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Personal loans offer a quick influx of money when you need it most. They can be used for a range of occurrences, from medical emergencies to much-needed repairs for your vehicle. Because being informed about the process is crucial to making the best decision for your finances, the following frequently asked questions can help you understand how personal loans work.

Personal Loan FAQ

What Is a Personal Loan?

A personal loan is defined as a loan ranging from $50.00 to $1,3000. While conventional loans require collateral to be used as payment if you’re unable to pay, it’s not necessary with this type of loan. The process tends to be a lot quicker and more convenient, unlike bank loans, which entail a lengthy approval process.

How Can I Qualify?

To qualify, you’ll need to present a valid ID and  SS card, proof of a steady income and residency. 

What Information Will I need to Apply?

Along with the above, some loan providers may request additional documentation. This can include verification of address using utility bills, W2s, pay stubs, Social Security card, and previous tax returns.

4. How Long Does Approval Take?

Time frames can vary. In some cases, you may receive a loan in a matter of minutes. If further review is necessary, approval can be hour and take up to 24 hours. Your loan provider can explain more about how long the total process will take.

 

If you’re searching for a personal loan in San Marcos, TX, and aren’t sure where to turn, Master Finance is ready to assist you. You can choose from many different loan products, including installment loans that offer a variety of payment options ranging from four to 14 payments for the duration of the term. Learn more about how to get a loan by calling (512) 392-6102. You can also visit them online to begin your application today.

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