 TITLE: Step-By-Step Checklist to Getting a Personal Loan CONTENT: Apply for a Personal Loan\n-------------------------\nIn most cases, you can apply for a personal loan online.\n*   **Be ready to provide basic identification information**:\n    *   Name\n    *   Birthdate\n    *   Address\n    *   Phone number\n    *   Email address\n    *   Social Security number\n*   **Also have the following information at hand**:\n    *   Desired loan amount, term and purpose. Some lenders charge an origination fee that may be rolled into your loan or taken out of your loan amount. Take this into account when requesting a loan.\n    *   Driver's license or other government-issued identification\n    *   Employer name and contact information\n    *   Gross monthly income and sources of income\n    *   Monthly rent\/mortgage payment\n    *   Total monthly debt payments\n*   **After you submit your application, the lender may want documentation such as**:\n    *   Recent pay stubs or W-2 forms\n    *   Most recent tax returns\n    *   Most recent bank statements\n    *   Proof of residence such as a utility bill\n    *   ID card\n    *   Social Security card\nReview Offers and Accept the Loan\n---------------------------------\n*   **Decide whether to accept or decline the offer.** If you're approved for multiple loans, compare terms to find the best one.\n*   **Accept the offer you want and get your money.**\n    *   You may receive a check, cash or direct deposit to your bank account.\n    *   For a debt consolidation loan, the lender may send the money directly to your creditors.\n*   **Make payments on your loan.**\n    *   Note your payment due date (usually within 30 days of loan approval).\n    *   Set up automatic payments and be sure your bank account always has enough money to cover the payment.\n    *   Build the payment into your budget.\n    *   Use the loan for its intended purpose.\n    *   If you got a debt consolidation loan, create a budget so you don't rack up new debt.\nKnow How a Personal Loan Affects Your Credit Score\n--------------------------------------------------\nMaking loan payments on time and in full until your loan is paid off can improve your credit score. However, missing a payment, paying late or defaulting on the loan can lower your credit score. Other ways a personal loan can affect your credit score:\n*   **Credit mix**: If you don't currently have an installment loan, a personal loan will increase the types of credit you manage and could improve your credit score.\n*   **Credit utilization**: Paying off credit card debt with a personal loan can lower your credit utilization ratio, which could improve your credit score.\n*   **Credit history**: If you're trying to build a credit history, don't pay the loan off early. Doing so will close the account on your credit report, which could lower your credit score.\nConsider monitoring your credit for free through Experian to see how your loan impacts your credit going forward. END