Lifestyle

The 10 Emotional Stages of Applying for a Loan

It’s true: applying for a personal installment loan can be quite the emotional roller coaster. From the stress of finances to knowing how to choose the right lender, it’s only human to feel a wide array of emotions throughout the process.

Since people don’t exactly love talking about money, there’s not a whole lot out there letting you know that how you feel is completely normal. That’s why we’re here to shed light on some of the emotional stages our customers can go through, from the second they need a loan to the moment they leave our doors.

Stage 1: Panic

Your heart is racing. It could be from one unexpected cost or what feels like a thousand little things avalanching at once. Overdue rent. A new transmission. The hospital bill from your fall at the roller disco. No matter the case, you need money, and something needs to be done. Like, yesterday.

Stage 2: Nervousness

You think, “Should I take out a loan? I’m not a financial expert. I don’t know if my credit will make the cut.”

Stage 3: Confusion

As you start asking around and researching loans, a billion questions flood your mind. With so many types of personal loans, which one is the best? Which lender should I choose? Where do I even start?”

Stage 4: Motivation

Alright. *cracks knuckles* You decide to get on the internet and research the heck out of personal installment loans. FAQs, to-do lists, applications, blogs. You are On. Top. Of. This.

Stage 5: Doubt

You may or may not be on top of this. You think, “Do I have all my documents? What if I don’t get approved? Where even is my nearest World Finance branch?”

Stage 6: Resolve

You sit down and complete the application. No matter what happens, you gave it an honest effort.

Stage 7: Relief

You get the call…You’re approved! And the monthly payments fit in your budget. Turns out, they don’t just look at your credit, but your entire financial history – helping those with imperfect or zero credit to build up their score.

Stage 8: Hope

You’re invited to set up a loan at your local branch. As a team member takes you through your loan options and helps you lay out a payment plan, the possibility of a better future seems to be…dare we say it, a reality.

Stage 9: Bliss

Amazing. It happened. You got the money you need and can take your focus off the things that were draining your mental energy and your budget. Time to celebrate. You’ve earned it!

Stage 10: Confidence

Oh, you are so going to pay back this loan, build up your credit and own the personal finance game. Bring. It. On!

Of all the emotions you could possibly feel during this process, the one you shouldn’t feel is underprepared. Please don’t hesitate to reach out to your local World Finance branch with any questions, concerns or emotional states. Our team members are ready to help you through this process and get you back on the path to financial independence.