Search In Legal Kentucky Personal Loans Forms For Free

A personal loan is a type of loan that allows flexible use, short- to moderate-term repayment options and relatively quick funding. Whether you're trying to consolidate high interest debt, start a business or pay an expensive medical bill, a personal loan can help you accomplish your goal.

A loan agreement should be structured to include information about the borrower and the lender, the loan amount, and repayment terms, including interest charges and a timeline for repaying the loan. It should also spell out penalties for late payments or default and should be clear about expectations between parties.

Taking out a personal loan is exactly that ? personal. But does your lender need to know how you plan to use funds? In short, yes. While most reasons won't stop you from obtaining a personal loan, you'll need to explain why you need the money you're borrowing.

For many applicants, this is as simple as sharing a copy of your pay stub, though self-employed or retired individuals might have to share additional information. Read: Best 0% APR Credit Cards. Proof of income may include pay stubs, employment letters or income tax returns, depending on your source of income.

When you apply to borrow money, lenders want to evaluate your finances to determine if you'll be able to pay them back. While each may require different personal loan documents to make a decision, most require basic documentation such as proof of income, address and identity.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640).