Life is full of surprises, and, often, those surprises are accompanied with a substantial bill. Coastal Finance Company understands the stress brought on by unexpected expenses, which is why they offer their Savannah, GA, clients a convenient online loan application process and a same-day decision.

If you've never applied for a personal loan before, you may find yourself overwhelmed by the unexpected. The company wants to make the process as stress-free as possible, so they've created this quick guide to explain everything you need to know about the application process.

Your Guide to a Loan Application

Filling Out an Application

The first step in the application process is filling out the loan. Whether in person or online, you'll need to gather some information before you can submit your application. This includes your Social Security number, employment history, contact information, auto and home loan amounts, and a list of your monthly bills. Once you have gathered all of this information, you need to fill out the application and submit it to the company.

Underwriting Process

Once the personal loan provider has your information, they will begin the underwriting process. The first thing they'll do is run your credit score. While your score will be a factor in the decision, it won't be the only aspect considered. Next, they'll use the other information you provided to determine your debt-to-income ratio—the amount you have left over after your monthly bills.  

Disbursement of Funds

If you're approved for the loan amount requested, the company will notify you of your approval as well as any extra information or documentation that they need. They will then work with you to find a repayment schedule that suits your needs. After you've both come to an agreement, you will need to sign your paperwork, and the funds will be disbursed.

You can apply for a loan from Coastal Finance Company from your phone or computer directly on their website. The company has proudly served the Greater Savannah area for more than 60 years, and they offer personal installment loans up to $5,000. Learn more about their personal loans online, or speak with an officer by calling (912) 303-9979.