Hi my name is Jairo from Consumer Credit Counseling Service, and we are going to discuss on how to apply for a personal loan.

If you are thinking of applying for a personal loan, first of all you need to make sure the reason why you are applying, because you are getting into debt. So, first thing you need to make sure is how much you are going to be able to repay. This is going to set the amount of money that you can receive. And it is not that the bank should look at that, but also yourself will need to look at that. Because you need to make sure that you are going to be able to play for that loan according to the terms that they have set for you.

So, first things first are budget, income, expenses. Just make sure how much you can afford on this personal loan and once you have found out that, you can start shopping around. Just go and ask online or go to several banks just to compare what rates they are going to offer you, the payment plan that you are going to have, if you are going to be able to pay more sometimes, if possible.

Another thing that you will need to watch out is the interest rate that they are going to be charging you. Usually when you apply for any kind of credit, the interest rate is linked to your credit history and score. So, a good thing to remember is to pull a credit report before you apply for any loan. This is going to give you an idea on how your credit history is and if you can repair something before applying for a loan that is going to guarantee you a better interest rate.

So, go ahead, pull the credit report, make sure that everything is fine, and make sure that you have a good score, because the score is going to guarantee you a better interest rate on your personal loan. Another thing that is going to be probably good is to check with your bank, the bank where you have your checking, your savings because they already have some history from you. They already know how you manage your money. So, they have a little bit more of information that can help you with the amount that you are trying to apply for and with the interest rate and the terms of the payment.

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