Need some extra cash? Or maybe you’re making a large purchase such as a home or car.
No matter what type of funding you need, quick funding helps you reach your goals faster.
To get a loan faster, you’ll need to go into the transaction prepared. Being honest and responsive can help you breeze through the application. Your choice in lenders is also a factor.
Check out these five tips for getting a loan quick.
1. Gather Everything First
Going into a loan application prepared may help you get funding faster. The type of loan determines the documents and information you’ll need.
You’ll need to know your income and all personal information. You may need to submit pay stubs, tax returns, bank statements, and other forms of financial verification.
Gather those documents before you apply, so you can complete the application process quickly.
2. Go for Pre-Approval
If you’re looking for a mortgage or car loan, going through the pre-approval process can save you time later. It can also help you avoid ultimately getting rejected for financing.
The pre-approval process is more involved than a pre-qualification.
When you pre-qualify, you provide the information, and the lender gives you an idea of what you qualify for.
With a pre-approval, you submit an application and the lender verifies the information through credit checks and other financial verification. This gives you a more accurate understanding of whether or not you’ll get funding.
3. Complete Paperwork Accurately
You’re in a rush to get your funding, so you fill out your paperwork quickly. Or maybe you fib a little on the application to improve your chances of getting a loan.
Those mistakes not only slow down the loan process, but they may cause you to get denied.
Incomplete paperwork can’t be processed until the lender has your full information. They have to stop processing it, get ahold of you, and enter the data.
If you lie on the application, the lender will likely find out. They verify all the information you input. When the lender finds out you were untruthful, they may reject your application.
Do yourself a favor by completing the paperwork fully and accurately. Read back through your responses before submitting to ensure it’s accurate. Even an unintentional inaccuracy could cause you to lose the loan.
4. Respond Quickly
Even when you complete all blanks and provide all requested documents, your lender may need additional information. Don’t drag your feet in getting that information back to them.
Every day you wait for getting the information to the lender is another day you wait for financing.
Submit the information via email, online, or over the phone if possible. This allows the lender to have the information as quickly as possible to avoid any additional delays.
Make sure you provide all of the additional information requested. If you only submit part of it, the lender has to contact you again and delay the processing more.
5. Choose Fast Lenders
You can significantly reduce the time to get a loan if you choose a faster lender.
Faster lenders are often available if you need a personal loan. Online lenders can often give you a very fast turnaround time for personal loans or payday loans.
Many offer decisions within minutes. Funding will take a little longer, anywhere from a few hours to a few days.
Traditional lenders, such as banks and credit unions tend to have a much longer application and a more thorough review process. The underwriting process can take longer, too.
Get a Loan Faster
When you’re trying to get a loan faster, your actions play a big role. While you can’t rush the internal processing from your lender, you can show up prepared and get your part of the loan process handled quickly. Explore our archives for additional tips to improve your life.