Most signature loan applications will ask you for the same personal details. You’ll likely have toshare your monthly income,the name of your employer,whether you’re a homeowner or renter and your monthly housing costs. You may need to provide your W-2 forms or pay stubs to prove your income,so having these documents handy is a good idea.
People also ask
What can I use a signature loan for?
Signature loans can be used for such things as: Making purchases 鈥?People sometimes use unsecured loans to make purchases that are too large or too expensive to fund using high interest rate credit cards. Consolidating debt 鈥?In some cases, a signature loan can work well for consolidating outstanding debt into a single, lower interest rate loan.
What kind of collateral do you need for signature loans?
The only collateral is the borrower鈥檚 signature and a promise to pay. Who are signature loans typically good for? Borrowers with good credit are typically candidates for signature loans because they have established a record of paying debts and are a low risk for defaulting. How much do people borrow with a signature loan?
How much can you borrow with a signature loan?
The amount you can borrow with a signature loan will depend on the bank or lender, your credit history, and income. Signature loans can range from $500 to $50,000 but tend to be on the smaller end of the range because there is no collateral put up against the loan.
What is’signature loan’?
What is ‘Signature Loan’. A signature loan, also known as a good faith loan or character loan, is a type of personal loan offered by banks and other finance companies that uses only the borrower’s signature and promise to pay as collateral.