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How do I get a loan and then repay it?

Ralph Lopez

in Student Loans

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Curtis Rhodes on November 6, 2018

To get a loan, no one is going to want to use the following steps: * Price shop the type of loan you are seeking (the use of the Effective Annual Rate of price comparison; you may be able to get a better price with financial institutions you already have an account with; also, if you agree to automatic payments from a checking or savings account, the rate will also be reduced). * Apply for your loan, whether online or in a branch of the financial institution that you have selected (bring copies of pay stubs, bank records, etc in order to speed up the process of verification of income, be prepared with a good reason to get the loan). [If the loan is approved, skip to the next bullet] * If the loan has been denied, a letter will be sent by mail to the address that was used as your residence providing the key reasons as to why credit was denied. You can write back and get a copy of the credit report(s) that is used to make that decision. * After the approval, the loan will be disbursed either through electronic funds transfer (EFT) to a designated checking or savings account, or through a check (unlikely). * Within a week (unless one agreed to electronic communications) a welcome packet that will be sent to the borrower, which allows you to know where to make their payments, when the payments are due, etc * On a monthly basis, five days before payment is due (if using mail) or the day before the payment is due (if using EFT), pay the agreed amount. Some banks will send you a statement indicating that the payment is due 2-3 weeks prior to the date of payment (others may give you a payment book that you need to keep track of you). * After the term of the loan is complete (and send in your last payment), you have received and paid your loan.


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