How to Apply for Small Personal Loans
Instructions
- 1
Research the interest rates on the personal loans offered at the banks in your area. Start your search at your local banking institution. Often, banks are willing to give current customers better rates and more favorable loan terms since they have access to the customer’s banking and account history. However, contacting other banking institutions and requesting information on loan rates and terms will allow you to make an informed decision regarding your loan options.
- 2
Obtain proof of your income. Most, if not all, lending institutions will require proof of income in the form of pay stubs, tax returns, stocks or other investment accounts to show that you have the financial ability to repay the loan. Gathering this information early on will help you to avoid processing delays on your loan.
- 3
Fill out a personal loan application at the bank or financial institution of your choice. You will be required to provide your personal information, Social Security number, income, contact information and the amount of the loan that you are seeking. The bank will run a credit check on your credit history and assess your proof of income documents. Most banks will approve or deny your loan application within one week of the application date.
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