Paperless Loan: What Is It?
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How paperless loans work Reasons to consider a paperless personal loan How to apply for an online personal loan
What Is a Paperless Loan?
Can I Get a Paperless Personal Loan?
Reasons to Consider Paperless Personal Loans
Quick Disbursal
Minimal Documentation
Security
Eco-Friendly
Paperless Loan Processing
Applying for a Paperless Loan
1. Apply for Prequalification
How much you want to borrow How you’ll use the money Your annual income Your employment status The last four digits of your Social Security number
2. Pick a Lender and Loan Option
APR The loan’s estimated annual percentage rate, or APR, is how much it will cost you to borrow money, including the interest rate and any potential fees. Loan term Generally, loans with longer terms have lower monthly payments. However, they could cost more in interest in the long run. Origination fee Some lenders charge this fee, which is typically a percentage of the loan amount. An origination fee can increase the cost of the loan and decrease the amount of the loan.
3. Submit Your Application
Monthly housing cost ID verification Social Security number Income verification
The Takeaway
Frequently Asked Questions
Photo credit: iStock/PixelsEffect
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About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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