the loan. This allows the lender to put a lien on that asset, and if you are unable to make loan payments and eventually default, the lender has the right to seize that asset in order to recoup its losses. A co-signer loan option allows you to have someone with good or excellent credit, generally, 680 or higher, sign onto a loan where you are the primary borrower. If for any reason you are unable to make payments, then the co-signer can be held reliable to cover the loan payments or risk damaging their own credit history. Both secured loan options and co-signer loan options come with their own risks, however, if you are unable to get a personal loan on your own, either one may be a viable option to help you get the money you need.

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Texas | Patios & Decks

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Kentucky | HVAC

I am adding a hot tub and other patio enhancements to my house. My experience using Acorn Finance was excellent.

Tracey E.

Kentucky | Patios & Decks

I am extending my patio. My contractor informed me of possible financing and the Acorn Finance experience was awesome, very easy.

Monica L.

Texas | Patios & Decks

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