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What are things banks look for when apply for a personal loan?

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  • What are things banks look for when apply for a personal loan?

    Hi..I'm 20 years old and I need a fast loan. My credit score is in the 1000. Right now I don't work and is currently staying home with parent enjoying the summer. In a couple of weeks I should have a job and should be getting around $900 to $1000 a month. The loan amount that I'm interest is about 18K. I really just need about 12k but just in case. I have Bank of America as my local bank right now.

    After telling me what banks look for when applying for a personal loan, can you also recommend suggestions to what banks I should look for to get this fast loan?
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  • #2
    1. your credit history
    2. your cash flow history and projections for the business
    3. your collateral available to secure the loan
    4. your character
    5. myriad pieces of loan documentation that includes business and personal financial statements, income tax returns, a business plan and that essentially sums up and provides evidence for the first four items listed
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    • #3
      i am a banker and look after the consumer finances in simple terms i am an Auditor. Let me answer you in layman terms.
      1. First you need to have an income source, then upon looking at your income they will give you the loan. Because this is a personal loan you are asking for.
      2. your debt burden
      3. your credit history.
      4. Documentation they ask for.

      any bank with good number of branches across the country. and whose process is a little flexible for getting a loan

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