{"id":2373,"date":"2023-02-27T21:06:06","date_gmt":"2023-02-27T21:06:06","guid":{"rendered":"https:\/\/www.nerdwallet.com\/au\/?page_id=2373"},"modified":"2024-04-05T22:05:52","modified_gmt":"2024-04-05T22:05:52","slug":"how-to-get-a-personal-loan","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/au\/loans\/how-to-get-a-personal-loan","title":{"rendered":"How To Get A Personal Loan In 7 Steps"},"content":{"rendered":"\n

<\/h2>

Learning how to get a loan suitable for your needs can potentially save you thousands in interest and fees. Below are seven steps to guide you through the process.<\/p><\/div>\n\n

Assess your personal loan requirements<\/h3>
\n\n

It\u2019s essential to think about whether a personal loan is right for your situation. <\/p>\n\n\n

When you take out a personal loan<\/a>, you are borrowing a lump sum to pay for something big. While you can use a loan for all sorts of things \u2014 such as buying a car, renovating your home, paying for a wedding or holiday, or even consolidating your debt \u2014 you must quantify how much you need to borrow in the first place. <\/p>\n\n\n

Loans generally start from $2,000 and can range upwards of $75,000. How much you can borrow depends on factors like your creditworthiness, personal situation, income and expenses, and whether you can offer collateral. You\u2019ll have to repay the funds with interest over an agreed term, typically between one and seven years. <\/p>\n\n\n

Additionally, a personal loan is a once-off arrangement. If you would like a reusable loan where you can make repayments and then withdraw money again, a credit card or line of credit might be more suitable.<\/p>\n\n\n

\u00bb MORE:<\/strong> When to use a personal loan vs. when to use a credit card<\/a><\/p>\n\n<\/div><\/div><\/div>\n\n\n

Assess your personal loan eligibility<\/h3>
\n\n

To apply for a personal loan, you\u2019ll usually need to meet the following criteria:<\/p>\n\n\n