How to Get Loans?Borrowing Basics and How to Get Loans - PowerPoint PPT Presentation

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How to Get Loans?Borrowing Basics and How to Get Loans

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Borrowing money can help you do things, but it can also be complicated. If you need money, find out how to get loans and how they work. Learn the process so you know what to expect and what you can do ahead of time. – PowerPoint PPT presentation

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Title: How to Get Loans?Borrowing Basics and How to Get Loans


1
How to Get LoansBorrowing Basics and How to Get
Loans
2
Borrowing money can help you do things, but it
can also be complicated. If you need money, find
out how to get loans and how they work. Learn the
process so you know what to expect and what you
can do ahead of time.
Understand Your Loan Before you get a loan, make
sure you know what youre getting into. Borrowing
may make your life easier, but you can also get
into trouble. Learn how loans work, and figure
out if you can afford the payments before you
buy. Choose a Lender Youll need to decide who
to get a loan from. In some cases, you dont have
much choice - the loan may be part of whatever
youre buying. Otherwise, you can visit with a
variety of lenders - banks, credit unions, online
lenders, mortgage brokers, and so on. Submit an
Application Youll have to apply for a loan by
providing information about yourself and agreeing
to certain rules. Lenders want to know who you
are and where to find you. Theyll ask about your
finances to decide whether or not you can afford
the payments.
3
Go Through Underwriting After you submit your
application, the lender will evaluate you as a
potential borrower. This process may be instant,
or it may take a few weeks home loans take
longer than credit card offers because theres
more at stake. Get an Answer Eventually, youll
find out if you qualify for the loan. If you do,
the lender will send money to you or whoever
youre buying from, and youll start repaying the
loan.
Article Source http//banking.about.com/od/howtob
ank/a/howtogetloans.htm
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