How To Get Signature Loans

There are times in life when we all need a little extra money. Depending on your situation, a signature loan may be the right choice. A signature loan is an easy to obtain loan with a number of benefits. They are ideal for a single purchase or expense, such as a home improvement or vacation expense. Signature loan benefits include:

  • Competitive fixed rates, usually much better than a credit card rate
  • Reasonable monthly payments
  • Flexibility on the principle and repayment time of the loan
  • Borrow just what you need to keep your payments lower
  • Money is borrowed on your signature, not your assets

 
The fact that the money is not secured by your home or your property protects the borrower in the event that he is not able to make payments in line with the terms of the loan. With a mortgage or car loan, if you default on the payment, the bank can take possession of the property. The challenge for the borrower is that without a strong credit history and good credit score, it is difficult to get a signature loan.
 
There are a few quick, common ways to get a signature loan.
 

  1. Online banking loan application. Most major banks and credit unions offer the ability to apply and receive a response online. Point your browser to the website of the bank of your choice, or use a search engine and search "apply signature loan" to find a bank that will take an online application. Once on the bank's website, follow the links to the loan page and complete your application. Some banks will approve you in minutes, while others will contact you by phone or email later to complete the application process. Banks are starting to prefer the online loan application as it minimizes the necessary in-branch staffing that they need and they can link the information you input directly to their computer systems.

  • In person.  If you prefer, you can visit your local bank or credit union in person to apply for the loan. Similar to the online option, almost all banks will offer signature loans. Visit your local branch to speak to a loan specialist who will walk you through the application process.
  • By telephone.  The third option is to contact your bank by phone. Some banks will be able to take your application information by phone and will then process the paperwork. You can find your bank's phone number in the yellow pages, the bank's website or an online directory such as Yahoo Yellow Pages. Be aware that most banks would prefer that you apply either online or in person, rather than over the phone.
  • If you decide to apply for a signature loan, you will find that the application process is relatively quick and painless.

     

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