Personal Loans Made Easy
March 26, 2015 typesofaid.com Staff
If one was to listen to the voice of the media when attempting to apply for a loan, it would appear that the process of being approved is unachievable. In light of an economical downturn, application for and authorization of personal loans, although with tighter restrictions, are still attainable.
This line of credit is granted to the borrower based on the premise that he or she is acquiring the monies for personal utilization. Although these loans are readily available, not all are easily accessible because of the restriction requirements or the limitations of loans that can be made.
Then the question becomes why aren't they, and which loans are less restricted and easier to get. The information that follows will discuss the different types of personal loans that are available, detailing their application requirements, and a brief overview of a less complicated approval process.
Types of Personal Loans
Bank or Other Financial Institution Funded Personal Loans:
Banks are the largest and most convenient financial institutions available for personal loans. Many people today have some of type of business with banks in the form of a checking or saving account. Because of this established relationship and the hundreds of bank options, they are the first place where people go to apply for a personal loan.
The requirements for applying for personal loans from a bank or other financial institutions will vary, but typically include the following:
-Current Income Proof (pay stubs, unemployment stubs, Social Security statements, pension statements, etc.)
-Work History Proof (detailed list of where, when, and who you worked for along with earnings)
-Bank Statements (copy of current bank account(s))
-A Fair or Good Credit Score (copy of current credit report)
Credit Union Funded Personal Loans
Personal loans that are made by Credit unions are easily approved and the approval rates are higher because of their non-profit status and they are also member-focused financial institutions. In addition, they offer lower APRs on personal loans that allows more individuals to qualify.
Qualifications for credit union personal loans may vary, but typically include:
-Must be a Member of the Credit Union (usually requires a small membership fee)
-Work History(detailed list of where, when, and who you worked for along with earnings)
-Fair Credit Score (copy of current credit report)
-Proof of Income (pay stubs, unemployment stubs, Social Security statements, pension statements, etc.)
Receiving approval for a personal loan is not impossible, if the options that have been previously discussed are considered and applied. Knowing the different requirements for loan approval that are formulated by credit unions in comparison to banks may be all that's needed to get a loan in a timely manner.
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