How Long Does It Take to Get Approved for Private Student Loans

What are private student loans?

Private student loans are issued by private lenders or banks based upon the credit history of a student. It helps students to borrow money online for their educational expenses. People usually find whole procedure of online money borrowing frustrating. Because it’s a time taking procedure, also approval time differs from one lender to another. So, student should choose the lender wisely.

How can you Get a Private Student Loan?

Research Your Student Loan Options

Before applying for a loan, it is important to do research about different loan lenders and their policies to select a lender that fits your needs, like Bugis Credit.  For the reason that some lenders take their money back after the graduation of a student while others take small installments per month. There are tons of loans out there. Some things to consider include:

How much money you can borrow online? When do you have to pay back the borrowed money? Their repayment amount includes additional fee or not? Reviews of different people.

Apply for a Private Student Loan:

After selecting the lender, you must fill out an online application form. The information requested by lenders varies but general information includes:

·        Contact information such as mail address, email, contact number. 

·        Personal information including birth date, total household income and social security number. 

·        School or Loan information like school name, expected graduation date, cost of attendance etc.

Get Approved:

After reviewing disclosure policies and submitting your application, private student loan approval process begins. The time for approval could take a few days to 3 weeks. Some private money lenders use a manual review process that could take a few days while others can have an instant decision policy.  

During the process, your lender will evaluate your credit history and other criteria to determine if you’re a reliable candidate or not. There could be three results:

·        Denied 

·        Eligible with a creditworthy cosigner  

·        Approved

If you are not eligible for loan, you will get a deny mail that specifies the reason of decline. In creditworthy cosigner case, you have to add a person who has good credit and income and takes equal responsibility of your loan repayment. This increases the chances of loan application approval.  

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