Whether you préstamos personales to make a large purchase, consolidate debt at a lower rate or finance a home improvement project, applying for a loan can be a great way to get the funds you need. However, it’s important to understand the process before you start. There are a few steps you’ll need to take, including prequalifying with lenders, providing financial information and signing loan documents.

First, research lender requirements. Many online lenders have calculators to help you determine what kind of credit score and debt-to-income ratio is required to qualify for a particular type of loan. If you’re unable to meet the lender’s qualifications, try to improve your creditworthiness before you apply by paying down existing debt or increasing your income.

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Next, prequalify with multiple lenders. You can do this online or in person. Some lenders may offer a soft credit inquiry to prequalify you, which won’t affect your credit scores. However, most lenders will conduct a hard inquiry when you formally apply for a loan.

Once you’ve applied, the lender will review your application and send you loan documents if approved. These will typically detail your loan amount, interest rate and terms. The lender will also ask for verification of your identity and income, which may include a state-issued ID card, pay stubs or tax documents such as W-2s or 1099s.

Once your application is approved and all documents are submitted, you can receive the money you need in a matter of days. Some lenders may deposit your funds electronically into your bank account, while others will mail you a check.