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What You Need When You Apply for A Personal Loan

Applying for loans can seem a little intimidating for some, especially when life is already throwing its demands at us and pressuring us. Yet, we need the money to get the things we need to be completed. Luckily, Simple Fast Loans makes applying for a personal loan fast and simple and requires little from applicants to make their loan decision. 

Simple Fast Loans requires your name, address, an active checking account, proof of ID (such as a driver's license, passport, or other government-issued ID), income statements, a social security number, and you must be at least 18 years old to apply for a personal loan.

Although, to some, that may sound like a lot of information required to apply for a personal loan, Simple Fast Loans makes it easy to apply for a personal loan, and applicants receive their loan decision in minutes. Find out how you can receive a loan, the benefits of doing so and how long you'll wait before you receive your loan decision. 

Benefits of a Personal Loan  

Each type of loan has its pros and cons, so applicants must know what each type offers to apply for the right loan successfully. Personal loans can come with a variety of benefits, such as:

  • Higher/more flexible borrowing limit than other debt
  • Usually offer competitive rates
  • Make it easier to consolidate debt
  • Purchases can be paid for over time
  • Reliable repayment options and schedules
  • Longer repayment terms compared to other types of loans
  • Provides fast cash to borrowers
  • Repayment terms are usually longer compared to other types of loans
  • Help to pay for emergency expenses without tapping into savings
  • Builds your credit
  • It can be used for a variety of purposes
  • Great for non-discretionary purposes

With the numerous benefits offered by these loans, they are worth considering applying for when the time is right.

What Are Personal Loans?

A personal loan is a loan from a financial institution that is later paid off via installments for a fixed period. These loans do not require borrowers to offer collateral.

Borrowers will begin to repay personal loans once they receive the money until it's paid back entirely.  These loans are typically borrowed anywhere from two to seven years.

Personal loan eligibility can be determined via several factors, such as credit history, debt-to-income ratio, and free cash flow. Personal loans can also be unsecured, secured, or co-signed. For a loan to be co-signed, you need another applicant with good credit who will back you financially when you take out the loan.

Applying for a Personal Loan

All that is required to apply for a personal loan through Simple Fast Loans is your name, address, an active checking account, proof of ID (such as a driver's license, passport, or other government-issued ID), income statements, a social security number, and the fact that you are at least 18 years old.

Once you submit your application, you will immediately receive a decision about your loan from Simple Fast Loans. Fees, terms, and a repayment schedule will be disclosed after you finish applying for your loan. We will never sell or give your information to other websites or businesses.

Applicants should remember that approval is never guaranteed during the application process, and your results, such as the loan amount offered, depending on your state. Simple Fast Loans looks at applicants’ ability to pay and where they live to find the best personal loans.

Increasing Your Odds of Approval

You can do several things to increase your odds of obtaining personal loan approval.  These things include:

  • Being prequalified for a personal loan
  • Improving your credit score (healthfully utilizing credit cards, making on-time payments on all your bills)
  • Routinely reviewing your credit history (staying up to date on any changes to it)
  • Disputing errors on your credit report
  • Keep a steady, well-paying, reliable job or other sources of income
  • Enlist a co-signer or joint applicant who maintains a healthy credit history and is willing to take over your loan payments if you are unable to pay
  • Be between the ages of 18-60 years old
  • Try to be sure you have worked with your employer for more than six months 
  • Try to draw a yearly salary of $10,000-$20,000 

Summary

Applying for a personal loan might feel stressful to some, but not to those who use it online with Simple Fast Loans.  Now that you know what a personal loan can do for you, how to apply for one, their benefits, and what they consist of, you will be able to easily use it for what you need to achieve your financial goals.     

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