How to Borrow Money From Lenders
- 1). Obtain a credit report from the three major credit-reporting agencies: TransUnion, Equifax and Experian. Get the report from the credit-reporting agency's website or for free at AnnualCreditReport.com if you have not accessed your free report in the past 12 months. Dispute inaccurate information, because lenders will use the data on your report to approve your application and determine your loan amount or credit limit and interest rate.
- 2). Gather financial documents such as pay stubs, financial statements from a business, bank statements and tax returns, as well as documents that show the payment amount of any debts such as mortgages, credit cards and other lines of credit, auto loans and student loans.
- 3). Contact lenders by phone, email or in person to ask about the borrowing options they offer. Ask about fees, payment options and the application process. Request an application when you find a lender that can meet your needs.
- 4). Complete the loan application, which will ask for personal information such as your name, address, Social Security number and information on your spouse, if applicable. Fill out your income information, your current debts and the amount you need to borrow. Include a reason for the loan if the lender requests it.
- 5). Give the application to the lender along with the documentation you gathered. The lender will verify the information on your application, run a credit check and make a decision. Once your application is approved, the lender will give you a check or deposit the money into your bank account.
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