how to write personal loan application letter sample

Published In: Applications

How to Write a Loan Application Letter (with Samples)

Table of Contents

Sometimes we need financial assistance to push through with our business idea, education, medical emergencies, or any other personal project or goals that require a huge amount of money for its realization. Basically, it is for this reason that banks and other money lending institutions exist.

Applying for a loan from any lending institution requires the applicant to first fill out a form. Along with this form, the applicant can attach a loan application letter that provides more details on what he/she intends to do with the money and an overview of how the loan will be paid.

As a loan applicant, you need to learn how to write the loan request letter in a polite and convincing tone to appeal to your lender for your loan to be granted successfully.

What is a Loan Application Letter?

A Loan application letter is a document that informs the financial lending institution of the amount of money you are asking for, a clear outline of what you intend to do with the money, and convinces the bank why you are a good investment risk. Because it is a request, a loan application letter should be written in a polite tone, short and to the point.

The Loan Application Process

Based on the financial institution you choose, the process and time it takes for you to receive funding may vary. However, the typical loan application process may take on the following critical stages:

Pre-qualification stage

Prior to the loan contract, the potential borrower receives a list of items that they need to submit to the lender for them to get a loan. This may include Identification proof, credit score, current employment information, bank statements as well as previous loan statements.

Immediately this information is submitted, the lender reviews the documents and makes a pre-approval- meaning the borrower can move on to the next phase of the loan application process.

Loan application

In the second phase of the loan origination process, the borrower fills-in the loan application form either electronically- through mobile apps, websites, or paper-based. The data collected is then tailored to specific loan products.

The aspects that are included in the loan application form include the following;

The payment method- if it will be personal, through a check, or via online banking.

The payment frequency- There are several payment frequency methods, for example, Monthly installments, annually, or if the loan will be paid once.

The amount of interest accumulated on the loaned amount. This is the amount of money charged by the lender to the borrower on top of the amount which he/she has loaned.

The assets in the form of properties of the borrower will serve as collateral damage/guarantees in case the borrower defaults loan repayment or is unable to make his payments as per the agreed time.

Application processing

Once the application is received by the credit department, it is reviewed for accuracy, genuineness, and completeness. Lenders then use Loan Originating Systems to determine an applicant’s creditworthiness.

Underwriting process

This process only begins after an application is totally completed. In this stage, the lender checks the application in consideration of various accounts, such as an applicant’s credit score, risk scores, and other industry-based criteria. Today, this process is fully automated using Rule Engines and API integrations with credit scoring engines.

Credit Decision

Based on the results from the underwriting phase, the lender makes a credit decision. The loan is either approved, denied, or sent back to the originator for additional information. If the criteria used do not match with what is set in the engine system, there is an automatic change in the loan parameters, for instance, reduced loan amount or a different interest rate on the loaned amount.

Quality Check

Quality check of the loan application process is very critical since lending is highly regulated. The loan application is then sent to the Quality Control Team to analyze critical variables of the loan against internal and external regulations on loans. This is often the last step of the application process before funding is approved.

Loan funding

Once the loan documents are signed by both the borrower and the lender, funds are released shortly after. Nevertheless, business loans, loans on properties, and second mortgage loans may comparatively take more time to be approved due to legal and compliance reasons.

Essential Elements of a Loan Application Letter

Now that you have already understood the complex loan application process, it is important that you know the critical points to include in your loan request letter to convince your lender to give you a business loan.

Here is how to effectively write a loan application letter:

Header and greetings

The first and most important element of your business or personal loan application letter should be a header and an appropriate greeting.

In your header, include the following details:

Your business names
The physical address of your business
Business telephone and cell phone numbers
Lender’s contact details
Lender’s or Loan Agent’s Name and Title
A subject line stating the loan amount you are requesting for.

Once you have written your header, include a friendly but professional greeting to start off your loan application letter in a cordial tone.

Business Loan Request Summary

The body of your business or personal loan request letter should start with a brief summary of your loan request amount, why you need the loan, your basic business information, and why you are an ideal risk investment for the lender. This section should be brief and concise. Only include the relevant information to capture your loan agent’s interest and keep them reading the body of your loan application letter.

Basic Details about your Business

Ideally, this is the third paragraph of your loan application letter. Use a few short and concise sentences to give a clear outline of your business.

Be sure to include the details below:

The legal name of your business and any DBA that your business uses
Your business structure- if it is a corporation- partnership, individually owned, etc.
A summary of what your business does.
How long your business has been operational
Total number of employees
A brief description of your current annual revenue

Once you have provided your basic business information, it is time to write the meat of your business loan request letter- clearly explaining why you need the business loan and how you intend to recuperate the investment.

The purpose of the business loan

In the fourth paragraph of your loan application letter, explain succinctly how you will use the business loan. Additionally, tell the lender why your intended use of the business loan will be a wise business investment.

While detailing this section, be as specific as possible and demonstrate to the lender that you have carefully considered the kind of revenue generation this new debt will accomplish for your business. for instance, don’t just say that you intend to use the loan for working capital. Rather, say that you plan to increase your inventory by 45% or that you need to increase your Human Resources to 4 to generate more income by 6%.

In the same paragraph, inform the lender exactly how the loaned amount will help generate more profits necessary to cover repayment plus the interest accumulated on loan.

Proof that you’ll be able to fully repay the loan

In this section, you need to demonstrate to the lender that you can pay back the loaned amount together with interest as per the agreed repayment period. You will want to use any figures from your latest income statements or balance sheets to prove your business is financially healthy and that it is a low-risk investment decision for your lender. In case you have other existing debts, be sure to mention them and include a business debt schedule if possible. If your business is profitable, highlight that in your letter since it something that most lenders pretty much look for in successful loan applicants.

In addition to that, consider including specific cash flow projections to demonstrate to your lender how you plan to fit repayment of the loaned amount plus interest into your budget.

Sample: Loan Application Letter

Sample 1: business loan application letter.

Samira Mitchell,

Mitchell Face Masks Limited,

4680 Forest Road

939, New York.

January 17, 2021

Mr. Wesley Kingston

Guarantor Trust Bank

679, New York State

Ref: Loan Request for $10,000

Exactly two years ago, I started my small face mask vending business in our local market. Over the last two years, my business has picked up really well to an extent where I need to expand to a bigger face mask vending company.

It is for this reason that I am writing this letter. I am confident that there is a great market niche for face masks, especially due to the current worldwide Novel Covid-19 Pandemic. Thus far, I have had many repeat customers, new customer links through referrals, and my client base has grown rapidly. Generally, there is an increase in demand for my products; therefore, I am requesting for a loan amounting to $10,000 to be able to supply more and satisfy all my clients.

This money, along with the amount that I have saved up from my profits, will enable me to lease a large, modern storefront and to import supplies that will help me launch my business plan.

I have attached my business plan, my latest business balance sheets, current business schedules, as well as my credit history statements for your perusal and review. If you have any questions or need any further clarifications, please contact me directly on (111) 345 679 or email me at Mitchel.facemasksltd.co.ke. Thank you for your consideration.

Samira Mitchel.

Sample 2: Personal Loan Application Letter

Dear Michael,

It is common for everyone to face difficult situations and bitter realities in life. I am currently facing a situation where everything seems bleak, and there seems to be no way out of this difficult situation. I am in debt, and I need to pay at least 30% of my house’s mortgage will be taken over by the bank, and I am currently ailing and weak, I’ll not be able to survive such a nervewrecking situation.

The only way I can avoid such a fate is by paying the full amount that is needed by the bank. I can be able to do so if I am allowed to take out a loan from the office, which is a privilege that the company has granted to all the employees. I would be thankful if the company allows me to borrow the money against my monthly pay.

Mr Brandon Brown

Do’s and Don’ts of Writing a Loan Request Letter

A loan application letter may increase or break your chances of receiving funding from any lending institution. This is because it is the first thing that lenders look for in the underwriting process when you submit an application. That said, you must know the dos and don’ts of writing a winning loan request letter to help you receive the funding that you really need.

Check your personal and business credit scores before sending a loan request letter and take the necessary steps to improve them.
Have all your financial statements ready, including cash flow statements, business balance sheets, P$L statements, etc
Make sure to submit all your relevant credentials along with your loan application request letter.
Always provide the correct and factual information to avoid fraudulent consequences.
Don’t make your letter too long and unnecessarily wordy
Don’t use an informal format while writing the loan application letter. Instead, follow the proper rules on writing formal letters
Don’t include any false information in your loan request letter- be it your business’s current financial health, assets, and liabilities that may be used as collateral damage in case you default payment or why you need the money.

Things to Remember When Writing a Loan Application Letter

Generally, you should always consider the following essential tips if you want to write a winning loan application letter:

The loan application letter is a formal document. Therefore, observe the proper rules of writing a formal letter.
Clearly state your intent to borrow a given amount of money
Provide a vivid but brief description of why you need the money. Your explanation should be concise, genuine, and transparent. While at it, explain how you plan to use the loaned amount and be very sincere about it.
Explain why your business is a low-risk investment decision for the lender.
Enumerate your assets and liabilities
Include the time, date, manner, and method that you will use to make your payment.

Free Loan Application Letter Templates

Are you looking to get some financing for your business or personal emergency? Download our free, well-crafted Loan application letter templates to help you customize your loan request letter. Our Templates includes all the critical elements of a winning loan request letter that will successfully help convince your lender to grant you the funding you need. Download our templates today to help you get started!

Collateral is defined as something that helps secure a loan. Generally, based on the type of lending institution you pick, the lender will give you less than your pledged asset value. Lenders every so often quote an acceptable loan to value ratio, meaning that if you borrow against your house, for example, and it worth $400,000, you will be given a loan amounting to $380,000. Again, this depends on the bank.

The prepayment penalty is a fee that some lenders charge if you pay off all or part of your loan before the loan’s maturity date. These do not usually apply if you pay extra principal on your loaned amount in small amounts at a time. However, it is good that you counter check with your lender.

Every lender follows a different criterion to approve a business or personal loan. The application process depends on several factors; therefore, the time taken to receive funding in your account may take anywhere from a few minutes to several days. This depends on the type of institution you choose and the type of loan you are asking for.

Acquiring a loan is sometimes a necessity in one’s business or personal life. Nonetheless, it is not always easy to get a loan as lenders are wary of granting loans due to loan repayment defaults and fraudulent borrowers. This article has provided you with great insight on loan application letters, the loan application process, essential tips for writing a winning loan application letter, and the dos and don’ts of writing a convincing loan request letter. If you keep these things in mind every time you are thinking of applying for a loan, you are sure to get the funds you need to ensure the smooth running of your business and sort any personal emergency that may come your way.

Sample Request Letter for personal loan

Last Updated On January 2, 2020 By Letter Writing Leave a Comment

Banks usually do not require a letter to obtain a personal loan, but other financial institutions require a letter. Writing a letter wherein you ask for a loan is not a difficult task though a few guidelines should be followed. The letter needs to mention your loan and then also mention your capability to repay the loan.

The bank only needs to know your reason for applying for the loan and how you would repay the debt, nothing else. If you have benefited from the services of this bank in the past, then you can mention that in your letter. If you have an account in this particular bank, you must mention that as well. Before issuing a loan, the bank needs to know you are already a valuable part of the bank. Only then will it be convinced to give you the loan. If you have some accounts in this bank and do a great deal with it, then the bank will have the preference for you than another person who is seeking for a loan to this company.

Sample Request Letter For Personal Loan Writing Tips

First and foremost, it is vital to mention the reason for asking for a personal loan.
The wordings of the letter should be polite enough to support your request.
The tone of the letter should be formal.
Once you are through writing the letter, please recheck the same for grammatical mistakes or punctuation errors.

Sample Request Letter For Personal Loan Template

Use our free Sample Request Letter for a personal loan to help you get started.

_____________ _____________

Date (Date on which letter is written)

_______________ _______________

Sub: _____________________________________

Dear ______________,

I would like to bring to your kind attention that I have recently submitted documents for the _____________________________. I would need a personal loan to make the payment for the same. I am enclosing all the documents for your reference pertaining to _______________. I would be very thankful to you if you could arrange the loan at the earliest as I am a account holder in your branch. My account no. is ____________.

I look forward to having a prompt action from you regarding this matter. Please feel free to call me regarding any clarifications.

Thanking you,

Yours sincerely,

(___________________)

Sample Letter

Mr. Edward Hilton, Branch Manager, London Bank London

Date: DD/MM/YYYY

Paul Harrison 16, Mall Street London

Sub: Requesting for a personal loan

Dear Mr. Hilton,

I want to bring to your kind attention that I am holding a saving account in your bank, my account no. is 34521. My son has applied for the management course in one of the best universities in London, and he has cleared the entrance of the same. Massive investment is involved in his admission. Therefore, I need a personal loan of $30000 for the same. I am enclosing all the relevant documents for the application of the loan. I hope you will consider our request on a top priority basis and arrange a personal loan for us at the earliest. It is a matter of my son’s future.

I look forward to having a prompt action from you regarding this matter.

Paul Harrison

Email Format

Given below is a sample email for writing a request for a loan letter.

To: [email protected]

From: [email protected]

Subject: Request for loan

Dear Ms/Mr. ____________

With due respect, I will like to request you for a duplicate copy of the following documents issued in my name as on mentioned date

Mark sheet of 7th and 8th semester serial no ______ and _________ respectively dated ______ (date) Certificate of completion of course Migration certificate and, Distinction certificate I will like to mention that I lost these certificates recently and a police complaint has been made in this regard, a copy of which is attached along with this letter.

It would be worth mentioning that kindly issue these certificates as soon as possible as I need them to appear for a government exam.

Kindly have sympathetic regards and issue the certificates at the earliest,

Thanking you

Yours faithfully,

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Sample Request The Payment Of Personal Loan
Sample Loan Request Letter
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How to Apply for a Personal Loan

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How to Apply for a personal loan

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Laying the groundwork for buying and selling
Best Medicare Part D plans
Why does tipping matter?
Current student loan interest rates
Types of VA renovation loans
Skip: Indoor furniture
Where can I get a cashier’s check?
How to use the car affordability calculator
What is the standard deduction?
Does Original Medicare cover hearing aids?
How much is a tiny house?
What minimum credit score is needed to buy a car?
1. 529 Savings and investing accounts
Average 401(k) balance by age
Holding multiple cards is not always bad for your credit scores
Do I need life insurance?
Traditional IRA contribution rules
28 ways to save money
In this article
Who needs to fill out a Form 1040?
Your own insurance usually comes first
How stocks work
Top 11 spot Bitcoin ETFs by fee
How the cards compare
New car prices to cool off
50 best small businesses to start
How to track your refund status with ‘Where's My Refund?’
What is the 10-year Treasury?
How tax-loss harvesting works
The cost equation: Will Medicare save you money?
Factors we considered when picking best Cancel For Any Reason insurance companies
What is Apple Daily Cash?
Mint vs. NerdWallet at a glance
Portfolio management definition
Netflix subscription cost
Average condo insurance cost by state
Applying for an unemployment deferment
Heating and cooling
How does overdraft protection work?
What is ‘cash stuffing’?
Business structure options
Can I contribute to both a 401(k) and a Roth 401(k)?
Roth vs. traditional IRA
1. Bold.org
Ways to earn money as a younger kid
Differences between mutual funds and index funds
Where to buy Treasury bonds, notes or bills
Our pick for gas: Citi Custom Cash® Card
Don't let the averages guide your travel budget
What is the 401(k) early withdrawal penalty?
How is PMI calculated?
Online vs. in-person loan applications: 5 questions to ask
Which projects qualify for the home improvement credit?
Top credit cards you can use instantly after approval
When to choose a money market account over a CD
Does closing a credit card hurt your credit?
Workers want to ride the next job wave
Real estate agent commissions
When to save vs. invest
The value of Delta SkyMiles
Why you need a savings account
Do I have to pay Ohio state income tax?
RiverSource life insurance
How to lower your credit utilization
Compare car insurance rates by age
The market outlook for home buyers
What are the drawbacks of private student loans?
1. A high-yield online savings account that earns 4% or more
What does the value of Hilton points mean?
Who files a Schedule C tax form?
The average stock market return isn't always average
Apps most like Airbnb for cars
Why the Chase Sapphire Preferred® Card wins
Who qualifies for the qualified business income deduction?
Store cards to consider
Do you need insurance to rent a car?
2. Learn more about your 401(k)
Shopify: Best e-commerce platform for product sellers
Review your bill closely
How to claim the ERC
What is the Walmart MoneyCenter?
Paperwork required if your passport has a maiden name
Examples of personal finance in everyday life
The best term life insurance companies in May 2024
Top credit cards for transit and commuters
Looking back at 2023
Fears about getting it wrong
1. There's no annual fee, but there is another kind of fee to watch for
Why mortgage rates change every day
Black Friday tips to help you save
A closer look at CDCUs
How does the earned income credit work?
Are these the best stocks to buy now?
What is the 50/30/20 rule?
Average costs by project
Types of USDA loans
Will your tax refund be garnished?
1. Prepare to work for certain rewards
Front-end and back-end DTI
2. Hilton Head Island, South Carolina
Points: Spending rewards
Pacific Life insurance
State Farm life insurance
What to know before getting a Marriott credit card
Plan to contact creditors
Which transactions don’t apply to the savings account withdrawal limit?
Cheap car insurance
Can you get insurance without a car?
How to fill out a W-4
20 high-dividend stocks
What are dividend stocks and why buy them?
New York state income tax rates
Best for availability and locations: Holiday Inn Express
What does it mean to live in a state with no income tax?
2. Know your number
Know your options
2. Categorize your expenses
YNAB, for hands-on zero-based budgeting
Work out how much of your income should go to rent with the 50/30/20 rule
March 16 - AmEx Cardholders Can Get a 40% Bonus on Transfers to Hotel Partners
Buying Bitcoin with PayPal
How much do commercial construction loans cost?
What is required to be approved for a HELOC or home equity loan?
Who qualifies for the Fresh Start program?
Calculator assumptions
AARP® Essential Rewards Mastercard® from Barclays
Take advantage of the Companion Fare
Roth IRA contribution deadline
3. Pawn something
How much should you tip an Uber driver?
How do I qualify for a premium checking account?
When will lenders use it?
How to calculate annual income
NerdWallet's car insurance estimator
How we ranked the top life insurers
Elite status
How to calculate your home equity
What happened to gas prices in March?
How much IDR credit will I get?
Why Chase Sapphire Preferred® Card is better for most people
2. ABLE accounts
1. Increase the value of property you own
PMI vs. MIP
What does the Schumer box tell you?
You won't dodge the hard inquiry
How put options work
How do unions work?
Best-performing REIT mutual funds: May 2024
MassMutual life insurance rating
Standard repayment plan
What to expect with a credit score simulator
How the market works
What does a portfolio manager do?
Do you need to put 20% down on a house?
How critical illness riders work
2. Have you reviewed your credit report?
Construction loan types
Lottery tax calculator
Overview of nonprofits
Google Sheets budget templates
2. BrokeScholar
2. Scour your budget for ways to save
2. Pinpoint your goal
State minimum wages in 2024
What is the cheapest car insurance in California?
Americans are missing out on car insurance savings
Checking and savings features
Best AI ETFs by one-year performance
RV loan calculator
The best homeowners insurance companies of 2024
Bluebird by American Express
What reasons can you withdraw from your 401(k) early?
How much is PMI?
How cash-offer programs work
CD rate trends 2024: Higher short-term CDs
2. ¿A cuánto ascienden las comisiones?
Delta premium economy menu
How much is in vitro fertilization?
Why invest in index funds?
1. Brigit: Best for budgeting tools
Why travelers will prefer the Chase Sapphire Preferred® Card
When are septic systems covered by homeowners insurance?
What is a business line of credit?
2. Lounge access policies vary
Third-party processors vs. merchant account providers
Fed rate increases mean higher CD rates
What you need to know about savings accounts
How they compare at a glance
Using miles to book Turkish economy class
2. Optimizing rewards with just a few cards
2. Open and update your individual retirement accounts
Identifying wants
Types of stock trading
Median retirement savings balance by age
What Medicare Part D covers
2. Become a virtual assistant
Today’s HELOC rates
How to start a vending machine business: A step-by-step guide
Business loan collateral requirements
How to apply for a VA loan
Best day to fly
Payment on-ramp will expire
Pregnancy-safe rides at Universal Studios
Best-performing growth stocks
What makes a good kids' savings account?
Where to get a free VantageScore 3.0
Debt 'consolidation' programs
Buy: Summer apparel
The Fed is meeting either way
Less common ways to use a HELOC
How can I get a cashier’s check?
How much money do I need to buy a house?
How credit scores affect auto loans
2. A security deposit makes a credit card easier to get
Median 401(k) balance by age
2. Cash management accounts
Wells Fargo Active Cash® Card
Why the Chase Sapphire Reserve® wins by a nose
Best car insurance in Pennsylvania overall: Travelers
How to pay for a gap year
Amtrak’s Acela line
Refinance to a longer term
How to request a Global Entry name change
If your employer has 20 or more employees
What UAW President Shawn Fain is saying
How long do pending credit card transactions take to clear?
2. Both cards earn 5X back on Ann Taylor and Loft purchases
2. Refinance if you have good credit and a steady job
What are the Roth 401(k) contribution limits?
Roth vs. traditional IRA: How to choose
Rules for refinancing conventional loans
How do JetBlue TrueBlue points compare to other airlines?
2. Shop for a loan
Recent changes to COVID policies
How the annual gift tax exclusion works
How many points do you need for a free night?
Grace period
What should you do if you receive a speeding ticket in Virginia?
Holiday weekends
What does my 1099-INT form mean?
Chase Sapphire Preferred® Card
Where we are now: 2024
3. Allocate accordingly
PE ratio example
The most undervalued stocks in the S&P 500
What pet insurance costs
Student income protection
Dress code tips for passport photo
How are bonuses taxed?
Delta main cabin
How are business credit scores calculated?
Home equity loans and HELOCs vs. cash-out refinances: Understanding your options
How much does Apple TV+ cost when bundling with Apple One?
2. Plan ahead
Information you need to freeze your credit
How to choose a brokerage account provider
Who gets bumped on overbooked flight?
How LLCs pay income taxes
The Federal Reserve, mortgage rates and inflation
Jumbo loan requirements
Are auto loan interest rates rising?
Best for low premiums: Wellcare Medicare Part D
Average student loan interest rate
Best-performing tech stocks
How to invest money
QuickBooks Self-Employed pricing
Biden's student loan forgiveness 'plan B' would be more targeted
What is the NIIT tax rate?
3. Certificates of deposit
When to refinance a mortgage
Blue Cash Preferred® Card from American Express
Citi ThankYou® points: The basics
Personalized versus average interest rates
2. Special financing comes with a catch
More details about Ally Bank CDs
2. Consider "buying the dip"
7 best stocks to buy now, according to analysts
What is non-recourse factoring?
Best-performing REIT ETFs: May 2024
Camping cools down
Shore up savings for the future
Do I need a booster for international travel?
An overview of the best Cancel For Any Reason travel insurance
Best credit union personal loans for 2024
Is it a good idea to co-sign for a college student?
Airports that offer expedited security screening for free
Focus on what actually matters to you
ESG investing
Loopholes may allow customers to pay with credit
Can you live off ETF dividends?
How much do payday loans cost?
How landlords and property managers check credit
Pros and cons of living in a state without income tax
When to choose a CD over a money market account
What it means to have FDIC insurance
Trading in a car with positive equity
RiverSource life insurance policies
Are paid surveys worth it?
Delay Social Security, if not retirement
Consider non-owner car insurance
No-penalty CDs: the big exception
4. Work today for fast cash today
Do you need an FSA?
What full coverage car insurance covers
What does a copyright protect?
Stretch your grocery budget
Where can I get FICO Score 9?
Roth IRA distribution rules: Qualified vs. non-qualified
Best rewards programs for booking ANA business and first class with points and miles
How do Hyatt points compare to other hotel programs?
Understand what’s being offered
What is "qualified business income"?
Black-owned banking institutions we’ve reviewed
3. Look into an IRA
Does Medicare Advantage cover hearing aids?
Beware of ERC scams
Key differences
Having multiple cards gives you a backup plan
Neobanks: Their role, disadvantages and benefits

Step 2: Pre-qualify and compare offers

What is the 10-year treasury yield today?
Terminal 1: United Club lounge
2. Account frozen? Submit documentation
Benefits of a 15-year mortgage
Active vs. passive portfolio management
How to choose the best mutual funds for you
A flexible mindset
When to choose a no-penalty CD
Pacific Life insurance policies
How do lottery taxes work?
State Farm life insurance policies
What are the benefits of a Roth 401(k)?
The pros and cons of a life insurance trust
Does raising the minimum wage cause inflation?
Investing for income: Dividend stocks vs. dividend funds
Optional service: PNC Overdraft Coverage
2. The card is an alternative to a HELOC, for better and worse
Travel days are changing
Average annual PMI premium
How much is YouTube Music?
What if my bank fails?
How to determine the work needed and your budget
How to pick a good savings account
Business line of credit vs. loan: How to choose
Cheap cities to fly to Las Vegas from on Delta
Am I a resident for Ohio state income tax purposes?
2. Who is covered?
Where to get a commercial construction loan
3. Sticking to a budget
Roth IRA income limits 2024
Do you pay taxes on stocks you don't sell?
3. Transcribe audio and video
What is on a Schedule C form?
5-year, 10-year, 20-year and 30-year S&P 500 returns
The rules are all over the place
Why knowing your annual income matters
Go ahead and sign your card
Who is eligible for an IRS installment agreement?
What other forecasters say
Does my car insurance cover rental cars?
When does the choice matter?
How to determine how much car you can afford
How the standard deduction works
Where to buy a tiny house
Net investment income tax and capital gains tax
Ask your provider for assistance
What are the Walmart MoneyCenter hours?
What to look for in a personal finance tool
Who needs life insurance?
Where to look for information
FHA insurance vs. PMI costs
Can I take the home office deduction as a work-from-home employee?
Earned income tax credit 2023
Property and casualty insurance
Compare brokers
Learn about top-rated life insurance companies
Who opposes the UAW’s efforts
How lenders use loan-to-value
Other alternatives to Mint
Now that the old loophole doesn’t work, what are my options?
How to build a CD ladder
3. Marceline, Missouri
How high-risk merchant accounts differ from regular accounts
Interest could build during unemployment deferment
How the cash stuffing method works
AirPass benefits
Run the numbers
What if I go over the limit?
Check your credit card's travel protections
Types of AI ETFs
Figo pet insurance plans and coverage
Secured vs. unsecured RV loans
PMI calculator help
Current CD rates: high-yield and national averages by term
2. Rebalance your debts and income
3. ¿Tiene un plan para pagarlo?
Which costs less, a cashier’s check or a money order?
Proof-of-stake basics
4. Understand withdrawal rules
3. Dedicated space for military service members
Pros of using a third-party processor
Savings accounts with strong APYs can help your money grow
Understand the risk
3. Build a budget that works for your expenses
How much rent can you afford?
Certificates of deposit
How much do Uber drivers make per hour?
How to apply for Perkins loan forgiveness
Does Apple TV+ allow password sharing?
1. Stay up to date with your current plan
2. Easy, flexible redemptions
What it takes to get a good FICO score
VA loan qualifications: credit, debt and income
Potential delays for financial aid packages
How to estimate car insurance costs
Best life insurance companies: Pros and cons
2. Set financial priorities
Where to get a free FICO score
How to use average car interest rates
Should you tip all kinds of massage therapists?
So, are they worth it?
Skip: Lawn mowers
Why are gas prices going up?
1. All contributors need FSA IDs
Average 401(k) contribution rates
13 fundamentals of personal finance
Upgrading can rob you of reward-earning opportunities
Buying and budgets in 2024
Traditional IRA income limits
You won't avoid fees
How to calculate a stock’s beta
How to work out the details
How do CDFIs work?
Recent market drove concessions and blown budgets
How a gap year affects student loans
Apply for mortgage forbearance
What to include in your financial aid appeal letter
When will I get my 2024 tax refund?
Historical national rates
Qualifying for a USDA-guaranteed mortgage
Other tools to check your financial health
Issuer pre-qualification pages
Minimum down payment requirements
Alternatives to a critical life insurance rider
How to open the Apple high-yield savings account
NerdWallet’s budget planner
First things first: Check your IRA eligibility
4. College Board
3. Automate and maximize savings
Rules for refinancing FHA loans
How we chose the cheapest companies in California
Dividend vs. growth stocks
Travel perks and protections
See CD rates by bank
What is an index?
When to choose a savings account instead
Do you have to tip a valet?
Title insurance
When are septic tanks not covered by homeowners insurance?
Net price calculators
Law school loan payment calculator
How to sign up for the Fresh Start program
How to trade stocks
5. Seek community loans and assistance
Steps to getting a refund from Frontier Airlines
Some additional features of premium checking accounts
2. You won't want to carry a balance
3. Share the spotlight with staff and customers
12 best low-cost franchises for aspiring business owners
Know your carrier’s bumping policies
How easy is it to earn Hyatt points?
How to find growth stocks
About home equity loans
What mortgage can I afford?
How to get car insurance quotes
4. Custodial brokerage account
3. Your first credit card can build your credit — or ruin it
Changing the name on your passport
Western Union transfer methods and options
Concerns about qualifying for coverage
2. The required deposit is high
3. High-yield money market accounts (MMAs)
How to fill out a 1040 form
What to consider when opening CDs
How to stocks earn a return
2. Club Millésime lounge locations vary
Buying a put option
What is a Bitcoin strategy ETF?
Loans likely filling the funding gap
How do REITs work?
How to stop student loan tax garnishment
Extended repayment plan
3. Ask your bank for relief
2. Redemptions are similarly cumbersome and limited
Calculate your DTI
Hold yourself accountable
How much is condo insurance in your city?
4 ways to avoid overdraft fees
What registering as a nonprofit does for you
More money now vs. later
3. If you have a 401(k), get your match
Do all workers earn at least the minimum wage?
How has the JetBlue points value changed over time?
3. Determine other ownership costs
When to compare quotes on insurance
Skip Frontier Airlines Discount Den if …
What is a flexible spending account (FSA)?
What happens during an international layover
2. If a collection is on your report in error, dispute it
Is IVF covered by health insurance?
How to downgrade your American Express card
Employers are looking to adopt and adapt AI
PE ratio formula
What are AI stocks?
What is debt consolidation?
Are CD interest rates rising?
What are the odds of another interest rate increase?
How to use a health care FSA
4. Sell stuff online
Slash variable spending on entertainment
How to fill out Schedule C
The bear put spread
Synchrony co-branded credit cards
The pros and cons of investing in tech stocks
How to get TSA PreCheck with Chase Sapphire Reserve®
List of Black-owned banks, credit unions and fintechs by state
QuickBooks Desktop pricing
What is a FICO Auto Score?
Square Online: Best free e-commerce platform
What can cause a 3-day closing delay?
How your credit score affects your rate
3. Remember why you chose your investments
Best Pennsylvania car insurance for your budget: Travelers
How to find the best stocks to buy now
Glamping heats up — despite high costs
Understand the COVID-related documentation you’ll need
How do I use Apple Daily Cash?
A particularly competitive offer
ESG investing benefits
How long an unemployment deferment lasts
The venue (average cost: $5,761)
3. Is your credit frozen?
When to choose a savings account
Episode transcript
5. Get Schooled
Get a secured credit card
Who needs non-owner car insurance?
How to invest in dividend ETFs
How to buy AI ETFs
Optional service: PNC Overdraft Protection
Best no-exam life insurance policies in 2024
2. Buy the right insurance coverage
Average daily balance
How much money do you need to invest in oil?
Pros and cons of cash-offer programs
2. Five-year rule for Roth IRA conversions
Heat pump tax credit 2023
How safe are online CDs?
2. Empower: Best for fast cash
When should I close my credit card?
Best travel insurance overall: Berkshire Hathaway Travel Protection
5. Consider part-time work in retirement
Where to get a business loan or line of credit
How to find undervalued stocks
Cons of using a third-party processor
Trading in a car with negative equity
Best retirement age for women isn't just about money
3. What’s not covered?
2. Middling value beyond groceries
4. Staying well below credit limits
How lenders view your DTI ratio
Tip about banks vs. credit unions
Budgeting for both needs and wants
Plan what you'll do with the welcome bonus
Do personal credit scores affect business credit scores?
What are the drawbacks of federal student loans?
6. Ask for forbearance on bills
What happens if you don’t tip?
Retirement savings by age
2. Use Medicare.gov to find plans
Following accounting standards
Do mortgage rates follow Fed rates?
How to qualify for the QBI deduction
Monitoring your score, avoiding costs
Shop: Amazon Prime Day
How to benefit from the account adjustment
Is a business line of credit right for me?
How much does a cashier’s check cost?
What counts as net investment income (NII)?
How long will your mortgage loan last?
For credit and savings
Removing mortgage insurance
How to calculate your home office tax deduction
What is a hardship loan?
2024 tax refund schedule
How to renew Global Entry for free
The difference a high-yield savings account makes
If your employer has fewer than 20 employees
3. Expiration dates on rewards run small
How you can use loan-to-value
Top Cancel For Any Reason travel insurance options
What not to consider when choosing funds
What is the point of the stock market?
How to calculate debt-to-income ratio for a mortgage
Learn more about life insurance riders
Pacific Life insurance rates
Veteran discounts on hotels
Rules for refinancing VA loans
How are dividends paid out?
Try a simple budgeting plan
An industry adapts
How to use the Hilton Points Explorer tool to book an award stay
How inflation is shaping travel costs
Best hotel for family travel: Holiday Inn
Fubo add-ons
Is YouTube Premium worth it?
CD rates: 1980s to 2000s
Ways to consolidate debt
How a savings account works: withdrawal limits
Are bonuses taxed differently?
FAQ about freezing and unfreezing credit
3. Cardholders enjoy a longer return period and exclusive offers
4. Leverage the features that make sense for your business
More Pell Grant money for more people
How to earn Hyatt points quickly
Best for member satisfaction: AARP/UnitedHealthcare Medicare Part D
How to set up a payment plan with the IRS
Star Alliance Lounges
Capital One® Walmart Rewards™ Mastercard®
What else you can expect when flying JetBlue Mint
Alternatives to debt settlement companies
Postal mail
Ensuring spectacular coastal views
Higher Education Act justifies plan B
5. High-yield savings account
Be persistent and enlist support
What services are available at Walmart MoneyCenters?
2. Different parent may need to fill out FAFSA
California state income tax deadlines and extensions
Best term life insurance policies for 2024
Cheap financial advice
3. You can easily increase your credit limit
How much are Citi ThankYou® points worth?
Top 8 Bitcoin strategy ETFs by fee
Used-car prices also inching down
Apply for loan modification
REITs' average return
Price vs. yield
Average interest checking account rate: 0.08%
What’s the difference between a pending transaction and a hold?
4. Monitor bank transactions online
Do I have to pay state tax on lottery winnings?
How does a life insurance trust work?
What if I need cash after I hit the limit?
4. Max out an IRA
How flexible are JetBlue points?
Serve American Express Prepaid Debit Account
Our pick for dining: U.S. Bank Altitude® Go Visa Signature® Card
Is investing in oil safe?
What happens if you can’t afford to tip a valet?
Which is easier to buy?
Taxes and fees
Water backup coverage for septic tanks
What to do after you get a speeding ticket in Texas
FDIC insurance: What’s covered
RiverSource life insurance rates
Why The Amex EveryDay® Preferred Credit Card from American Express is better for most people
What to know if you take online surveys
Borrow for the right reasons
Paying off law school loans
7. Request a payroll advance
How are dividends taxed?
Are premier checking accounts worth it?
How does the cost of Apple TV+ fit your budget?
How to unfreeze your credit
5. Housesit
3. Lacks perks that are standard on other credit cards
What to expect the stock market to return
It’s impossible to price compare
Who can open a joint business account
Factors that affect the cost of car insurance
Liability car insurance limits
How do I open a savings account for a baby or child?
How student loan interest rates work
What happened in May
Standard deduction 2023
How to pay for a tiny house
Other factors can help you buy a car with bad credit
Savings account simple interest vs. compound interest
4. You can see the rates and fees before applying
General advice for international money transfers
Do you need life insurance?
1. High-yield savings accounts
When you should lock your mortgage rate
What to ask your credit card issuer
You won't be able to use the card
3. The APR is higher than average
Differences between recourse and non-recourse factoring
How do I check my tax return status?
Terminal 2: Delta Sky Club
4. San Francisco
Recognize when 'done' is better than 'perfect'
Tips for finding a high-risk merchant account
Average mutual fund return
Travel and entertainment perks
How do streaming services fit into your budget?
Average condo insurance cost by coverage amount
4. Do you have your own credit card?
The benefits of 501(c)(3) status
How to deposit funds into the Apple savings account
The Federal Trade Commission’s budget worksheet
6. JLV College Counseling
4. Save raises and windfalls
Rules for refinancing USDA loans
Cheap car insurance in California by age
4. Find the right car for you
New York state supplemental income tax
Gift tax limit 2024
3. The rewards rate is high
Average car insurance rates after a speeding ticket in Virginia
Why you’d want the American Express® Gold Card
Make the most of a long layover
3. Don’t ask for too much cash
4. ¿Tendrá que hacer una devolución?
Who qualifies for the energy tax credit?
Weighing the pros and cons of debt consolidation
When to invest vs. save
4. You can walk your dog
Details to know
Goodbudget, for hands-on envelope budgeting
5. Watching for better offers
What would another interest rate increase do to markets?
2. An interest-bearing checking account that earns 1% or more
What happens if you’re approved?
How do Hilton points compare to other hotel programs?
Build more savings in a high-yield account
How do small businesses use accounting?
Tips for visiting Universal while pregnant
Best life insurance company overall: MassMutual
Staying safe
Rental car insurance vs. your own auto insurance
4. Save for college
How do you avoid the net investment income tax?
Fees for USDA and VA loans
Report errors or ask questions ASAP
4. You can eventually upgrade to an unsecured card
4. Peer-to-peer lending
4. Look at the necessities
3. Club Millésime lounge access can be bought or earned
How to get a hardship loan
Earned income tax credit 2024
How does Disney Park Hopper work?
Key terms in this story
Low-income parents also feeling the sting
Make sure you’re financially prepared
Expedited repayment with refinancing
Top credit cards that offer preapproval without a hard pull
Other options for reduced loan payments
At a glance: No-penalty CD vs. savings account
State Farm life insurance rates
Your tax rates now vs. later
How to maximize savings
What can you contribute to a donor-advised fund?
The lies told to auto insurers
Customer experience
Best hotel for business travel: Holiday Inn Express
Does the cost of FuboTV fit into your budget?
Could state abortion bans impact IVF?
How much do index funds cost?
How does Spotify fit into your budget?
Prepare for additional supervision and appraisals
Best third-party processors
What to expect in Turkish Airlines economy class
CD early withdrawal penalties at banks and credit unions
Upgrade Triple Cash Rewards Visa®
Consider your current flying and spending habits
Frontier Airlines flight credits
How to use a dependent care FSA
How to get a business loan without collateral
Why you might want the Chase Sapphire Reserve® instead
Volunteer to get bumped
If you’re over the income limit
How to make the money work
How to book a seat in JetBlue Mint
About home equity lines of credit
What else you need to know
Why Black-owned banks matter
What do hearing aids cost?
Is PMI tax-deductible?
What do I need to fill out Form 1040?
Key things to know about stocks
First-time home buyers find less wiggle room
An alternative to chasing the best stocks
What to do if your appeal is unsuccessful
Potential penalties
Qualifying for a Single Family Housing Direct Home Loan
If your student loans were in default before the pandemic
5. Know the bank’s timeline
3. You'll earn a sign-up bonus
3. Enroll in autopay
Pacific Life customer complaints and satisfaction
How to find high-yield alternatives
'The earlier the better'
7. CareerOneStop
Reach out to the rental company
Rules for refinancing jumbo loans
6 types of dividends
What’s not covered
Top 3 index funds for the Nasdaq-100
How do HSA and FSA contributions work?
How do you find out how much equity is in your home?
How much should you spend on a mattress?
Understanding the oil markets
Ask these questions before choosing a cash-offer program
Amenities and other perks
Working YouTube Premium costs into your budget
How to claim the home improvement credit
Why the Chase Freedom Unlimited® could be more appealing for some
What is a good PE ratio?
Tips for maintaining your septic system
RiverSource customer complaints and satisfaction
Next steps to determine how much financial aid you can get
Factor in other costs
3. Redemption comes with some rules
8. Take a loan from your retirement account
How home equity loans, HELOCs and cash-out refinances are similar
Cost of full coverage car insurance
4. Home Depot offers a separate card for bigger projects
5. Let apps do the work for you
Other ballot measures that impact workers
How does a HELOC work?
4. Pre-qualify without a hard pull
Schedule C: Tips and tricks
What do accountants do?
VA loan down payment requirements
Political uncertainty and Biden’s Plan B
Should you buy growth stocks?
What if you’re unhappy with your massage?
What state has the highest gas prices?
QuickBooks Enterprise pricing
How much interest will I earn on $10,000?
6. Investing for teens
Are Walmart MoneyCenter services worth it?
2. Collect rental income on property you own
Multiple cards typically mean more rewards
Current reads on the housing market
What is a good beta for a stock?
The new normal and tips for buying a car now
Eliminate mortgage insurance
Types of REITs
Why haven't I received my tax refund?
Protect your vacation budget with travel insurance
Original Medicare vs. Medicare Advantage: Coverage features
How to resolve an issue with a pending transaction
Choosing your business structure: What to consider
Why the Roth IRA works for many savers
5. Earn some extra money
Cheapest for 20-year-old drivers
PNC’s $5 safety buffer
4. Interest rates are lower than the industry average
3. Five-year rule for Roth IRA beneficiaries
The importance of a direct 401(k) rollover
Tips for using CDs
You'll likely forgo a welcome bonus
Seller concessions
FDIC insurance: What’s not covered
Savings accounts vs. CDs
What is Ohio’s standard deduction?
Establish credit before you're desperate
4. How to file a claim for car rental insurance
6. Monitoring accounts
Does your DTI affect your credit score?
Baby checklists: 0-12 months
When do you have to pay taxes on stocks?
CD vs. high-yield savings account: At a glance
3. Look for other restrictions
Pay off high-interest debt
How to plan a Roth IRA withdrawal
How to open a brokerage account
How to apply for a joint business bank account
Should my child also use a debit card or banking app?
Redeeming points for Star Alliance awards
Target Circle™ Credit Card
Secure websites
Bonus: Ice cream
What if I lose the cashier's check?
Don’t count on this student loan forgiveness yet
Standard deduction 2024 (taxes filed 2025)
5. Fund your FSA
When can you stop paying for PMI?
Get ready for the next medical bill
3. IRS imports tax information
Other tech tools to help you manage your money
Do I have to pay California state tax?
Today’s rates for specific kinds of mortgages
4. Rebate redemption is inflexible
Simplified version vs. actual expense deduction
The Bitcoin ETF price war
OpenSky® Secured Visa® Credit Card
Disadvantages of a 15-year mortgage
Portfolio management: Things to keep in mind
Average condo insurance cost by company
5. How are you paying off credit card debt?
At a glance: No-penalty CD vs high-yield CD
What does a construction loan cover?
Your responsibilities as a 501(c)(3) nonprofit
What states are increasing minimum wages in 2024?
Reasons to refinance
W-4 form 2024
How to invest in a donor-advised fund
Gift tax limit 2023
Common questions about RV loans
Remote work is here
Benefits of staying as an IHG One Rewards Club member
Companies that offer cash-offer financing
5. ¿Puede pagar con dinero en efectivo?
Diversifying with index funds
Which is safer, a money order or a cashier’s check?
Which is better: Proof of stake or proof of work?
How to keep a Texas speeding ticket off your record
Final steps
More about RiverSource
PayPal cryptocurrency fees
The bottom line
What is a good business credit score?
9. Borrow against life insurance
What if Frontier Airlines won’t refund you?
6. Write online reviews
File a trip delay insurance claim
Step 2: Determine your target audience
Another good time to buy appliances: After a new release
I still need expert help
HELOC uses that are seldom recommended
Here comes the sun
5. Credit card fees are avoidable
5. The card allows joint account owners
Longer-term consequences are possible
Best Pennsylvania car insurance for customer satisfaction: Auto-Owners
Choosing recourse or non-recourse factoring
All-inclusive glamping trips
Original Medicare vs. Medicare Advantage: Cost
4. The APR is high, so don't carry a balance
More about Pacific Life insurance
Should I take a lump sum payment or annuity payments?
State Farm customer complaints and satisfaction
More ways to take charge of your budget
How did we determine value?
5. Contact the seller or visit a dealership
How to invest in dividend stocks
Frontier’s Discount Den benefits
How flying Southwest has changed recently
How do payday loans affect credit?
Credit-related deal breakers
Mattress-buying tips
Is the energy efficient home improvement credit refundable?
3. EarnIn: Best for large advances
Alternatives to canceling a credit card
Decent AmEx transfer partners
5. You may score a free massage
How much to keep in your savings account
3. Don’t fear stock market exposure
How home equity loans and HELOCs are different from cash-out refinances
3. A CD ladder
Determine your annual FSA contribution
How to convert Hilton points to dollars
5. Loyalty doesn't always pay off
6. Remember that Instagram isn’t the end-all be-all
Is United’s basic economy worth it?
5. Get immediate access to the card
What to do if you can't pay your taxes
How much car insurance you need
Federal funds rate and HELOCs
How to convert Hyatt points to dollars
The long straddle
Lifelong lessons
Additional Medicare Part D companies
Does Chase Sapphire Reserve® cover TSA PreCheck? Yep
How to compare lenders
Who might prefer the Capital One Venture X Rewards Credit Card
Pros and cons of tiny houses
Squarespace: Best platform for service providers
Where do you find the Schumer box?
5. Online savings accounts
Capital One SavorOne Cash Rewards Credit Card

Step 3: Choose your lender and loan

Other hardship loan options
How to qualify for the earned income credit
What students can do
Get more help with monthly budget planning
Why is the 10-year Treasury yield important?
6. Rebounding from bank account fraud
Additional functionality
Types of life insurance trusts
Quick tips on avoiding Reg D related fees
Get a credit-builder product or a secured loan
Ways to earn money as a teenager
Drivers are inflating insurance claims
Figo coverage options
Interest rate
3. If you already paid the debt: Ask for a goodwill deletion
4. Consider a co-signer
How to invest in AI stocks
Independent students can earn more
What’s the filing deadline for my Ohio state income tax bill?
4. There's a separate fuel rewards program
Home equity loan and HELOC rates
How to understand DTI ratio
10. Use a credit card cash advance
How to open a savings account or CD
Net investment income tax examples
4. Delay impacts some state financial aid forms
When upgrading your credit card makes sense
U.S. Bank Cash+® Visa Signature® Card
Download Form 1040
Limitations of beta analysis
For credit building
5. Think about staying invested if you can
Do spot Bitcoin ETFs have custodianship risk?
How much are Disney Park Hopper tickets?
7 steps to appeal your financial aid
What happens if you don't stop a tax offset?
4. Shop the first Tuesday of each month for 15% off
Benefits of CD ladders
5. Oahu, Hawaii
ESG investing vs. socially responsible investing vs. CSR
How do construction loans work?
6. Track your progress and keep going
5. Select your investments
Travel cards that pay for Global Entry and TSA PreCheck
When are New York state income taxes due?
Overdraft policies for PNC Virtual Wallet
Important Treasury Bond Terms
How the lifetime gift tax exclusion works
ONE VIP Visa Prepaid Card
How to calculate your credit
Other costs for home sellers
PE ratio example calculator
How to check that all money in your accounts is insured
What pet insurance pays for
Look for savings
Other indirect costs
7. Bouncing back from mistakes
Where are interest rates headed next?
FAQ comparing home equity loans, HELOCs and cash-out refinances
4. Understand the exception process
7. Start a blog
VA loan property requirements
New workplace retirement savings perks
Hotel perks
How much liability coverage you need
Best life insurance company for applicants with HIV: Guardian
How the qualified business income deduction works
Pros and cons of jumbo loans
How to invest in tech stocks
What state has the lowest gas prices?
6. Subsidize your dependent care FSA
No-PMI mortgages
7. Roth IRA
6. Interest is completely avoidable, too
Current buyer roadblocks
5. The sign-up bonus is small
For all buyers, rate shopping is key
Managing expectations
Estimate your 2024 IRS tax refund date
How to choose between Original Medicare and Medicare Advantage
What is the stock market doing today?
What is a good DTI ratio?
4. Make biweekly payments
Bottom line: Choose the right balance
Where State Farm stands out
How to find the 2024 W-4
Are payday loans legal?
5. Balance transfers are possible — but not advisable — with the Aven credit card
How do I access the money in my FSA or HSA account?
Why is home equity important?
Consider the costs of cashing out your 401(k)
Cheapest car insurance companies after a speeding ticket in Virginia
Are there more sustainable investments than oil?
Understanding the American Express card families
Average CD rates: 2010-2024
Best for emergency medical coverage: Allianz Global Assistance
Other tips to book cheap Delta flights to Las Vegas
5 things to know about Ohio state tax
Holding crypto on PayPal
What is a business CD?
Key benefits of the Fresh Start program
11. Look for a payday alternative loan
What is net investment income tax?
LLC payroll taxes
Visiting Universal Studios Florida while pregnant recapped
How can I get more value from my Hyatt points?
3 appliance-buying tips
Does the IRS charge interest on payment plans?
Costco Anywhere Visa® Card by Citi
Alternatives to QuickBooks
Standard deduction for those 65 or older
What is California's standard deduction?
Traveling without a passport
Airlines with first class international flights
Types of mortgage loans
2. Certificates of deposit
Average certificate of deposit rate: 1.81% for one-year CDs
Ideal credit cards for emergencies
5. You can use it instantly after approval
Other ways to skip the TSA lines without paying
Roth 401(k) withdrawal rules
Do I have to pay New York state income tax?
How to rent an apartment if you have credit challenges
If you use the Hilton Points Explorer tool
Pros and cons of a 401(k) rollover into an IRA
Quick start guide: How to invest in index funds
Which card (or cards) should you get?
How to pick a good brokerage account
Why would my bank raise CD rates but not mine?
Alternatives to savings accounts
The most popular surveys for cash apps
How to get a commercial construction loan
Other Roth IRA rules
How to freeze your child’s credit
8. Game on Twitch
Step 3: Write your business plan
3. Get disability and life insurance
What if you can’t afford to tip?
Cashier’s check vs. certified check vs. money order
How do I know whether I need hearing aids?
Save money on PMI
Buying a put option vs. short selling
Best Pennsylvania car insurance for ease of use: State Farm
Are 10-year Treasury notes a good investment?
5. Free shipping comes with a caveat
Credit union personal loan rates
Benefits of a larger down payment
What does a condo insurance rate include?
How do I deal with lottery taxes?
Where State Farm falls short
6. Inspect and test-drive the car, if applicable
States with the highest padded-claims costs
Restrictions and waiting periods
What if I don't use all the money?
Why you’d get both
How the 9 states with no income tax stack up
Citi Custom Cash® Card
What happens when a bank fails
More U.S. passport photo requirements
Ways to lower your DTI ratio
What does a trademark protect?
What's next?
5. Ask for help
Eligibility for other VA loans and grants
Brokerage accounts are taxable accounts
Growth stocks vs. dividend stocks
How to build your credit before car shopping
8. Special needs trust
7. You can — and should! — pay more than the minimum
5. Student Aid Index (SAI) replaces EFC
3. Go digital with REITs
How to avoid mortgage insurance
Which Form 1040 schedules should I use?
4. You can get comparable club lounge perks another way
Special situations: Previous employers, military and vets
Terminal 3: Escape Lounge
Ways to get the best USDA mortgage rates
The downsides
How to finance your nonprofit
What is the median household income in the U.S.?
How air travel, in general, has changed
Our pick for groceries: Blue Cash Preferred® Card from American Express
Home equity takes time to build
If you're considering booking Delta Air Lines premium economy
How to find AI ETFs
Set and stick to a repayment plan
The 50/30/20 budget calculator
Chase car rental insurance, recapped
Using burden rate to make business decisions
12. Get a personal loan
9. Sell photography
Ready to get started?
Tips to find cheap flights any day of the week
Why some cars cost more to insure
7. Rock your HSA
What part of my income gets taxed by California?
Why's it called the Schumer box?
Rather than upgrade, consider applying for a new card
6. High-yield checking accounts

Step 4: Gather loan documents

What do the approvals mean for Bitcoin?
Will my spouse’s refund be garnished, too?
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Downsides to CD ladders
What is stock market volatility?
5. Pay off capitalized interest
More about State Farm life insurance
Do I have to update my W-4 every year?
4. Check your credit reports after 30 days to make sure the change was made
5. Use collateral to secure the loan
Shopping perks and protections
4. Varo: Best for existing bank customers
Which lender is right for me?
If you want to visit an airport lounge in JFK's Terminal 5
If you want to fly Delta to Las Vegas
How to find high CD rates
EveryDollar, for simple zero-based budgeting
5. The card offers a first-year gas bonus (and the potential to extend it)
Selling crypto on PayPal
Alternatives to construction business loans
Delta Comfort Plus
How to avoid taxes or pay less when selling stocks
HELOC requirements
Step 4: Register and license your business
Making the decision: options vs. stocks
How to calculate your monthly payment
How to redeem ANA Mileage Club miles
Other low-down-payment mortgage options
Do I need to worry about the net investment income tax?
How to find a first class seat on an international flight
How much does it cost to refinance a mortgage?
Alternatives to keeping a card inactive
The bottom line on beta
Strategies for early savings
Compare small-business loans
Where's my 2024 state tax refund? Track your status
Is a 15-year mortgage right for you?
Maximum and average DTI ratios by mortgage type
How much should you put down on a house?
ESG investing examples
The wedding invitations (average cost: $215)
Making the call
Use a co-signer
2024 lifetime gift tax exemption
Days in the cycle
Where can you get the best loan?
When undervalued stocks become popular
Which rate is better for student loan refinancing?
Can I take my own passport photo?
4. Use budgeting or expense-tracking apps
How to minimize the tax impact of a bonus
Business CD vs. business money market account
Who should get a home equity loan
Who needs full coverage car insurance?
How did we determine the Hyatt points value?
Gap Good Rewards Mastercard® Credit Card
How can I avoid cashier's check fraud?
How your car loan can help you build better credit
You don’t need to have $10,000 to take advantage of compound interest
Etsy: Best e-commerce platform for crafters
Five steps to opening an investment account for your kid
8. Paying late comes at a high cost
6. Pell Grant award expands
Changing buyer sentiment
Who counts as a qualifying child for the earned income credit?
How do you buy 10-year Treasury notes?
Capital loss deduction
Mutual fund fees
Protection and insurance benefits
Deaths and driving distractions
If you want to gift TSA PreCheck or Global Entry
What is New York state's standard deduction?
Figo pet insurance rates
Problems with tenant background checks
Who might prefer the Amex EveryDay® Credit Card
13. Rent out a room
When should you freeze your credit?
10. Pet sit
Need more auto liability insurance? Grab an umbrella
Best life insurance company for consumer experience: Northwestern Mutual
The long strangle
What are the fees for an IRS payment plan?
How are gas prices determined?
Embarking and disembarking
Who doesn’t need life insurance?
Plan your visits to Club Millésime lounges
Other home office deduction rules and considerations
Why you might prefer the Capital One Venture X Rewards Credit Card
Full list of the best car insurance companies in Pennsylvania
Life insurance
Increase in prospective buyers
Amtrak’s Northeast Regional line
Alternative CD ladder structures
How to reduce your condo insurance cost
How to get a construction loan
Other travel discounts
7. Determine which warranties are right for you
Other important tips
Other loan calculators
Debt consolidation options for bad credit
Dress code for a passport picture recapped
Tips to get a approved for a personal loan with bad credit
Transferring crypto into your PayPal address
How to get a home equity line of credit
Travel and status perks
LLC self-employment taxes
What if I’m enrolled in Public Service Loan Forgiveness?
8. See if you’re eligible for the earned income tax credit (EITC)
Am I a resident for California state tax purposes?
Does Disney Park Hopper include parking?
How to get a tax refund sooner
How to get a loan from a credit union
How to manage your own portfolio
6. Stick to the standard repayment plan
Types of ESG investments
Power and lighting
What does AirPass cost?
How to adjust your Form W-4
FamZoo Prepaid Card
High-yield CD rates: 2018-2024
How to safely cancel a credit card
Who should get a HELOC
11. Do freelance work
Which card should you get?
Step 5: Get your finances in order
Home renovation loan alternatives
Recap: How to get a cashier's check
Standard deduction for dependents
How to earn more interest in a savings account
Is booking first class instead of business class worth it?
How many union workers are in the U.S.?
Do you pay tax on T-notes?
How do you invest in the stock market?
Setting up for success
Become an authorized user
Who shouldn’t buy non-owner car insurance
How to evaluate dividends
6. Find the right lender
Should you apply for a personal loan online or in person?
Best for travelers with pre-existing medical conditions: Travel Guard by AIG
Where to find the best savings accounts
Shop around and read the fine print
5. Explore other expense-tracking methods
Brokerage accounts vs. IRA
How to save on car insurance
Jumbo loans and conforming loan limits
Finding a car you can afford
9. Getting too close to your limit can sink your credit score
How to find the best refinance rates
What it would take for more buyers (and sellers)
Can I claim the EITC without a child?
Owners previously burned consider buying again
If you need to request a Global Entry name change
Other considerations to determine your down payment
Who benefits from the cash stuffing envelope system
Am I a resident for New York state income tax purposes?
Who pays the gift tax?
How to get a payday loan
Tips to avoid rental credit check problems
Could we be in an AI bubble?
14. Moonlight as a dog sitter
What is the average and median retirement savings?
Cons of a credit freeze
Interest-based passive income ideas
American Airlines delayed flight compensation recapped
Verizon Visa® Card
Using your credit card for rental car coverage
What type of life insurance do I need?
How we tracked prices
What do the approvals mean for other crypto investments?
Disability insurance
Tax-loss harvesting rules
Average money market account rate: 0.66%
Upgrade Cash Rewards Visa®
How much do individual flights cost?
Which type of life insurance should I put in a trust?
Flying Southwest in the COVID era
5. Dave: Best for repayment flexibility
Transferring crypto from your PayPal wallet
Found the perfect small business for sale? Here are the next steps
How much can you borrow with a HELOC?
LLC sales taxes
Find local conforming loan limits
7. Application available in more languages

Step 5: Submit your application and get funded

Get bonus United miles when you transfer Marriott points
If you want to skip the security line without paying
7. Use 'found' money
Can you lose money in mutual funds?
8. Negotiate the best price
What are the best dividend stocks?
Do you pay taxes when you receive a gift?
3. Make your home more resilient
Capital One Venture Rewards Credit Card
6. Look for ways to lower your expenses
Where to get a personal loan with bad credit
Economy class travel tips
Business CD rates
15. Become a rideshare or delivery driver
12. Create a podcast
How much does liability insurance cost?
When can't you take the standard deduction?
9. Give it away
Big Cartel: Best platform for small amounts of merchandise
10. Dealing with credit card fraud isn’t as difficult as it sounds
Other ways to sell clothes online
How to claim the earned income tax credit
Terminal 4: Priority Pass dining
Credit union vs. online lender
The wedding dress and accessories (average cost: $1,907)
Payday loan alternatives to consider
More about the card
Cheapest auto insurers after a speeding ticket in Texas
Sending crypto to another PayPal user
How to manage stock trading risks
Best life insurance company for coverage amounts: New York Life
Ways to get the best jumbo mortgage rates
Types of gas
Traveling with a maiden name on passport recapped
Cards with primary coverage
Investor-friendly
How to decide if Disney Park Hopper is right for you
Building a solid emergency fund
Portfolio management vs. wealth management
The consequences: Weaving and crashing
How to get Discount Den membership for free (or cheap)
How much money can you make on YouTube?
Our pick for transit: Bank of America® Customized Cash Rewards credit card
2023 travel costs vs. pre-pandemic travel costs
The cost of veterinary care
Empower Personal Dashboard, for tracking wealth and spending
Your readiness to buy a home
16. Cut your insurance premiums
Credit freeze or credit lock?
13. Become a rideshare or delivery driver
How do I make changes to an IRS installment agreement?
8. Fewer questions
Refinancing a mortgage, step by step
Other types of 1040 tax forms
Misconceptions remain about down payments
CD ladder alternative for more risky investments
Is the gift tax deductible?
State availability
What is no-exam life insurance?
FDIC insurance limits and ownership categories
Keep an eye on CD rates
Why do I need a business credit score?
How to save on full coverage car insurance
MyLowe’s Rewards Credit Card
Buying rental car insurance on your own
ESG investing: How to get started
Is AirPass worth it?
Greenlight Prepaid Mastercard
Alternative cards
Credit cards and elite status can improve your overall experience
Chase Freedom Unlimited®
Step 6: Find the right location
LLC tax forms and deadlines
The synthetic long
Is a Synchrony credit card right for you?
How much is my 2023 standard deduction?
Your perfect ladder
Get credit for the bills you pay
W-4 calculator
9. Maximize trade-in value, if applicable
Ways kid creators can earn online
How much is the gift tax rate?
6. MoneyLion: Best for existing customers
Other ways to save
PayPal cryptocurrency alerts
Who can access your frozen credit reports?
Final thoughts on the different United economy fare classes
Can I apply for an IRS payment plan myself?
10. Keep a file of your medical expenses
11. If you’re rejected for a credit card, the issuer will tell you why
9. You can list more colleges
What you can learn from the average 401(k) balance
How to sell clothes online
American Express add-on coverage
Consequences of an EIC-related error
Pros of investing in REIT stocks
Discover it® Secured Credit Card
The other Frontier program: Frontier Miles
If you’re choosing between Holiday Inn vs. Holiday Inn Express
Choose CDs based on your goals
Best for those who pack expensive equipment: Travel Insured International
How do I get my business credit score?
17. Consolidate your debt
Step 7: Create a rental contract
Credit cards that earn ThankYou points
The difference between interest rate and APY
DTI isn't a full measure of affordability
Consumer experience
The worst AmEx transfer partners
Should you invest in AI stocks?
Compare insurance rates by driver history
Does PayPal offer tax forms?
Is getting a HELOC a good idea?
If you’re looking for a car-sharing platform
Getting the timing right
Beware of the dangers
Shift4Shop: Best e-commerce platform for B2B sales
Fort Lauderdale airport lounges recapped
After deciding
Should you join multiple airline rewards programs?
Earn an audience, and earn more in the long run
Alternatives to no medical exam life insurance
The drawbacks of PE ratio analysis
Best life insurance company for permanent life insurance: Pacific Life
Why are California gas prices so high?
Selling a put option
Cons of investing in REIT stocks
Where to buy non-owner car insurance
10. Make the purchase
Are dividends taxed?
Bad credit loans to avoid
18. Refinance your student loans
15. Rent out items
Step 8: Build your operations team
11. Consider selling those dogs weighing down your portfolio
10. Sibling discount removed
How much life insurance do you need?
It pays to know
If you’re looking for veteran travel resources
Common gift tax return triggers
Planning can minimize inflation's toll on your vacation budget
Alternatives to pet insurance
Final thoughts on Turkish Airlines economy class
What protections does PayPal offer?
LLC tax tips for business owners
2023 vs. 2024 standard deduction
Can I still get a past year's earned income tax credit?
Top off your Marriott Bonvoy account with United miles
If you’re considering a Marriott credit card ...
Practice good credit habits
More about buying life insurance as a senior
7. SoLo Funds: Best for peer-to-peer cash advances
Examples of FDIC insurance limits and coverage
Taxes on bonuses: The bottom line
What is credit card consolidation?
19. Change your cell phone plan
16. Use cash back apps
California state tax credits
Other types of mortgage loans
4. Money market funds
Investing in REITs: How to get started
If your DTI is high
Flowers and decor (average cost: $2,639)
If you’re considering joining the Discount Den
Other ways to make money
Walmart MoneyCard
Step 9: Create an online presence
More resources on investing
What about life insurance through work?
Mission Lane Visa® Credit Card
Tips for making money as a kid
Figo vs. competitors
Trailing vs. forward PE ratio
PocketGuard, for a simplified budgeting snapshot
If you’re considering an upgrade to Delta Comfort Plus
Avoid risky loans
FHA vs. conventional loans: Summary
How ANA elite status works
When to claim the standard deduction
12. Get the timing right
How the FDIC calculates national rates
Our pick for utilities: U.S. Bank Cash+® Visa Signature® Card
How does credit card consolidation work?
Where to trade stocks
Car rental insurance: The bottom line
How much is non-owner car insurance?
Cheapest for 30-year-old drivers
Best for adventurous travelers: World Nomads
Is it better to get a home equity loan or line of credit?
More about the cards
Step 10: Provide exceptional service
Best life insurance company for customer satisfaction: State Farm
Can't finance before you sell?
Does the president control gas prices?
BigCommerce: Best platform for omnichannel sales
More about top-rated life insurance companies
The myWalgreens Mastercard
Comparing the programs
What to know before shopping for car insurance quotes.
8. Klover: Best for no-fee advances
5. Mutual funds
Travel time: Northeast Regional versus Acela
Check your credit scores and reports
NYC income tax rates
Bank of America® Customized Cash Rewards credit card
Traveler-friendly
So, is pet insurance worth it?
Alternatives to personal loans for bad credit
Is consolidating credit card debt a good idea?
What to do if you can’t keep up with your HELOC payments
How does the Israel-Hamas war affect gas prices?
Final thoughts on the United-Marriott status match
Prosper® Card
More about buying life insurance with a health condition
Bank of America® Premium Rewards® credit card
Using PE ratio to analyze the entire market
More resources
Final thoughts on the best flight booking site
Call vs. put options
Disney Park Hopper recapped
Can I still use my credit card after debt consolidation?
Wix: Most customizable e-commerce platform
6. Index funds
Amtrak Acela vs. Northeast Regional recapped
Low-fee alternatives to prepaid cards
If you're considering flying ANA business or first class
Best life insurance company for older applicants: AARP
Teen-friendly
Pros and cons of loan apps
Best for medical coverage: Travelex Insurance Services
Honeydue, for budgeting with a partner
If you want to redeem your AmEx points for good value
Our pick for entertainment: Capital One SavorOne Cash Rewards Credit Card
How to track your California state tax refund
The four options market participants and their incentives
Capital One QuicksilverOne Cash Rewards Credit Card
Food and drink (average cost: $8,176)
How to find out if your bank is FDIC insured
Cheapest car insurance by state
6 things to know about New York state income tax
Alternative options
Advantages of put options
Bilt World Elite Mastercard® Credit Card
Best term life insurance companies of May 2024
How to choose an e-commerce platform
Other hardship assistance
The bottom line on PE ratio
California state sales tax
How to choose the right nurse entrepreneur idea
How we review pet insurance
Prepaid-like options from fintechs: Apple Cash and Cash App
Best whole life insurance companies of May 2024
How to make money from home
Budgeting resources from NerdWallet
How to find the best term life insurance company
Chase Sapphire Reserve®
7. Exchange-traded funds
Migrant-friendly
Capital One Platinum Credit Card
Benefits and drawbacks of forming an LLC in PA
Cake (average cost: $516)
Best if you have travel credit card coverage: Seven Corners
Financing options to purchase low-cost franchises
Best no medical exam life insurance companies of May 2024
What it's like flying ANA
5 things to know about California state income tax
How to get cheap car insurance
Other home insurance companies to consider
Are cash advance apps payday lenders?
Hardship financing to avoid
More resources for travel insurance shoppers
Our pick for big-spending optimizers: U.S. Bank Shopper Cash Rewards™ Visa Signature® Card
Personal loans
How to choose the best life insurance company
Other notable options
Methodology to identify the best budget apps
Are apps like DailyPay and Payactiv cash advance apps?
AvantCard Credit Card
Risks of getting cheap auto insurance
Best prepaid debit cards: Summary of fees and ATMs
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The process of applying for a personal loan may feel overwhelming if you don’t know where to begin or what you need.

Below are five steps and common questions to help you through the process of choosing and applying for the best personal loan for your financial situation.

Start the process by checking your credit. The interest rate and loan amount you receive depend a lot on your credit score, so reviewing your credit report lets you spot and fix any errors — like a falsely reported late payment — and strengthen your score before applying for a personal loan.

How does my credit score impact personal loan offers?

Good- or excellent-credit borrowers (those with scores of 690 or above) typically receive lower rates and have a wider group of lenders to choose from. On the other hand, bad- and fair-credit borrowers (scores below 690) may have fewer options and receive higher interest rates.

How do I see my credit score for free?

You can get a free credit score and credit report with NerdWallet. You can also request free credit reports directly from the three major credit bureaus at AnnualCreditReport.com .

Pre-qualifying for a personal loan gives you a preview of estimated rates, monthly payments and terms before you submit a formal application. Many lenders allow prospective borrowers to pre-qualify on their websites.

Will pre-qualifying affect my credit score?

No, pre-qualifying for a personal loan requires a soft inquiry, which doesn’t affect your credit score.

What do I need to pre-qualify for a personal loan?

To pre-qualify, you’ll need to submit information such as:

Loan purpose. Unsecured personal loans can be used for almost anything, and most lenders ask how you intend to use the money.

Requested loan amount. Lenders typically offer personal loans from $1,000 to $50,000.

Preferred loan term. Personal loans usually have repayment terms from two to seven years.

Personal and financial information. This could include your name, email address, date of birth, address, income and Social Security number.

If you’re unable to pre-qualify for a loan on your own, consider a co-signed or joint loan . Adding someone with a strong credit score and higher income can help you get approved and lower your rate. But keep in mind that a co-borrower or co-signer will be required to make loan payments if you fail to.

» MORE: Compare personal loans with co-signers

How long will it take to pre-qualify?

Pre-qualifying can take up to a few minutes after you submit your information. If you qualify for a loan offer, the lender will show you potential rates and terms to choose from.

The best personal loan is usually the most affordable one. Carefully consider things like APR, monthly payments and fees before you accept an offer.

APR: The annual percentage rate is the total cost of borrowing and includes your interest rate and all additional fees. The lower the APR, the lower the cost of the loan.

Loan term: The loan term is how long you will be paying off the loan. A longer term can lower your monthly payments, but you’ll end up paying more in total interest than you would with a shorter-term loan.

Fees: Some lenders charge an origination fee , which is usually 1% to 10% of the loan amount. This fee increases your APR and a lender may take it upfront, effectively lowering your total loan amount.

Monthly payments: Check the monthly payment and make sure that you can comfortably afford the loan in your budget.

Features and benefits: Identify features that are important to you, like flexible payment options, help with building your credit or direct payment to creditors if you’re consolidating debt.

» MORE: Personal loan features to compare

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Once you’ve chosen a loan with the rate, term and features that best fit your needs, it’s time to complete the application. Depending on the lender, you may apply for the loan online or in person .

What do I need for my loan application?

You’ll need to provide some or all of the following:

Proof of identity, including a government-issued ID or driver’s license.

Proof of address, including a recent utility bill or lease agreement.

Proof of employment status.

Income details, including bank statements or pay stubs, and proof of additional income like retirement, alimony or child support.

Social Security number if it wasn’t submitted during pre-qualification.

If you have a co-borrower on your personal loan application, they will need to submit similar documents to verify their identity, address and income details.

» MORE: Requirements for a personal loan

Submitting a formal loan application triggers a hard credit inquiry . This inquiry will shave up to five points off your score and remain on your credit report for two years.

If everything checks out, you could get same-day loan approval. If the lender requests additional documents, approval may take longer.

» MORE: How long does it take to get a personal loan?

After you are approved, carefully read and sign the loan agreement, which lays out the loan amount, APR and terms. The lender will disburse funds once the loan agreement has been signed.

If a lender does not approve your loan application, it is required to tell you the reason for the denial or to inform you of your right to seek out that information. Knowing why your application was declined can help you improve your chances of future loan approval.

How quickly you receive the money will likely depend on the type of lender you choose. Many online lenders can provide same- or next-day funding, while some banks and credit unions may take up to a week.

» MORE: Best lenders for quick cash

Once you receive funding, expect your first loan payment to be due within 30 days. If you’ve opted into automatic payments, the funds will be debited from the bank account you provided. Add your monthly payment amount to your budget to manage your debt repayment .

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Home Resources Personal & Family Promissory Note for Personal Loan: A Comprehensive Guide

Promissory Note for Personal Loan: A Comprehensive Guide

Updated March 11, 2024 | Written by Yassin Qanbar Reviewed by Susan Chai, Esq.

Promissory Note for Personal Loan: A Comprehensive Guide

Promissory notes serve as binding legal agreements between lenders and borrowers, making them an ideal vehicle to lend money for personal reasons.

With a promissory note, the terms of the loan are documented, which means that both parties know exactly what to expect when it comes to repayment, interest, and any other concerns that may arise.

Before you use a promissory note for a personal loan, make sure you understand the potential legal implications and how the loan may impact you.

Understanding Promissory Notes

A promissory note is a legal document that lays out the terms of a loan. It formalizes a borrower’s promise to repay a loan and the conditions under which the borrower makes or must issue that repayment.

With a promissory note in hand, both borrower and lender know exactly what to expect from the process, which means that repayment will often go much more smoothly.

► READ MORE: Types of Promissory Notes

How Promissory Notes Work

Promissory notes are pivotal in personal loan agreements. They detail the terms of a loan so that neither party has any questions about it, including the repayment schedule and terms.

Furthermore, a promissory note secures the lender’s interests by legalizing the terms of the loan. It may spell out specific consequences if the buyer defaults on the loan or any collateral used to secure the loan .

Having a promissory note also protects both parties’ legal interests as they move forward with the loan process. While the lender can seek legal assistance if the borrower fails to pay back the funds promptly, the borrower can insist that the lender adhere to the terms of the promissory note, including not seeking repayment before the time laid out in the document.

Friends and Family

Suppose, for example, that you have a friend or family member who needs a personal loan to help during a hard time. You might choose to issue a personal loan at a lower interest rate than the bank.

Using a promissory note not only offers you legal recourse if your friend or family member does not pay, but it also lays out more specific terms than a handshake agreement, which means that both of you have a better idea of when the loan will be taken care of.

► READ MORE: Lending Money to Family and Friends: Should You Do It?

How to Write a Personal Loan Promissory Note

How to Write a Promissory Note for Personal Loan

When writing a comprehensive and legally binding promissory note for personal loans, make sure you are clear and specific in all of your terms and conditions. You want to create a document that lays out expectations on both sides and provides protection to both the borrower and lender.

Step 1 – Include All Relevant Information

Any time you want to craft a legal contract, it’s important to ensure that the document contains all the essential details. By laying out all the information in the contract, you ensure that there are no loopholes that could cause problems later.

Spell out all relevant details, and do not leave anything out, including:

Date of Issue: The date when the promissory note is written.
Amount of Loan: The principal amount being borrowed.
Parties Involved: The names and addresses of the borrower and lender.

Repayment Terms : The schedule for repayment, including the due date and any installment details.
Interest Rate : If applicable, the interest rate charged on the loan.
Security/Collateral : If the loan is secured, details of the collateral.

If there are questions, hash them out before you sign the contract, and include the answers in writing.

Step 2 – Determine Whether the Document Is Negotiable

A negotiable promissory note can be transferred or sold to another party. The other party can use the promissory note much like they would cash or any other investment, and they can transfer it at any time.

In the case of a personal loan between two parties, on the other hand, promissory notes are often non-negotiable: that is, they cannot be transferred, and only the party named in the document has the right to collect on the loan.

► READ MORE: Is a Promissory Note a Negotiable Instrument?

Step 3 – Get Signatures From All Parties Involved

To legalize a promissory note, you should have signatures from both borrower and lender. In cases where more than one party will bear responsibility for the loan, make sure to include both signatures.

Key Features of a Promissory Note

A promissory note will contain several essential features.

The amount borrowed: This is the initial amount of the loan, with no interest rates or other details added in.
Interest rates: If the borrower will pay interest on the loan, make sure the amount is included in the contract.
Repayment schedule: In cases where the borrower pays at specific times agreed upon. State whether payments are due all at once or over time. Note the date of anticipated repayment.
Late fees: State whether a late fee is required if the borrower fails to pay on time.
Consequences for default: Consequences could, for example, include property put up as collateral for the loan and when the lender can take possession of it if the borrower does not follow through on their obligations.
Loan security: Whether the loan is secured or unsecured .

Those elements clearly stated can protect both the borrower and the lender in case of a potential dispute.

Legal Implications and Enforcement

If the borrower defaults on the loan, lenders may have legal options for seeking reimbursement . First, they should submit a request directly to the borrower. After that, they may turn to a collections agency or file a lawsuit to recover the funds specified in the document.

If the loan was secured, the lender may also have the right to seize the property put up as collateral if the borrower defaults. Clear documentation of the loan and its terms can make it much easier to collect since the courts consider the promissory note a legally binding document.

Transferability and Assignability

In a negotiable promissory note, the lender has the right to transfer, or assign, the right to collect on the loan to a third party. Transferring the loan would absolve the initial lender of the need to collect on the loan, shifting that right to another party.

A lender might, for example, choose to sell the note to a third party to collect the funds from the loan earlier than anticipated. Selling the loan would provide them with the funds they need immediately.

The borrower would then pay the new holder of the promissory note. In the case of a promissory note with payment on demand, selling the note could result in the note being called due earlier than anticipated.

In the case of a note with a set repayment schedule or date, however, the new holder of the note would need to hold to the initial terms of the loan.

Parties Involved

A promissory note is typically a contractual agreement between two parties – a borrower and a lender. The lender will provide the borrower with the amount listed in the promissory note and collect on the note at the predetermined time.

The borrower promises to repay the lender based on the terms of the promissory note. That may include payments over time, or it may mean that the borrower is responsible for repaying the full amount of the loan at a time named by the lender.

Interest Rates and Payment Terms

There are several ways to structure interest rates and payments for a personal loan. The promissory note should lay out expectations for repayment so that both parties will understand what is expected of them.

Fixed Versus Variable Interest Rates

Setting interest rates is often complicated. While the banks may have an average interest rate they assign for personal loans, a private loan may have interest rates determined by the borrower and lender.

Fixed interest rates are set at the time the loan is issued and remain the same for the duration of the loan. Variable interest rates, on the other hand, are changed or revisited at predetermined times throughout the loan’s lifetime and are often based on current market norms.

Variable interest rates often start lower than fixed rates but have the risk of increasing more than anticipated.

Repayment Terms

There are several strategies used to determine repayment terms. The one you choose may depend on the duration of the loan , payment amount, or even on the party to whom you are issuing the loan.

Lump sum repayments are made all at once, at the end of the loan.
Installment payments are made over time, rather than requiring the borrower to come up with the full amount of the loan all at once.
If the promissory note is due on demand, the lender must repay the borrower immediately, when requested.

Accrued interest

Accrued interest is determined by multiplying the loan’s outstanding balance by the interest rate and compounding it daily or monthly, thus increasing the total debt. This interest is added to the loan’s principal, raising the amount due.

Signing and Storing a Promissory Note

By carefully considering the legal requirements for signing and the best practices for storage, lenders and borrowers can safeguard the enforceability and accessibility of promissory notes.

Signing Requirements

Witness Requirements – The necessity for witnesses or notarization can vary depending on the jurisdiction. While not all states require a witness or notary for a promissory note to be enforceable, having a notarized document can add a layer of verification and legal validity.

State-Specific Requirements – Some states may have specific requirements regarding the execution of promissory notes, such as the need for certain disclosures to be included within the note or specific wording. It is important to consult legal advice to ensure compliance with local laws.

Secure Storage of Promissory Notes

Physical Storage – Keep the original signed document in a secure, fireproof, and waterproof location, such as a safe or safety deposit box. Ensure that both parties have copies of the signed note, but the original should be kept with the lender or in a mutually agreed-upon secure location.

Digital Storage – Scanning and storing a digital copy of the note can be a practical step for backup. Use encrypted digital storage solutions to protect the document from unauthorized access. Cloud storage services offer convenient access but ensure they comply with security standards and provide adequate privacy protections.

Access – Whether stored physically or digitally, the storage method should ensure that authorized parties can access the document when needed without compromising security. Establish clear procedures for retrieving the note, especially if stored in a safety deposit box or through a digital platform that requires password access.

Enforceability – The content of the note, such as the amount borrowed, interest rate, repayment schedule, and any collateral, should be clearly stated. Regular updates or amendments to the note should be signed and stored following the same protocols as the original.

The Consequences of Default in Personal Loan Promissory Notes

The consequences of defaulting on a loan laid out by a promissory note can, in many cases, be the same as when a borrower defaults on any other type of loan. The lender may decide to:

Work with a collection agency to recover the funds laid out in the loan. A collection agency may take possession of the note or pursue the funds for the lender.
File a lawsuit against the borrower. Filing a lawsuit can, in some cases, help the lender recover any outstanding balance.
Collect any collateral laid out in the loan agreement.

If the lender does take the loan to collections or file a lawsuit, it can have a significant impact on the borrower, including a decrease in their credit score. The borrower may also face financial repercussions for failing to repay the loan, including wage garnishment .

Note, however, that there can also be financial consequences for the lender when the borrower defaults on a loan. The lender may have to pay the collection agency for their services or allow the collection agency to purchase the promissory note at a discount, which means they may not be able to collect the full amount of the loan.

If the lender chooses to file a lawsuit, they may have to pay for the cost of a lawyer or the cost of court filing fees, which may ultimately lead to unanticipated, higher costs.

Alternatives to Promissory Notes

If you choose not to move forward with a promissory note, there are other strategies you can use to secure a personal loan. You might, for example, choose to use a simpler loan agreement , which might contain fewer terms or lack the ability to transfer it to another party.

Others may choose to provide collateral, which the lender would hold until the borrower returns the loan amount . While these strategies may prove beneficial, a promissory note offers a higher overall degree of legal protection.

The terms laid out in a promissory note protect both the borrower and the lender, ensuring that their financial futures remain as secure as possible and increasing the odds that both sides will adhere to the terms of the loan.

Laying out those legal terms, from the payment schedule to the date it comes due, is essential for protecting both parties. Before you sign a promissory note as either a borrower or lender, make sure you have a strong understanding of the terms and what they will mean for you.

Yassin Qanbar

Legal Content Editor

Yassin Qanbar is an SEO Content Editor at LegalTemplates, passionate about translating complex legal concepts into helpful, user-friendly information.

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Application for a Personal Loan (with Samples & PDFs)

I have listed sample templates to help you craft an effective and professional application for a personal loan.

Also, I would like to point out that you can also download a PDF containing all the samples at the end of this post.

Request for Personal Loan Application Approval

First, find the sample template for application for a personal loan below.

To, The Branch Manager, [Bank’s Name], [Bank’s Address], [City Name], [Pincode].

Subject: Application for Personal Loan

Respected Sir/Madam,

I, [Your Name], am a resident of [Your Residential Address] and have been a valued customer of [Bank’s Name] for the past [Number of years/months you have an account with the bank].

I am humbly writing this letter to apply for a personal loan of INR [Loan Amount] due to some urgent personal needs. I understand that the bank offers personal loans at an interest rate of [Interest Rate] which suits my budget and repayment capacity.

I am currently employed at [Your Company’s Name] for the past [Number of years/months you have been working] and my monthly income is INR [Your Monthly Income]. I am confident that I can repay the loan amount in [Number of Years/Months to Repay Loan] without any difficulty, through equal monthly installments.

I assure you that I will comply with all the terms and conditions set by the bank for this loan. I am enclosing the necessary documents required for the loan application process, including proof of income, proof of residence, and other relevant papers.

I kindly request you to process my loan application at the earliest. Please let me know if any further information or documentation is required from my side. I would be glad to provide the same.

Thank you for considering my application. Looking forward to a positive response.

Yours faithfully, [Your Name] [Your Contact Number] [Your Email ID]

Below I have listed 5 different sample applications for “application for a personal loan” that you will certainly find useful for specific scenarios:

Application for a Personal Loan for Medical Emergencies

To, The Branch Manager, [Your Bank’s Name], [Your Bank’s Branch Address],

Subject: Application for Personal Loan for Medical Emergencies

I, [Your Full Name], a long-standing account holder in your esteemed bank with the account number [Your Account Number], am writing this letter to request a personal loan due to a medical emergency.

My family member, [Relative’s Name], has been recently hospitalized and needs immediate medical attention for [Relative’s Health Condition]. The estimated cost of the treatment, as informed by the hospital, is about [Required Amount in INR]. Unfortunately, the sum is beyond my immediate financial capability.

In light of this, I humbly request your good office to grant me a personal loan of [Required Amount in INR] to cover the medical expenses. I assure you that I will adhere to the repayment terms and conditions as dictated by the bank. I am ready to provide any further information or documents that might support my loan application.

I hope for your understanding and positive response at the earliest, considering the urgency of the situation. I understand that your bank values its customers and their needs, and I am confident that you will provide me with the necessary financial assistance in this critical moment.

Thank you for your kind consideration.

Yours faithfully, [Your Full Name] [Your Contact Number] [Your Email ID] [Your Residential Address]

Date: [Current Date] Place: [Your City]

Application for a Personal Loan to Finance Home Renovations

To, The Branch Manager, [Bank Name], [Bank Address],

Subject: Application for a Personal Loan to Finance Home Renovations

Dear Sir/Madam,

I, [Your Full Name], am a customer of your reputed bank holding a savings account with the number [Your Account Number]. I am writing this letter to apply for a personal loan of INR [Loan Amount] for the purpose of renovating my home.

The house where my family and I reside is in need of significant repairs and improvements to ensure its livability and safety. The renovations include repairing the roof, painting, changing the plumbing system, and upgrading the electrical wiring. These renovations are of utmost importance to ensure the well-being and comfort of my family.

I have been an account holder of [Bank Name] for the last [Number of Years] years and have maintained a good banking record. My monthly income is INR [Your Monthly Income], and I believe I am capable of repaying the loan amount in easy monthly installments over a period of [Loan Tenure].

Attached with this letter are the necessary documents including proof of income, property documents, and a detailed estimation of the renovation costs. I kindly request you to consider my application and approve my loan request at the earliest possible.

Thank you for your understanding and consideration in this matter. I look forward to your positive response.

Yours faithfully, [Your Full Name] [Your Contact Number] [Your Email Address] [Your Residential Address]

Application for a Personal Loan for Higher Education Expenses

To, The Branch Manager, [Bank Name], [Bank Address], [City], [State], [Pin Code]

Subject: Application for Personal Loan for Higher Education Expenses

I, [Your Full Name], a resident of [Your Address], am writing this letter to apply for a personal loan to cover my higher education expenses. I have been accepted into [Name of the University], which is a prestigious institution recognized worldwide, for pursuing my [Type of Degree] in [Field of Study].

The total cost of my education, including tuition fees, living expenses, and other related costs is approximately INR [Total Cost]. I have managed to secure INR [Your Savings] through my savings and financial aid. However, I require an additional amount of INR [Required Loan Amount] to fully cover my expenses for the duration of my study, which is [Duration of Course] years.

I am confident that this investment in my education will result in a bright future, enabling me to secure a well-paying job and repay the loan in due time. I have always been a responsible individual and I assure you that I will adhere to the repayment schedule diligently.

Attached herewith are the necessary documents including, Proof of Admission, Cost Breakdown, Residential Proof, and Identification Proof for your kind perusal.

I humbly request you to consider my application favorably. If any additional documents or information is required, I would be more than happy to provide them.

Thanking you in anticipation of your positive response.

Yours faithfully, [Your Signature] [Your Full Name] [Your Contact Number] [Your Email ID] [Date]

Application for a Personal Loan to Consolidate Debt

To, The Branch Manager, [Bank Name], [Branch Address], [City], [Postal Code]

Subject: Application for a Personal Loan to Consolidate Debt

I, [Applicant’s Full Name], a resident of [Applicant’s Address], am writing this letter to formally apply for a personal loan. I am a loyal customer of your bank for the past [number of years] years and hold a savings account with the account number [Account Number].

My purpose for this loan is to consolidate my existing debts. I currently have multiple loans which include a home loan, car loan, and some credit card debts, the total of which amounts to INR [Total Debt Amount]. The interest rates on these loans are quite high, and it has become a financial burden to manage these multiple debts simultaneously.

Therefore, I humbly request a personal loan of INR [Requested Loan Amount], which I plan to use to pay off all these outstanding debts. By doing this, I will only have one loan with a single interest rate to manage, thus easing my financial strain.

I am a [Your Occupation] at [Your Company’s Name] and my monthly income is INR [Your Monthly Income]. I am confident in my ability to repay the loan in a timely manner and am willing to provide any further financial information or documents that may be required to process this loan application.

I hope you will consider my application favourably and help me streamline my financial situation. I am looking forward to a positive response from you at your earliest convenience.

Thank you for your time and consideration.

Yours sincerely,

[Your Name] [Your Contact Number] [Your Email Address] [Date]

Application for a Personal Loan for a Vacation Trip

To, The Branch Manager, [Name of the Bank], [Branch Name and Address],

Subject: Application for Personal Loan for Vacation Trip

I, [Your Full Name], have been a loyal customer of [Bank’s Name] for the past [number of years] years. I hold a savings account in your esteemed bank, account number [Account Number]. I am writing this letter to formally request a personal loan of INR [loan amount] for the purpose of financing a vacation trip.

I have planned a family vacation trip to [Destination Name], which is a much-needed break for us. However, the total cost of the trip is slightly beyond my current financial capacity. Hence, I am seeking financial assistance in the form of a personal loan.

I have a stable job with [Your Company Name], where I have been working for the past [Number of years/months] years/months. I am confident in my ability to repay the loan amount along with the interest in a timely manner. I am ready to comply with any terms and conditions put forth by the bank in sanctioning this loan.

I kindly request you to process this application at the earliest and provide the necessary details regarding the loan approval process. I am ready to provide any further details or documents required for the same.

Thank you for considering my application. I hope to receive a positive response at the earliest.

Yours faithfully,

[Your Full Name] [Your Contact Number] [Your Email Address]

How to Write Application for a Personal Loan

Some writing tips to help you craft a better application:

Start with your full name and contact details.
Specify the loan amount you need and the purpose of the loan.
Explain your current financial situation and income source.
Highlight your credit history and score, if it’s good.
Describe your plan to repay the loan.
Mention any collateral you have, if applicable.
Include references, like your bank, if you’ve got any.
End with a polite appeal for loan approval.
Proofread your application for errors.
Sign and date the application.

Request Letter to Bank Manager for Personal Loan – Sample Application Letter for Personal Loan

To, The Bank Manager, ___________ (Name of the Bank), ___________ (Address of the Bank)

Date: __/__/_____ (Mention Date)

Subject: Application for Personal loan

Respected Sir/Madam,

With due respect, my name is ___________ (Mention Name) and I am a resident of ______________ (mention your address).

I am writing this letter with the utmost respect to inform you that I am willing to apply for a personal loan in my name __________ (mention your name). I am looking forward to applying for a loan of __________ (mention amount) with a tenor of ___________ (mention tenor). I am _________ (mention your profile). I am ready to proceed with all required documentation and formalities.

It is to request you kindly guide me throughout the procedure. I shall be highly obliged for your kind support.

Yours faithfully, ______________ (Signature) ______________ (Name) ______________ (Address) ______________ (contact)

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13+ Loan Application Letter Templates

Thinking of asking for a loan? Opening up a business and need the extra money to kick your idea into existence? Loan applications form are a standard piece of document that is significant when asking for a sample loan , and in this website, we provide you with ample of application letter templates for loan to choose from and use.

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Tips before Filling for a Loan

Why do I need the loan for?
How will it help my business?
How will I spend it?
Who will manage the loan?
Start by filling up the basics, such as the type of business, the name, contact numbers, and the legal structures.
Typically after the application, there will an agreement concerning fees associated with the loan. These should be discussed personally with the lender.
Be sure to double-check that every question is filled. If anything is amiss, the application might end up with the underwriter and may be delayed.
Be sure to bring plenty of back up documents when meeting personally the lender. These documents include a resume, a credit report templates, past tax returns, the business plan templates, and balance sheets .
Do not be afraid to include too much information so that there would be an assurance of confidence from you lender that it is strictly business and is legitimate.

More in Letters

Loan requisition letter, loan application letter template, simple loan application letter template, loan application letter to employer template, loan application letter for school fees template, loan application letter to bank manager template, loan application letter for house rent template, loan application letter from employee template.

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How to Write a Loan Application Letter in Nigeria

Do you find it difficult to write a loan application letter or you are clueless about how to go about the process?

No need to fret, you have come to the right page for a solution.

It is not surprising that a lot of Nigerians apply for loans in various financial organisations ranging from commercial banks, and microfinance banks, and that online loan apps are on the increase in Nigeria.

Due to the current economic hardship coupled with debts incurred by some Nigerians, to settle their debts, they simply look forward to applying for a loan as a solution to their problems.

Nigerians apply for loans for different reasons and purposes. Some for their businesses, education, to pay off debt while some apply for loans to “japa”.

If you’re looking to apply for a loan here in Nigeria, in simple steps, I’ll guide and put you through how to write a loan application letter in Nigeria.

Table of Contents

Applying For a Loan in Nigeria

Firstly, you need to have a plan, ask yourself the question “what do I need this money for?”

Will the business you’re planning to venture into be productive enough to pay back the loan you’re applying for in the bank?

If you don’t have a plan, at the end of the day, when you write the application for a loan, you often find it difficult to pay back the loan.

This is why some of these loan sharks make public the loan defaulters personal details on social media platforms creating public embarrassment to the defaulters and the people close to them.

Steps in Applying for a Loan

The major thing you should look out for as you’re about to apply for a loan in Nigeria is the financial institution you want to go for.

Put in mind their interest rates, the loan duration (how long will it take for you to pay off?).

Read properly the T&Cs, and read it line by line before you append your signature.

Lots of Nigerians applying for loans make the mistake of not going through the terms and conditions thoroughly, you definitely don’t want to make this mistake to avoid “had I known?”

Don’t be too eager, I repeat, don’t be too eager.

Just recently someone told me something I want you to pick from, she said “one of the policies in giving loans is not to give a loan to a customer that is too eager, the one who never lets you rest”.

Read also: How to get loans without a salary account or collateral.

How to Write a Loan Application Letter

Writing a loan application letter in Nigeria is quite simple as you can refer to the letters you wrote while in school.

Your loan application letter should be well detailed and concise, not verbose.

There are two things to consider here, are you applying for personal use or for your company?

If it is a personal loan, it is simple, all you have to do is to walk into any bank of your choice to make some findings.

Make sure you get a clean sheet of paper (A4 Paper), your identity card (work id is included), a letter of introduction from your working place if you’re an employee of an organisation.

I’ll list out in bullet points what should be included in your loan application letter so you won’t make any mistakes or leave any information out of your loan application letter.

NOTE: You’re writing a formal letter, not an informal letter.

The bank’s address (include the branch manager if you’re addressing the letter to him/her. This should be on the left side of your A4 paper.
Your address should be on the right side of your letter.
Under the address to the bank, “Dear Ma/Sir” should be written.
Heading: You should provide heading to your loan application letter. See more details in the samples below.
Body of your letter: You should explain in detail the reason and the duration.

Read also: Top banks in Nigeria for entrepreneurs.

Samples of a Loan Application Letter

Below are samples of loan application letters for an individual/personal use:

To the Branch Manager,

United Bank for Africa,

Lebanon Dugbe,

23rd April 2009.

40, Boladuro Street,

Challenge Ibadan,

Dear Ma/Sir,

LOAN REQUEST

I (your name), with the account number (×××××××××) wish to request for a loan in your business office.

I look forward to hearing from you soon.

Thanks in advance.

Yours faithfully,

(Signature)

(Phone number).

Applying for a loan in the name of your company? Ensure you have a great turnover with the bank to get a good loan.

The letter for loan application should be on your company’s letterhead. You can’t apply for a loan in Nigeria as a company on a plain sheet of paper.

XYZ CONSULTING FIRM LTD.

+234***********, 40 Boladuro Street Challenge Ibadan. Oyo State.

To the Branch Manager,

No 40 Boladuro Street,

Dear Sir/Ma,

Our company (name), with the account number (×××××××××) wishes to request for a loan in your business office to get some equipment for our business.

Sponsor your business on Insight.ng for a wider reach of your target audience.

Applying For a Loan on Your Mobile Phone

Do you know you can pick up your phone and apply for that loan you’ve been searching for?

Simply visit the Play Store/Apple store app, there are lots of applications offering loan services.

From Okash to New Credit, Fairmoney, 9ja Cash, Soko Loan and a host of others.

It is not surprising that some Nigerians prefer to apply for a loan using these mobile applications than walking into the bank.

Everyone wants comfort and a very easy experience.

Once you download the application of your choice, you click on the register button (all your information would be recorded together with your bank verification number).

While some Nigerians don’t like to apply for a loan from these Loan apps, due to the embarrassment/disgrace they put people through if they fail to make payment after the payback day, some apply for the loan and pay back in due time.

Read also: Top 10 best loan apps in Nigeria.

Conclusion

I hope you’ve learnt a thing or two from this article on how to write a loan application letter in Nigeria.

Whenever you’re in a fix or there’s something really urgent you need money to settle, you can simply visit any bank branch to make enquiries on the type of loan product they have to offer, or make use of online apps.

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Angela Ajani

Give her books and you've made her day. Ajani Angela is a graduate of History and International Studies from Bowen University, currently pursuing her Masters Degree in Peace and Conflict Studies at the University of Ibadan. Angela loves to read and meet new people. Her interests are not limited to just education; she also loves to offer advice to people going through a lot. Angela loves to hear from readers. You can email her at [email protected] .

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1. Payday Loans

2. no-credit-check loans, 3. unsecured personal loans, 4. retirement plan loans, 5. pawnshop loans, alternatives to easy loans, the bottom line.

Personal Loans

What Are the Easiest Personal Loans To Get Approved for?

Certain types of loans have minimal requirements and offer fast funding, but they are often more expensive as a result

If you need to borrow money, you may be able to get a fast and easy loan or a cheap loan, but probably not both. The easiest loans to get approved for may help you get the cash you need quickly, but there are pitfalls to avoid as well as fine print that you should read carefully before you move forward.

Key Takeaways

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans.
Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Before you apply for an emergency loan, make sure you read the fine print so you know exactly what your costs will be.

Payday loans are a type of funding that require you to pay back what you owe on your next payday, hence the name. According to the Consumer Financial Protection Bureau (CFPB) , there are no set rules that govern which loans are considered payday loans, although all loans in this category tend to be short-term in nature and exorbitantly expensive.

Most payday loans are for $500 or less, and these loans require a postdated check that has you paying off the loan balance the next time you expect to get paid by an employer or through other means like Social Security . The biggest problem with payday loans is the fact that, because they’re often short-term with no credit check required, borrowers can wind up paying interest rates of 400% or higher in the end. Because of the high costs, payday loan users often get caught in a payday loan “trap,” where they are stuck borrowing over and over again to keep up with expenses and bills.

No-credit-check loans can also be referred to as bad credit loans , mostly because they are taken out by people who couldn’t get approved based on their credit score . Because most lenders require a minimum credit score of at least 670 for traditional personal loans, this means no-credit-check loans are geared to borrowers with scores below that range.

Despite the fact that these loans are easy to get approved for, bad credit loans can be punishing due to their incredibly high costs. In fact, interest rates on some no-credit-check loans can be as high as 160% with some lenders .

If you have a fair credit score, which includes FICO scores from 580 to 669, you may be able to qualify for an unsecured personal loan from a traditional lender. However, individuals with scores at the lower end of that range will find fewer available options overall, and they may not like what they see when they check.

For example, OneMain Financial , is known for offering unsecured personal loans for individuals with imperfect credit. However, interest rates for their installment loans can be as high as 35.99%, and they charge origination fees of up to 10% of the loan amount.

Because unsecured personal loans for fair credit come with less-than-ideal terms, they are often referred to as emergency loans . This means you should only get one in an emergency, if you truly need the money, and if better options aren’t available when you need them.

If you desperately need money and you have some retirement savings built up in a traditional plan, you may be able to borrow from your own assets. With a 401(k) loan , for example, you can borrow from your account balance without a credit check. From there, you pay back what you borrowed to your own account, plus interest , over time.

That said, the Internal Revenue Service (IRS) has some warnings about 401(k) loans:

First off, not paying back the loan according to its terms can mean the money you borrow becomes a distribution from your account.
You also may be required to pay back the loan in full almost immediately if you leave your job.
You’re also siphoning funds from your account that are supposed to be compounding over time to help pay for your retirement.

For all these reasons and others, borrowing from your 401(k) should only be done as a last resort.

Finally, you also can “pawn” items you don’t need at a pawnshop and get access to cash that way. This move has you agreeing to loan terms that are never in your favor, although the rates and terms of pawnshop loans vary widely.

When you pawn an item, or let a pawnshop hold it temporarily in exchange for cash, you won’t get anywhere close to the value of your item. The pawnshop also has the right to sell your item if you don’t repay the loan based on the original terms that you agreed to.

That said, pawnshop loans don’t require a credit check and are easy to get approved for if you have anything of value that you can stand to lose. For example, you could take out a pawnshop loan with old jewelry or electronics as collateral .

If you want to avoid overpaying when you borrow, your best bet is looking for more traditional loan options. Alternatives to easy loans include the following:

Banks and credit unions : Local banks and credit unions may offer funding options that you can qualify for, and all you have to do is inquire to find out. That said, you may have better luck getting approved for the best personal loans if you apply with a bank or credit union that you have an existing relationship with.
Borrow from family or friends : Ask family members and friends if they will lend you money for emergency use. Keep in mind that you may be putting your relationship on the line if you fail to pay the money back.
Credit cards : If you need a line of credit that you can use to make purchases or pay bills, a credit card can be a valuable tool. Just remember that the best credit card options go to those with good credit, and that credit cards for fair credit and bad credit charge higher interest rates and more fees.
Online lenders : A range of online loan companies offer personal loans that can be secured or unsecured. Most also make it easy to apply online, and some let you “check your rate” and gauge your approval odds before you formally apply.
Payment plan : If you owe money to a lender or any other company, you can always ask about payment plans. For example, it’s not uncommon for hospitals and other medical providers to offer payment plans for services rendered.

What Is the Lowest Credit Score Required to Borrow Money?

Some lenders let you borrow money with no credit check required , meaning you can get approved with no credit score or a very low score. However, rates and fees for bad credit loans tend to be significantly higher.

How Long Does It Take to Get Loan Funds?

How long it will take to get loan funds varies depending on the lender, but some lenders offer fast loan funding in as little as a few business days.

What Is the Easiest Bank to Get a Personal Loan from?

The easiest bank to get a personal loan from varies based on your income, credit history , and where you live. To find out which lenders might approve you, look for companies that let you “check your rate” and gauge your approval odds before you apply.

How Do People Use Personal Loans?

Investopedia commissioned a national survey of 962 U.S. adults between Aug. 14, 2023, to Sept. 15, 2023, who had taken out a personal loan to learn how they used their loan proceeds and how they might use future personal loans. Debt consolidation was the most common reason people borrowed money, followed by home improvement and other large expenditures.

The easiest loans to get approved for are rarely the best. You might actually be able to get several loans of this type . After all, lenders that don’t require decent credit or even a credit check have to charge higher interest rates and more fees to account for the additional risk they take on, so they likely are benefiting from making a number of such loans available.

With that in mind, you should only take out a personal loan if you absolutely have to—and if you know for a fact you can pay the money back, plus interest and fees, in a reasonable amount of time. If you borrow more than you need and can’t make payments , you can wind up paying more than you should and ruining your credit score along the way. Ultimately, that’s why you should avoid easy loans and wait it out until you can qualify for more affordable loan options if you possibly can.

Consumer Financial Protection Bureau. “ What Is a Payday Loan? ”

Consumer Financial Protection Bureau. “ What Are the Costs and Fees for a Payday Loan? ”

myFICO. “ What Is a Credit Score ?"

OneMain Financial. “ Personal Loans .”

OneMain Financial. “ Loan Amounts and Fees Page .”

Internal Revenue Service. “ Considering a Loan from Your 401(k) Plan ?"

EZPAWN. “ Loans with No Credit Check .”

Experian. “ Why Do Higher Credit Scores Mean Better Interest Rates ?"

Consumer Financial Protection Bureau. “ What Should I Know About Medical Credit Cards and Payment Plans for Medical Bills ?"

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Loan Reconsideration Letter Sample: Free & Effective

Whether you’re facing a loan denial or looking to negotiate better terms, the strategies and customizable template provided here will empower you to present your case convincingly.

Key Takeaways

Understand the Purpose : Know that a reconsideration letter is your chance to present additional information and clarify misunderstandings.
Personalize Your Letter : Tailor your appeal to your specific situation, showing how circumstances have improved or were previously misrepresented.
Be Concise and Clear : Ensure your letter is straightforward, focusing on facts and respectful requests.
Provide Supporting Documents : Attach relevant financial documents or other evidence to strengthen your case.
Follow Up : Don’t hesitate to follow up if you don’t hear back within a reasonable time frame.

Step-by-Step Guide to Writing a Loan Reconsideration Letter

Step 1: understand why your loan was denied.

Before penning your letter, it’s crucial to grasp why your loan application was unsuccessful. This insight will guide your appeal, allowing you to address specific concerns directly.

Step 2: Gather Your Documents

Preparation is key. Compile all relevant financial statements, credit reports, and any other documents that can substantiate your case. These will be vital in demonstrating your financial stability or improvements in your circumstances.

Step 3: Start with a Formal Structure

Begin your letter with a formal salutation, addressing the lender or the appropriate department. Clearly state the purpose of your letter in the opening paragraph, mentioning your loan application and the desire to request reconsideration.

Step 4: Present Your Case Clearly

In the main body, detail the reasons for your request. Be honest about past financial challenges while emphasizing positive changes or corrections to previously submitted information. Use bullet points or numbered lists for clarity.

Step 5: Attach Evidence

Trending now: find out why.

Support your assertions with attached documents. Whether it’s proof of improved income, corrected data, or other relevant information, make sure it’s organized and easy to reference.

Step 6: Be Respectful and Optimistic

Throughout your letter, maintain a tone of respect and optimism. Express your willingness to work with the lender and your hope for a favorable review.

Step 7: Conclude with a Call to Action

End your letter by thanking the recipient for their consideration and stating your availability for further discussions or to provide additional information.

Step 8: Proofread and Send

Before sending, review your letter for any errors or omissions. A well-written, error-free letter reflects your seriousness and attention to detail.

Tips from Personal Experience

Timing is Everything : Don’t delay writing your letter. The sooner you address the denial, the more proactive you appear.
Be Specific : General statements won’t make an impact. Provide specific examples and numbers to back up your claims.
Follow Up : If you haven’t received a response within a couple of weeks, a polite follow-up can underscore your interest and initiative.

Loan Reconsideration Letter Template

[Your Name] [Your Address] [City, State, Zip] [Date]

[Recipient’s Name] [Lender’s Name] [Address] [City, State, Zip]

Subject: Request for Reconsideration of Loan Application [Application Number]

Dear [Recipient’s Name],

I am writing to respectfully request a reconsideration of my recent loan application, which was declined on [Date of Denial]. After reviewing the reasons provided, I believe that additional context and information may affect the decision.

[Body of the letter: Detail the reasons for your request, provide specific examples, and attach any relevant documents.]

I sincerely appreciate your time and consideration of my request. I am hopeful for a second review of my application and am more than willing to provide any additional information required.

Thank you for your attention to this matter.

Sincerely, [Your Name]

In Conclusion

Writing a loan reconsideration letter is your opportunity to directly address and rectify any issues that led to your loan denial. By following these steps and personalizing your letter with genuine explanations and supporting evidence, you increase your chances of a favorable outcome.

I’d love to hear your thoughts or experiences with loan reconsideration letters. Have you written one before? Did you find a particular strategy effective? Feel free to share your stories or ask questions in the comments below!

Frequently Asked Questions (FAQs)

Q: What is a loan reconsideration letter?

A: A loan reconsideration letter is a formal request sent to a lender asking them to reevaluate a loan application that was previously denied. It provides an opportunity for the applicant to present new or corrected information that might influence the lender’s decision.

Q: When should I write a loan reconsideration letter?

A: You should write a loan reconsideration letter soon after receiving the notice of loan denial, especially if your financial situation has improved or if there were errors in your initial application that have been corrected.

Q: What should I include in a loan reconsideration letter?

A: Your letter should include your personal details, the details of your loan application, a clear request for reconsideration, the reasons your loan was initially denied, any new or corrected information that addresses these reasons, and any supporting documentation.

Q: How long should my loan reconsideration letter be?

A: Keep your letter concise and to the point, ideally not exceeding one page. It’s important to be clear and direct, presenting only the relevant information.

Q: Can I submit a loan reconsideration letter via email?

A: This depends on the lender’s policy. Some lenders might accept an email, while others may require a physical letter. Always check with your lender for their preferred method of communication.

Q: How do I format a loan reconsideration letter?

A: Format your letter like a standard business letter. Start with your contact information, date, lender’s contact information, a formal salutation, followed by the body of your letter, and a professional closing.

Q: What tone should I use in a loan reconsideration letter?

A: Maintain a professional, respectful, and polite tone throughout the letter. Avoid sounding confrontational or emotional, and focus on presenting factual information.

Q: Should I follow up after sending a loan reconsideration letter?

A: Yes, it’s advisable to follow up if you haven’t received a response within a reasonable timeframe. This shows your continued interest and can prompt a quicker review of your reconsideration request.

Q: What are the chances of success with a loan reconsideration letter?

A: The success of a loan reconsideration letter depends on several factors, including the reasons for the initial denial, the new information provided, and the lender’s policies. There is no guarantee of success, but presenting a strong case can improve your chances.

Q: Can a loan reconsideration letter negatively impact my credit score?

A: Writing a loan reconsideration letter itself does not impact your credit score. However, if the lender decides to perform a hard inquiry as part of the reconsideration process, it may have a minor and temporary impact on your score.

Q: How do I write a SBA reconsideration letter after my initial loan application was denied?

A : I focused on clearly stating my case for reconsideration, providing detailed explanations and any new information that might affect their decision.

I also made sure to adhere to the SBA’s guidelines for such letters, keeping my tone professional and my content concise.

Q: What essential elements should I include in my SBA reconsideration letter to improve my chances?

A : In my letter, I ensured to include specific details about my business, the reason for the initial denial, any supporting financial documents, and how additional funding would support my business. This approach made my letter more compelling and personalized.

Q: How long did it take to get a response after submitting my SBA reconsideration letter?

A : After submitting my reconsideration letter, it took about 45 days to receive a response. I learned that patience is key, as the SBA thoroughly reviews each case, but it was worth the wait to secure the necessary funds for my business.

Q: Can I seek assistance in writing my SBA reconsideration letter to ensure it’s effective?

A : I sought help from a business advisor to refine my SBA reconsideration letter, ensuring it was cogent and professionally presented.

Their expertise helped me highlight the key points that needed to be addressed to make a stronger case for my business.

Q: What mistakes should I avoid when writing my SBA reconsideration letter?

A : I learned to avoid common pitfalls such as being overly emotional, neglecting to provide sufficient evidence, or failing to address the specific reasons for the initial denial. Keeping the letter factual and focused improved my chances significantly.

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Securing a job in today’s competitive job market is pretty challenging, a well-written job application letter can make all the difference in landing a dream job. It serves as your first introduction to your potential employer and offers a valuable opportunity to showcase your qualifications, skills, enthusiasm, and suitability for the role.

To explore the ins and outs of writing a job application letter, and how to make a strong impression with it, check out this blog. This blog will show you how to write an exceptional job application letter that will help you stand out from the competition.

A job application letter is commonly referred to as a cover letter. This letter of application is a document that is sent along with your resume when you apply for a job. Its main purpose is to introduce yourself to the potential employer or hiring manager, providing an opportunity to present your skills, qualifications, and experience that are relevant to the job you’re applying for. Additionally, it aims to persuade the hiring manager to consider you for the role.

Therefore, a strong job application letter serves as your ultimate gateway to your dream job.

Components of a Job Application Letter

To draft an outstanding application you need to follow the right step to write a letter. Therefore, here are the key components that you should follow:

Include your contact information and the date at the top of the letter, followed by the employer’s contact details.

Begin your letter with a formal greeting to the hiring manager. It’s best to address the letter with the name of the hiring manager. For this, it’s advisable to call the company and ask for the hiring manager’s name as it would look professional. Alternatively, use a generic salutation like “Dear Hiring Manager”.

Craft a standout introduction to build that positive impression from the start of your letter. Your introduction should highlight your relevant skills, experiences, and achievements that make you a suitable candidate for the job.

Highlight what value you can bring to the company with this position. Talk about why you’re the perfect fit for the job; this way, you can showcase your professional skills and stand out from other applicants.

Express your enthusiasm for the position and reiterate your interest in the opportunity. Also, thank the employer for considering your application. End the letter with professional closing for example: “Yours sincerely”, “Best regards”, or “Thanks for your consideration”, followed by your name and signature.

Read More: All You Need to Know About Resume Headlines – With Example

Tips on How to Write a Job Application Letter

Customize your application letter for the job; formally, it’s best to follow the key components that we discussed above. This way, you can tailor your application letter to each job, highlighting the qualifications and experiences most relevant to the position.

Show your understanding of the company and its values in your application letter as this shows that you are aware of what the company does, and your genuine interest in the position.

Though you have a lot to say and express in your letter, do not go over the board, keep it concise and to the point, focusing on key skills and experiences that align with the role.

It sometimes happens that the hiring manager may not read the entire letter but rather would just find the relevant keywords that match the job requirements. Additionally, incorporating keywords will also help your application stand out to applicant tracking systems (ATS).

Finally, once you have drafted your outstanding job application letter, give a quick check on the grammatical errors to ensure the letter is professionally well formatted without any blunders.

Best Job Application Letter Format (Example Templates)

Subject: Application for the Role of [Job Title] at [Company Name]

I am writing to express my interest in the [Job Title] position listed on [where you found the job posting]. As a recent graduate from [University/College Name], I am excited about the opportunity to contribute to [Company Name] and grow both personally and professionally.

During my academic studies, I developed strong skills in [relevant skills or coursework]. I am particularly drawn to [specific aspect of the company or job description] and am eager to apply my knowledge and enthusiasm to support [Company Name]’s goals.

I am highly motivated and detail-oriented, and I possess excellent communication skills. I am confident that my academic background and passion for [industry or field] make me a strong candidate for this position.

Thank you for considering my application. I look forward to the opportunity to discuss how my skills and experiences align with the needs of [Company Name].

Best regards,

[Your Name]

Subject: Job Application for [Job Title] Position at [Company Name]

Dear [Hiring Manager’s Name],

I am writing to apply for the [Job Title] position at [Company Name], as listed on [where you found the job posting]. With over [number of years] years of experience in [relevant industry or field], I am excited about the opportunity to bring my expertise to your esteemed organization.

In my current role at [Current Company], I have successfully [mention key achievements or responsibilities]. These experiences have equipped me with strong skills in [relevant skills or competencies], including [specific skills mentioned in the job description].

I am particularly drawn to [specific aspect of the company or job description], and I am confident that my background in [relevant experience or industry] aligns well with the needs of [Company Name].

Thank you for considering my application. I am eager to further discuss how my qualifications and experiences can contribute to the continued success of [Company Name].

Yours Sincerely,

Subject: Expressing Interest in [Job Title] Position at [Company Name]

I am writing to express my interest in the [Job Title] position at [Company Name], as posted on [where you found the job posting]. With [number of years] years of experience in [relevant industry or field], I am confident in my ability to contribute effectively to your team.

In my previous role at [Previous Company], I [briefly mention key responsibilities or achievements]. These experiences have honed my skills in [relevant skills or competencies], and I am eager to apply them to drive success at [Company Name].

I am particularly impressed by [specific aspect of the company or job description], and I am excited about the opportunity to collaborate with the talented team at [Company Name].

Thank you for considering my application. I look forward to the possibility of discussing how my background and expertise align with the needs of your organization.

Read More: Resume Headline For Freshers: 30+ Examples and Tips

Now that you’ve reached the end of this article, you understand that a well-written job application letter can significantly enhance your chances of securing an interview with your dream company in this challenging job market. Therefore, follow these tips, key components, and templates to draft a successful job application letter that impresses your hiring manager. With the right approach, you’ll be one step closer to your next career opportunity.

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Letter To The Bank Manager For Loan Certificate
How to Write an Effective Job Application Letter
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loan application letter
Follow-Up Letter For Loan Application
How to write an application for Study Loan for student

COMMENTS

16 Loan Application Letter Samples
City, State, Zip Code. RE: Loan Application for $100,000. Dear [Loan Officer's Name], I am writing to formally request a loan of $100,000. As a loyal customer for the past 20 years, I have always trusted this institution with my financial needs, both in my personal savings and checking accounts.
Personal Loan Request Letter Sample: Free & Effective
Conclude your letter by thanking the lender for considering your request. Reiterate your contact information, making it easy for them to follow up with you. Example: "Thank you for considering my loan request. I am eager to discuss this further and am available at your convenience. You can reach me at (555) 555-5555.".
20 Best Loan Application Letter Samples (Guide and Format)
It should include: Your name and contact information: Make sure to include your full name, address, and contact information. This should include a mailing address with a zip code, a business email address, and your cell phone number where you can be reached. The date: Include the month, day, and year of the letter.
How to Write a Loan Application Letter (with Samples)
The first and most important element of your business or personal loan application letter should be a header and an appropriate greeting. In your header, include the following details: Your name. Your business names. The physical address of your business. Business telephone and cell phone numbers.
How To Easily Write A Promissory Note For A Personal Loan To ...
Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like eForms or LegalZoom. At its ...
Request Letter for personal loan
Sample Request Letter For Personal Loan Writing Tips. First and foremost, it is vital to mention the reason for asking for a personal loan. The wordings of the letter should be polite enough to support your request. The tone of the letter should be formal. Once you are through writing the letter, please recheck the same for grammatical mistakes ...
Bank Loan Request Letter Sample: Free & Effective
Crafting Your Letter: A Step-by-Step Guide. 1. Gather Necessary Information. Understand the loan requirements. Prepare financial statements and business plans. 2. Start with a Professional Format. Use a formal business letter format. Include your contact information and the date.
Writing a Good Loan Application Letter (with Sample)
Address of Bank or Lending Institution. City, State, Zip Code. RE: Application for loan of $50,000. Dear Name of Loan Officer: This letter is a formal request that you favorably consider my loan application. I have been a patron of this bank for the past 20 years.
How to Apply for a Personal Loan
Applying for a loan starts with checking your credit and pre-qualifying to compare personal loan offers. Many or all of the products featured here are from our partners who compensate us. This ...
22+ Sample Loan Application Letters
First, the borrower is made to fill out a loan application form which is prepared by the lender. The aspects which are to be included in the loan application form are the following: The payment method, whether personal, through a check, online banking, etc. The number of times the payment is going to be made.
Promissory Notes for Personal Loan: How to Write
Promissory notes serve as binding legal agreements between lenders and borrowers, making them an ideal vehicle to lend money for personal reasons. With a promissory note, the terms of the loan are documented, which means that both parties know exactly what to expect when it comes to repayment, interest, and any other concerns that may arise.
How to Fill Out a Personal Loan Application
Submit the Application. Finally, review all the information you provided to make sure it's accurate. Also be sure to check that you've provided all of the required information. If you're ...
Application for a Personal Loan (with Samples & PDFs)
Subject: Application for Personal Loan. Respected Sir/Madam, I, [Your Name], am a resident of [Your Residential Address] and have been a valued customer of [Bank's Name] for the past [Number of years/months you have an account with the bank]. I am humbly writing this letter to apply for a personal loan of INR [Loan Amount] due to some urgent ...
Request Letter to Bank Manager for Personal Loan
Subject: Application for Personal loan. Respected Sir/Madam, With due respect, my name is _____ (Mention Name) and I am a resident of _____ (mention your address). I am writing this letter with the utmost respect to inform you that I am willing to apply for a personal loan in my name _____ (mention your name).
Loan Application Letter Templates
When you are writing a Loan Application Letter, you need to write to the right authority. If you are working in a company, you can write a Loan Application Letter addressing your Hr. ... 7+ Sample Personal Reasons Resignation Letters in PDF | Word | Google Docs | Apple Pages: 7+ Cover Letters For Internships: 21+ Appeal Letter Examples: 10 ...
How To Write A Loan Request Letter (With Example And Tips)
Follow the steps to write a letter for loan approval: 1. Add basic information about the business. The first step to drafting a communicative, informative and persuasive business loan request letter is to begin with a header and a greeting. An effective header includes some lines, providing the basics of your business loan request.
Sample Loan Application Letter
In this loan application letter sample, the owner of a decorating business is requesting a loan in the amount of $25,000.00 to expand her warehouse space. She includes information regarding her business success to inspire interest in her loan application. I am requesting a business loan in the amount of $25,000.00 for the purpose of expanding ...
Sample Loan Request Letter To Employer: Free & Effective
Your loan request letter should include: Introduction: Briefly introduce yourself and your position in the company. Statement of Purpose: Clearly state that you are requesting a loan. Explanation of Need: Detail the reason for the loan request. Loan Amount and Repayment Plan: Specify the amount needed and propose a feasible repayment plan.
Writing a Strong Bank Loan Request Letter (with Samples)
Re: Bank loan request for $50,000. Dear Lender's Name, The aim of this letter is to request a small business loan of $50,000 to improve and upgrade my restaurant. My business is registered and approved by the health department. I have been in business for the past five years and have shown a profit each year.
How to Write a Loan Application Letter in Nigeria
This should be on the left side of your A4 paper. Your address should be on the right side of your letter. Under the address to the bank, "Dear Ma/Sir" should be written. Heading: You should provide heading to your loan application letter. See more details in the samples below.
What Are the Easiest Personal Loans To Get Approved for?
Key Takeaways. Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval ...
Loan Reconsideration Letter Sample: Free & Effective
Dear [Recipient's Name], I am writing to respectfully request a reconsideration of my recent loan application, which was declined on [Date of Denial]. After reviewing the reasons provided, I believe that additional context and information may affect the decision. [Body of the letter: Detail the reasons for your request, provide specific ...
How to Write a Job Application Letter
Sample 1: Job application letter for fresher. Subject: Application for the Role of [Job Title] at [Company Name] I am writing to express my interest in the [Job Title] position listed on [where you found the job posting]. As a recent graduate from [University/College Name], I am excited about the opportunity to contribute to [Company Name] and ...

How to Write a Loan Application Letter (with Samples)

What is a Loan Application Letter?

The Loan Application Process

Pre-qualification stage

Loan application

Application processing

Essential Elements of a Loan Application Letter

Header and greetings

Business Loan Request Summary

Basic Details about your Business

The purpose of the business loan

Proof that you’ll be able to fully repay the loan

Sample: Loan Application Letter

Sample 2: Personal Loan Application Letter

Do’s and Don’ts of Writing a Loan Request Letter

Things to Remember When Writing a Loan Application Letter

Free Loan Application Letter Templates

Related Documents

Sample Request Letter for personal loan

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Sample Request Letter For Personal Loan Template

Sample Letter

Email Format

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How to Apply for a Personal Loan

Step 1: Check your credit

Step 2: Pre-qualify and compare offers

Step 3: Choose your lender and loan

Step 4: Gather loan documents

Step 5: Submit your application and get funded

How does my credit score impact personal loan offers?

How do I see my credit score for free?

Will pre-qualifying affect my credit score?

What do I need to pre-qualify for a personal loan?

How long will it take to pre-qualify?

What do I need for my loan application?

Promissory Note for Personal Loan: A Comprehensive Guide

Understanding Promissory Notes

How Promissory Notes Work

Friends and Family

How to Write a Personal Loan Promissory Note

Step 1 – Include All Relevant Information

Step 2 – Determine Whether the Document Is Negotiable

Step 3 – Get Signatures From All Parties Involved

Key Features of a Promissory Note

Legal Implications and Enforcement

Transferability and Assignability

Parties Involved

Interest Rates and Payment Terms

Fixed Versus Variable Interest Rates

Repayment Terms

Accrued interest

Signing and Storing a Promissory Note

Signing Requirements

Secure Storage of Promissory Notes

The Consequences of Default in Personal Loan Promissory Notes

Alternatives to Promissory Notes

Yassin Qanbar

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Application for a Personal Loan for Higher Education Expenses

Application for a Personal Loan to Consolidate Debt

Application for a Personal Loan for a Vacation Trip

How to Write Application for a Personal Loan

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Request Letter to Bank Manager for Personal Loan – Sample Application Letter for Personal Loan

By letterskadmin

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Loan Application Letter Templates

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