To get a loan online, you need to compare options from different lenders, pick the loan offer that's right for you, and submit an online application. You may receive approval or denial almost instantly when you apply for a loan online, though it could take up to 7 business days for a lender to decide. Most major lenders offer loans online, and you should have a good chance of being approved if you meet all of the lender's requirements.
Steps to Get a Loan Online
Choose a loan type that's right for you. You can get a number of different types of loans online, including personal loans, home equity loans and auto loans. You can't easily get a large loan ($10,000+) from friends or family online, though. Many online peer-to-peer payment methods have daily or weekly spending limits.
Check your credit score. Checking your credit score helps you understand what loans you can qualify for and which lenders may approve you. You can check your credit score for free on WalletHub.
Compare your options. You need to compare the loan options available to you based on APRs, fees, term lengths, loan amounts and approval requirements.
Pre-qualify (if possible). For personal loans, you can use WalletHub's pre-qualification tool to help you understand your approval odds and what rates may be available to you.
Pick a loan to apply for. Choosing a loan depends on a number of factors, including your financial standing and what you qualify for. In general, you want the most affordable option that you can get.
Apply for the loan. When you're ready to apply for the loan, you can go to the lender's website and fill in the necessary information such as your name, address, date of birth, income, employment status and other required information. You may also have the choice to apply by phone or in person. No matter how you apply, your lender will almost always do a hard pull of your credit history.
Get approved and receive the funds. After you're approved for a loan online, you'll have to wait to receive the funds, which usually only takes up to a few business days. The lender will either make a bank transfer or give you a paper check with your funds.
Finally, you'll need to pay back the loan over time. This could take months or years, depending on the loan you get. To help you calculate your monthly payments, you can use WalletHub's loan calculator.