HOW DO I GET A 100,000 BANK LOAN? WHAT ARE THE STEPS?

jillybeansisme answered 4 months ago …

You have to be of legal age to enter into a contract. You'll have to show proof of income, including a couple of months pay stubs and your tax returns for the past couple of years. You'll have to have security for the loan (the house, if it is a mortgage). You'll need a good credit rating. If this loan is for a business, you'll have to have a business plan and a business license. Most likely you might need references. You will have to provide proof of current debt. If you have credit card balances, it will be held against you if any balance is over half of the outstanding available limit on that card. If you have too much available credit, you might also be denied a loan. It's a delicate balance.

Then you go to the bank and apply.

However, word of caution here, make sure you know what bank you want to do business with before you apply. Find out the typical rates for a person in your circumstances prior to applying. Even check with your brokerage firm for its loan programs. I say this because if you apply at a bank and then decide to do business with another bank instead, your credit score will go down. That translates into a higher interest rate on your loan.