Getting a bank loan online

1) 5 Tips For Getting Your Bank Loan Approved - forbes.com
2) How to Get a Loan from Banks and Online Lenders
3) How to Get a Loan (with Pictures) - wikiHow

getting a bank loan online

Borrowing money can help you do things, but the process can be complicated. Mistakes can be expensive, and they can cause your loan request to be rejected. If you need to get a loan, learn what to expect and what you can do ahead of time.

The first step is to figure out what you need. The type of loan you get will depend on what you plan to do with the money. Some common loan types include:

In some cases, you won’t have much choice - it’s not likely that anybody will lend you enough to buy a home unless you use a loan designed for that purpose. Using a loan that matches your need will improve your chances of getting approved and will keep your costs low.

However, companies with sound business strategies still can borrow. Options include loans from traditional banks and institutions affiliated with the Small Business Administration, as well as financing from Internet-based lenders.

"For creditworthy, high-scoring small businesses, there is money available," says George Cloutier, CEO of American Management Services, a consultant to small businesses.

The best place to get a small-business loan is still a bank, says Cloutier. Banks typically offer the lowest interest rates and many have established reputations as trustworthy lenders.

A personal bank loan is unsecured financing for use in a variety of endeavors. In contrast to secured debt, a personal loan involves an application review based on your income, credit rating and additional financial data.

With a secured loan, the bank has recourse in that it can repossess your property if you don't pay. An unsecured personal loan is a bit more risky. Therefore, the lender relies more on your proven credit worthiness. Your FICO score and overall credit report are big factors in a personal loan decision. The higher your score, the more you can borrow and the better your interest rate normally.

A secured loan, such as a home equity loan or line of credit, is another financing option if your credit isn't strong and you can handle another lien against your property.

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