Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Full Bio →

Written by

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Full Bio →

Reviewed by Joel Ohman
Founder, CFP®

UPDATED: May 24, 2011

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

Loan application processes are bound to vary according to the regulations and preferences of various lenders, though broad trends emerge in terms of what information and documentation borrowers will need in order to successfully apply for a loan. Personal loan applications place less emphasis on the details of the item to be purchased than other loan types, and focus on the borrower’s personal circumstances and potential to repay the loaned amount. As an increasing amount of both secured and unsecured personal loans are applied for online, borrowers are often able to complete applications with relative speed and ease, provided the right data is known beforehand.

Some of the most basic information required by lenders for online personal loan applications covers personal contact information. While some lenders may simply request a phone number, others may insist on having multiple avenues of communication. Some lenders may request disclosure of an applicant’s social security number. Up to date employment information is also essential, as it helps lenders determine how likely a borrower will be to have the financial ability to adhere to the terms of the loan.

After applying, borrowers may be contacted by lenders or loan officers to discuss the details of their financial situation, and verification of data may be requested, or the proposal of adjusted terms may be presented as an alternative to the desired loan. In some cases, applicants may simply receive notice of acceptance or rejection, in which case referral to a credit repair service or another lender may be provided. Applying online for a personal loan has the potential to save borrowers’ time, so long as the right data is prepared.