After I apply for my loan...what can I expect?

[philipmould]

After I apply for personal loan...what can I expect?

[OregonLO]

that is a good question that I don't have an answer to. I'm a Mortgage Broker in the States and I only handle residential and commercial financing. I don't deal with any personal loans.

[kandue]

After I apply for personal loan...what can I expect?

I guess you expect to get your money if you are approved... spend it and than start paying back. Who does personal loans in US anyways?:confused:

[subprimealta]

You can expect a very high interest rate if its a short term personal loan, so be sure to keep it SHORT TERM. Also, just an fyi, when people default on these types of loans, there may be a clause in the contract that would allow the lender to collect the debt in some not-so-nice methods, like straight ripping an air conditioning unit out of your house.

lol Ive heard stories, a friend used to work for one of these collections agencies

[carlel]

some lenders will tell you their decision straight away, if you haven't heard anything within 2 weeks call them.

[belle103]

after application submitted, of course, they have to go through your papers and will find out if you are eligible...if you think you have your papers all correct..then approval...so just wait,,and hope

[andylewis]

Hi,
If it takes longer, try at some other financial institutions.
Andy

[punani]

However, you are better off if you have good credit because if you have good credit you may not even need collateral. Many banks will lend based on income and credit only and will not require any collateral for smaller loans that are under $10,000. Of course, the amount you will be able to get all depends on your income and your credit.

[Myloanexpert]

However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

[pickles]

They will expect you to borrow at least 5000 dollars and they'll want you to prove everywhere you've ever worked and are working. :)

[AllenB]

Loan application are processed and you are subject for approval. Most personal loans are short term There are long-term personal loans but it is frequently used by consumers. This will take much longer than a standard loan. Plus interest rates on long-term loans will be higher than on shorter loans.

[Roger_Silvester]

After I apply for personal loan...what can I expect?

You could expect 2 things,
1. Acceptance and Approval
2. Denial and Rejection

Nothing beyond these 2 things will happen. :D

[Roger_Silvester]

After I apply for personal loan...what can I expect?


Hi,
If your loan has been approved then spend your money where as you wanted to spend it.
If it doesn't then apply to any other bank.

[Nick Brian]

Hi my signature is not showing! Is there anybody who can help me. I just can't figure it out. Hope you don't mind that I'm posting here. Next time it will be in the right thread or post. Thanks in advance. Expecting your co-operation. Nick Brian.

[Roger_Silvester]

Hi,
There can be only 2 cases
1.It can be approved or
2. It can be reject.......... nothing else

[Jenna555]

After you apply for a business loan your loan officer should explain the process. But I found this information online. I hope this helps you out!

Pre-qualification

Just getting started? Pre-qualification is not an application for credit, but it's an easy way to obtain early assurance that you meet the necessary credit requirements for a specific loan amount. You do not need to have a particular property in mind to obtain a pre-qualification. Pre-qualification is not a commitment by a lender nor a guarantee of approval for a mortgage loan if a loan application is submitted. The initial process takes just 10 to 15 minutes. Here is a sample of the information you may need to provide when applying for a mortgage loan:


Social Security number
Employment information
Income information
General asset and expense data

Pre-approval

A pre-approval is an application for credit and a lender's written commitment (subject to verification) of how much they will let you borrow, letting you know how much home you can afford. This occurs before a loan application is completed. Pre-approval requires more information than a pre-qualification application, such as the property purchase price and down payment amount. Getting pre-approved can help show home sellers you are a serious buyer.
Loan Application

The mortgage loan application form asks for detailed information about you and the property you wish to buy, and requires documentation about your personal finances. The lender will examine this information, as well as your credit history.
Locking in a Rate

Mortgage loan rates may change daily. To ensure that you receive the rate you were quoted, you may elect to lock in your rate by paying a rate lock fee.
Points

A borrower can pay points, a dollar amount based on a percentage of the loan amount, to the lender to reduce the interest rate on the loan. This requires additional costs up front, but you may realize savings in the long run by paying less interest. Speak with a mortgage advisor to see if purchasing points is an option for you.
Appraisal

Your property will be appraised to determine its value. The appraiser will visit the house and will also consider sale prices of comparable houses.
Down Payment

Typically, lenders prefer that a borrower have 20% of the purchase price for the down payment. If you make a down payment of less than 20%, you generally have to purchase Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan, and is part of your monthly mortgage loan payment.
Loan Review Process

After the appraisal, the loan file is submitted to the lender for your loan to be reviewed.
Escrow and Title Preparation

A title company will hold the money and documents until all conditions of the mortgage approval are met. Title work will be prepared, including a title exam to ensure the title to the property is clear. Other documents such as the mortgage note and deed will be prepared.
Closing Costs

The costs associated with processing and closing a loan, such as application fees, points, title, insurance and credit processing. Your lender should provide you with a "Good Faith Estimate", advising you of the estimated costs you may have to pay at loan closing. When budgeting for your new home purchase, be sure to factor in closing costs.
Signing

The documents will be sent to a title company for you and the seller to sign. Funds such as any remaining down payment and closing costs will be due at this time. Closing costs normally include such items as appraisal fees, title exam, settlement fees, title insurance, credit report fees and application fees.
Title Transfer

When all funds are collected and the contract has been verified, the title is transferred and the purchase price funds are disbursed to the seller. After this step, you can take over the keys to your new home

[realestategirl]

Expect to hear whether you are approved or not. If you are, you will get the money in probably two weeks. Just make sure you read the fine prints in the contract. Personal loans are unsecured, which means that the interest rate will no doubt be higher.

[Richard Balles]

Hey,

That is the question with no fixed answer. :) you can expect anything either positive or negative.

[www.worldbestloans.com]

It depends on with whom you have applied, if its a bank, they process soon.

[nimmysnv]

After applying for loan we look for all the payment ways that are essential so that, further it will not be a problem expecting anything until and unless we are regularly making payments.