Applying for Loans


How To Apply for a Personal LoanWhether or not you qualify for a personal loan and what interest rate you will be charged if approved for the loan depends on your credit.

That’s why checking your credit score is the first step you should take when applying for a personal loan. You can pay one of the major bureaus to see one of your credit scores, or you can use a free tool like the Credit Report Card, which updates your credit scores every month.

And if you haven’t checked your credit reports recently, you can request free copies of your credit reports from the three major credit bureaus. Review the content of your reports carefully and correct errors before shopping for a loan.

Research Before You Apply

Every time you apply for a personal loan triggers an inquiry into your credit and this nudges down your credit score a little bit. So be selective about the loans that you apply for. Ask lenders in advance about the minimum credit score that they require for personal loans. Some lenders will even list this information on their websites. Only apply for loans with credit standards that you meet.

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Start Local

A good place to begin your search for a personal loan is with your local bank or credit union. Be sure to research the credit criteria required for personal loans before you apply. Check your bank or credit union’s website, or call customer service. You may even wish to make an appointment with a loan officer.

What’s in a Loan Application?

In addition to checking your credit score, a potential lender will want to ascertain your annual income as well as your debt-to-income ratio.

Other questions you are likely to find on a loan application include: your monthly housing payment, whether you rent or own your primary residence, your employer and the years worked at your employer.

Being prepared with this information will speed up the process of applying for a personal loan.

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Interesting facts

  • CRIF is currently the market leader in continental Europe in the field of banking credit information and one of the main international players for business & commercial information and credit & marketing management services.
    CRIF has a wide range of different activities, like decision-support models, consultancy and management solutions...
  • The Student Awards Agency for Scotland (SAAS) is an Executive agency of the Scottish Government. It pays the tuition fees of eligible Scottish higher education students, bursaries and supplementary grants. It also assesses students applying for loans. The Agency administers the Individual Learning Accounts Scotland scheme (ILA's) in partnership...

Additional information


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Historic Photos 1939 Photo Rehabilitation Administration supervisor with farmer applying for loan. Ridgeway, Illinois Location: Crawford County, Illinois, Ridgeway
Home (Historic Photos)
  • 1939 Photo Rehabilitation Administration supervisor with farmer applying for loan. Ridgeway, Illinois Location: Crawford County, Illinois, Ridgeway
  • Photograph size: 8 x 10
  • Historic Photograph
  • Archival Quality Reproduction
  • Ready to Frame