Once you figure out the amount you need to borrow, the loan process generally follows this format:
Shop around (online or in-person) for the best rates and terms
Prepare any required documents and apply for the loan (depending on the loan type, it might take a day or two or more than a month to be approved or receive your funds)
Once you’ve been approved, you or the payee will receive the funds
From there, follow the loan terms and conditions, and adhere to your monthly payments
For example, say you get a personal loan for $10K to replace the refrigerator and oven in your kitchen that both decided to stop working within a week of each other. You have good credit and decide to go with your current bank to secure the funds quickly. If you get an unsecured personal loan for $10K with an APR between 6% and 9% and a 36-month term, you’ll pay between $383.36 and $446.79 per month until it’s repaid.