After figuring out interest rates and monthly payments, it's time to apply for loans and compare offers. What comes next is as follows:


Get ready. You can pre-qualify for a personal loan from a number of online, bank, and credit union lenders. The lender will run a mild credit check to ascertain what loan amount, rate, and payback period you may qualify for after you provide them with some personal information about yourself, such as your name, income, desired loan amount, and loan purpose. Get pre-approved by a few lenders to compare offers.

Examine the features loan calculator offered by lenders. The best loan offer is usually the one with the lowest interest rate and the most manageable monthly installments. To break a tie between two or more attractive offers, compare their unique qualities. Certain lenders offer quick finance, unemployment insurance, and credit-building resources.

Send in an application. Once your offer is pre-qualified, accept it and complete the official lender application. This is when the lender pulls your credit report, which temporarily lowers your score. Having your W-2s and tax returns ready, along with other documentation proving your identification and income, will expedite the application process.

Obtain funding. Most personal loan lenders can fund a loan in as little as one week if it is accepted. Some claim to transfer the funds to you the same or following working day.