What do I need to apply for a Personal Loan?
Applying for a loan can feel intimidating-we get it! Gathering the right documents, navigating loan jargon and understanding interest rates can be overwhelming. But at Abound, applying for a loan is simple. Our Team Members guide you every step of the way.
Know before you go:
When you apply for a Personal Loan, several factors come into play: your credit history, debt-to-income ratio (DTI) and income. A strong credit history makes approval easier and can help you qualify for better loan terms.
You can check your credit score and history for free using our Savvy Money tool, available through Online & Mobile Banking*. Reviewing your credit report before applying lets you see what a lender will see and gives you a chance to correct any errors.
Your DTI is the percentage of your gross montly income that goes toward monthly debt payments. Lenders use this to assess your ability to take on new debt. A DTI ratio of 36% or less is considered the ideal range, signaling a healthy financial standing. To calculate your DTI, add up your monthly debt payments, divide that number by your gross monthly income, then multiply by 100.
What you need to apply
When applying for a Personal Loan, you'll need to provide documents to verify your income and identity. Here's what to have ready:
What to expect
Once you provide your documents, a Team Member will enter your information, run your credit and review your credit history. Then, they'll discuss your loan options, including what you qualify for, your interest rate, loan term, and monthly payments. If approved, you'll have immediate access to your funds after signing your loan documents, as the money can be deposited directly to your Abound account.
Is a Personal Loan right for me?
Personal Loans are a great choice if you know what you need up front. Borrow up to $35,000 to cover repairs, medical bills and more-the funds are there for your needs. Our Personal Loans offer flexible terms and lower interest rates to fit your budget and keep monthly payments manageable. Plus, no collateral is required-just your signature! You can view our current rates here.
Ready to take the next step? Apply online or visit your local branch today. Our Team is here to help!
Know before you go:
When you apply for a Personal Loan, several factors come into play: your credit history, debt-to-income ratio (DTI) and income. A strong credit history makes approval easier and can help you qualify for better loan terms.
You can check your credit score and history for free using our Savvy Money tool, available through Online & Mobile Banking*. Reviewing your credit report before applying lets you see what a lender will see and gives you a chance to correct any errors.
Your DTI is the percentage of your gross montly income that goes toward monthly debt payments. Lenders use this to assess your ability to take on new debt. A DTI ratio of 36% or less is considered the ideal range, signaling a healthy financial standing. To calculate your DTI, add up your monthly debt payments, divide that number by your gross monthly income, then multiply by 100.
What you need to apply
When applying for a Personal Loan, you'll need to provide documents to verify your income and identity. Here's what to have ready:
- Proof of income and employment (pay stubs, W-2s, etc.)
- A valid government issued photo ID
What to expect
Once you provide your documents, a Team Member will enter your information, run your credit and review your credit history. Then, they'll discuss your loan options, including what you qualify for, your interest rate, loan term, and monthly payments. If approved, you'll have immediate access to your funds after signing your loan documents, as the money can be deposited directly to your Abound account.
Is a Personal Loan right for me?
Personal Loans are a great choice if you know what you need up front. Borrow up to $35,000 to cover repairs, medical bills and more-the funds are there for your needs. Our Personal Loans offer flexible terms and lower interest rates to fit your budget and keep monthly payments manageable. Plus, no collateral is required-just your signature! You can view our current rates here.
Ready to take the next step? Apply online or visit your local branch today. Our Team is here to help!
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