Career Training and Personal Development Loans

What Are Career Development Loans?

Steps to Getting a Personal And Career Development Loan

• Step 1. Get organized. To help streamline the application process, it’s helpful to gather any information or documents that will need to be submitted to the lender. This can include identifying information like a passport or government-issued identification card, proof of income, and proof of address. Many lenders have specific  loan requirements that must be met in order to process your application.
• Step 2. Check your credit. Lenders use credit scores and credit reports to help determine how creditworthy borrowers are. The higher your credit score, generally, the easier it is to qualify for larger loan amounts and better interest rates. 

• Step 3. Adjust your monthly budget. When taking on career training loans, it’s important for borrowers to know their monthly budget has room in it for a new loan payment. Review your budget carefully to get an idea of how large of a loan payment you can comfortably handle. You should feel confident that you can make that payment on time consistently each month for the term of the loan. Missing a payment, or making late payments, could negatively impact your credit score.
• Step 4. Comparison shop with different lenders. Spend some time shopping around for top personal loans to find one that gives you the right loan amount, the fewest fees, and the most favorable interest rates. 

• Step 5. Apply. Once you’ve reviewed all the offers and found the best loan for your needs, you can formally apply for it. Typically, approval is quick. Once you’re approved, you’ll receive the money within a few days.

4 Ideas to Reinvest in Yourself

• Enroll in a professional certification or designation. There are many educational opportunities that don’t necessarily take place on a college campus. A professional certification or designation could make it possible to get a higher salary, take on a new task at work, or transition to a different industry. 
• Take extension classes. If you want to brush up on a certain subject matter, you could head back to college for extension classes. For example, someone who studied marketing in college a decade ago may find that a class in social media marketing can help them keep up with best practices in their industry. 
• Attend trade school. Many great career paths such as electrician or mechanic involve learning a technical trade instead of going to a four-year university.
• Start a small business. If you’ve always dreamed of launching your own business, a career development loan or professional development loan could help. It takes time and money to get a small business or side hustle off the ground, which is where loan funds can come in handy. 

Funding for Personal or Career Development

• Scholarships and grants. If you want to attend a trade school, graduate school, or other formal education programs, you can look into grants or scholarships. Both offer free money to cover the cost of school. Scholarships and grants can be need-based or merit-based.
• Employers. Many companies have learning and development budgets for their employees to earn certifications, take classes, or attend conferences. Talk to your HR department and find out what kind of financial support your employer is willing to offer you.
• Gifts from family and friends. Tell friends and family members who ask what you want for your birthday or the holidays to skip the material goods in exchange for a monetary gift to help pay for an online class, the software you need to grow your small business, or books that will help you learn a new skill.

How to Find Career Development Loans

The Takeaway