Some may think taking out a personal loan is a sign of financial trouble, but a personal loan is a great tool for managing your financial situation.
Do I Qualify for a Personal Loan?
The thought of securing a personal loan can be intimidating if you’re unfamiliar with the process, and you may be wondering if you’re even eligible to receive a loan.
Have Documentation Ready
Applying for a personal loan isn’t complicated, but it’s wise to prepare before submitting your application. Speak with your lender multiple times if needed, as each lender has its own requirements when it comes to documentation. Submitting incomplete paperwork or failing to submit required documentation could lead to your personal loan application being denied, so take your time to gather everything you need.
Review Your Credit Report
Your credit report is one of the factors considered when it comes to personal loan qualifications. You’re entitled to a free copy of your credit report from the three major agencies once a year[i]. Check out Discover’s Credit Health Check[ii] to learn more than just your credit history.
Don’t Apply for Every Loan
Every personal loan comes with its own terms. Be sure to do research before you make a final decision to apply for a personal loan. If you’re ready to apply for a personal loan, know that lenders are ready and willing to help you take control and get through life’s unexpected expenses.