When it comes to taking out a personal loan, you probably have questions – especially if you’re a first-time borrower. Never fear! We’ve put together a list of three things to consider when deciding if a personal loan is right for you.
1. Consider your options.
When it comes to lenders, you have lots of options – but don’t be fooled. All loans are not created equal. With a personal installment loan, we lend you a set amount of money and you pay it back in fixed installments each month. Personal installment loans allow customers to borrow money based on their overall financial picture.
Unlike personal loans, payday loans are small, high-interest loans issued by payday lenders. Typically, payday loans are used to get cash fast without a credit check. The lender offers a small loan for an additional fee, and the borrower writes a post-dated check for the lender to cash on their next payday. In many, if not most, instances, borrowers end up incurring fees and additional interest on payday loans.
Similarly, credit cards offer access to quick funding, but often with high annual fees and variable interest that can really add up over time.
2. Check your credit score.
It’s important to know your credit score when you go to apply for any loan. When deciding which is the best loan option for you, World does check your credit score. Before you panic, it’s important to know that low or no credit is not a disqualifier. We’ve been helping people Get Back to the Good® for decades, and we take your full financial picture into consideration when you apply. Even better? Making regular, on-time payments on your World loan is a great way to start building or rebuilding credit.
3. Pull documents together to apply.
You’ve made your decision. You’ve checked your credit score. Now it’s time to gather up all the documents you need to make the application process run smoothly. Here’s what you’ll need to complete our easy, secure application process:
• Picture ID with signature (driver’s license, state issued ID or passport)
• Address verification (most recent power bill, water bill, etc.)
• Employment and Income Documentation (most recent paycheck stub)
• Social security card
• You may be asked to bring additional information, including the following:
• Phone numbers of references
• A list of personal property or a vehicle title to use as collateral