6 steps to get a loan or line of credit

Is it time to start that kitchen renovation project you’ve been dreaming of? Are you looking at a new car or home? Or do you need help paying for your kid’s college tuition?
 
With United, those dreams are attainable—and they don’t have to be overwhelming or launch you into financial chaos. We have a full suite of flexible lending options ready to fit your needs, and we’ll be there to support you throughout every step of the process.
 
Not sure where to begin? Our lending experts are available to work with you to find the perfect solution, and we’ve put together the six steps of the process to help you get started.
 

Decide How Much You Want to Borrow

 Before you start down the path of applying for a loan or line of credit, make sure you have a clear idea of what you want to accomplish and how much it might cost. There will also be fees associated with taking out a loan, depending on its size, and you should factor those in as well. Your numbers don’t have to be exact yet, but a good ballpark will be a huge help when you’re deciding on which loan option makes sense for you.
 
You’ll also want to look at your budget and see what room you have for a loan payment. If you need help putting together or adjusting your budget, check out our Budget Builder tool.
 
If you’re looking to borrow $15,000 or less and already have a checking account with United, our MinuteLender product might be a great fit for you. You can easily apply online, get a response within minutes, and then access your funds in three business days or less.
 

Check Your Credit Score

When you apply for a loan with United, your banker will run your credit score. In general, your credit score will give an idea of how likely you are to pay off debt. A higher score usually indicates you’re better at managing debt and are more likely to make payments on time and keep your account in good standing.
 
A good credit score will go a long way in helping you secure a loan for the amount you’re looking for. Before you apply, it’s a good idea to request a free credit report from an organization like Equifax, Experian, or TransUnion. This will help you understand how your financial behaviors are impacting your credit. Learn more about credit scores and why they matter here.
 
Need to improve it before you apply? Read “Things You Can Do Right Now for Your Credit Score.”
 

Find Your Lending Fit

Now that you know how much you want to borrow, you can select which lending option makes the most sense for you. With a loan, you’ll receive the entire amount up front, and you’ll pay it back over time. A loan could help you finance a big home improvement project, help you cover unexpected medical expenses, or finance any other number of one-time expenses. With a line of credit, you can draw money as you need it, up to a pre-established limit, over a set period of time, similar to a credit card. This option is a great fit if you’re looking for a bit of extra capital or need to pull out cash as needed.
 
If you’re not sure which option you should pursue, try out our “Should I get a loan or a line of credit?” calculator. We’re also available for a conversation to talk through your options and how we can best serve your individual needs.
 

Gather Your Documents

In order to apply for a loan or line of credit, you’ll need to have a few pieces of documentation ready, such as:
  • Loan application
  • Proof of identity (driver’s license, passport, birth certificate, etc.)
  • Employer and income verification (paystubs, W-2s, bank statements, etc.)
  • Proof of address (utility bill, lease or rental agreements, etc.)
 

Apply!

Now it’s time to apply! We have a few options to get started:
  • If you’re looking for an unsecured loan under $15,000, and have an existing checking relationship with United, our MinuteLender product may be a good fit for you. Click here to apply online now!
  • If you need more than $15,000, or would rather pursue a different option, we can help guide you through every step of the process. You can schedule an appointment to meet with your local lending expert or submit an interest form on our website.
Finding the right product for your individual needs can be difficult. Our lending experts are available to work with you to find the perfect solution for your situation. Schedule your appointment today!
 

Accept Loan Terms

If you are approved for a loan or line of credit, you’ll need to agree to the terms and sign the loan documents. Be sure to pay attention to your offer’s expiration date! You should also schedule out your payments so that you make your due dates each month.
 
TIP: You can always make higher payments than the minimum you’ve set up. Paying more than your minimum due will help you not only pay off your loan faster, but also decrease the amount you pay in interest over the life of your loan.   
 
Working with the right financial partner makes all the difference when applying for a loan. Our lending experts are standing by, ready to facilitate your borrowing process. Schedule your appointment to get the process started!

Currently, 66% of consumers who apply through Minute Lender are denied.  This terminology is probably okay, but just wanted to point out that 2/3 of the people won’t get an approval based on historical data.