In some cases, Personal Loan lenders offer online tools such as calculators, amortization schedule simulators, and pre-qualification questionnaires for potential borrowers. These tools help facilitate the lending process for borrowers and lenders alike. Traditional banks may require additional paperwork or collateral in order to qualify lenders for a Personal Loan. Different lenders may offer Secured Loans to less qualified borrowers. These facets of the application process are essentially industry standards. Applicants can get results in as little as five minutes in some cases, especially when a pre-qualification process has been completed. When additional verification or an underwriting process is required, the loan application process can take significantly longer to close. When borrowers are searching for a Personal Loan, they should research options available among various lenders. One of the main criteria for most borrowers will be the ease of the application process. This is a driving factor because Personal Loans are often sought to avoid potential financial hardship.
