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Updated November 3, 2026 · FinanceEspresso Editors
Getting a personal loan is easier when you know what lenders look at and how to compare offers. Here are seven simple steps, plus what to do if you’re turned down.
7 steps to get a personal loan
- Check your credit reports for free. You can get free weekly reports from Equifax, Experian and TransUnion at AnnualCreditReport.com, the only official site for free reports.1 Look for mistakes before you apply.
- Figure out the amount and monthly payment you can handle. Use our personal loan calculator to test different amounts and terms.
- Check your rate before you apply. Ask lenders whether checking your rate uses a soft inquiry, which doesn’t affect your credit scores. Formal applications usually involve a hard inquiry, which can.2
- Compare APRs, not just interest rates. The APR includes fees like origination charges, so it’s the better way to compare.3
- Gather your paperwork. Lenders usually ask for ID and proof of income, like recent pay stubs.
- Apply with the lender you pick and read the loan agreement before you sign.
- Set up automatic payments so you never miss one.
What if you’re denied?
You have rights. If a lender turns you down, it must tell you the main reasons or how to get them. If your credit report played a part, the lender must also share the credit score it used and the key factors behind it, and you can get a free copy of that report within 60 days.4 If you find a mistake, you can dispute it with the credit bureau, which must investigate and correct errors it finds.4
Skip “guaranteed approval” offers. The FTC warns that lenders who guarantee a loan regardless of your credit, then ask for a fee upfront, are a common scam.5
Not sure a personal loan is right for you? Take our Which Loan Fits You? quiz or read Personal Loans 101.
Sources
- Federal Trade Commission, Free credit reports.
- Consumer Financial Protection Bureau, What is a credit inquiry?.
- Consumer Financial Protection Bureau, What is the difference between a loan interest rate and the APR?.
- Consumer Financial Protection Bureau, What can I do if my credit application was denied because of my credit report?.
- Federal Trade Commission, What to know about advance-fee loans.