Be Informed: In the wonderful world of American finance their are many different lending options available to customers which may be more or less suitable based on personal circumstance. The simplest choice is the personal loan.
With a loan the funds are given at once in a lump sum and payments are made on a fixed schedule(weekly, bi-weekly, monthly) until the balance is paid.
The most important factor in being approved for any personal loan is credit. In finance terms this means the ability to pay in the future for money borrowed today. The better financial position a prospective borrower is in the more likely the bank is to approve the loan. Before meeting with the bank it is essential that a the borrower has no loans or visas past due as this will almost guarantee the loan application will be denied.
If worried about loan approval, request a copy of your credit history before applying to allow time to correct any mistakes, as the bank relies heavily on your past borrowing habits when deciding to issue a new loan.
What to Bring
Now that you know more about loans and your current financial well being the only thing left to do is apply for the loan. If you are not already a customer of the bank they will likely need to create a customer profile which will require you to provide photo I.D as well as your social security number.
Make sure to provide proof of employment as well as a the previous years tax assessment of work pay stubs to give your adviser a better idea of your income. If you do forget to bring something or are not sure if you have all the right information don’t worry, any bank worth borrowing from will be happy to walk you through every step of the process and answer any questions you have.
Congratulations! If you follow the advice outlined above you are already well on your way to being approved for your next loan.