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Video Transcript

Borrowers looking to consolidate debts, make an expensive purchase, or fund the trip of a lifetime, may wish to apply for an unsecured personal loan, but what is the process to getting one?

The first step is to shop around and identify the lender with the most competitive interest rate, overall loan cost, and other services that a borrower might find beneficial. During this process, borrowers should check each prospective lender’s eligibility criteria to ensure they will be able to apply without any problems. Loan brokers provide services that compare different loan products and additional services provided by lenders. This can save a borrower time in conducting their own research. Once a preferred lender has been identified, the borrower should follow the relevant loan application process and provide any supporting documentation requested by the lender.

Borrowers should also consider checking their credit report prior to applying for an unsecured loan.

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