when to apply for a loan

If you are looking for When To Apply For A Loan, then look no further than this article. It includes how to get a loan from the bank. Perhaps you are interested in how to apply for a personal loan, then reading this article may help you.

If you’re considering applying for your first personal loan, it’s important that you know certain information, both so you can provide it to potential lenders and for your own awareness. Some of these things you may know off the top of your head, like your income, but there are also things you’ll want to look into before you apply for your loan, such as your credit score. Let’s dive into what you need to know before you apply and why.

When To Apply For A Loan

how to get a loan from the bank

1. Credit score and credit history

A good credit score and credit history show lenders that you pay your credit obligations on time. The better your credit, the better your chances of securing a loan at the most favorable terms. The best terms can save you thousands over the life of your loan. For example, here’s what a 2- or 4-percentage-point difference in interest can mean for your wallet on a $25,000 loan paid over five years:

Interest rateMonthly paymentTotal interest paid
6%$483$3,999
8%$507$5,415
10%$531$6,871

In this case, the difference between a 6% and 10% interest rate is $2,872 in interest over five years. This number increases substantially if you’re considering a larger, longer-term loan.

Before you apply for a loan, check your credit score and reports for errors that could drag down your score. If your credit isn’t in great shape, we’d recommend holding off on applying for a loan, if possible. In the meantime, work to improve your credit to save yourself potentially thousands of dollars.

2. Income

Your take-home pay affects your ability to pay off a loan, so you’ll need to have proof of income for your application. If you’re an employee, you’ll need pay stubs, W-2 forms and/or a salary letter from your employer. If you’re a self-employed applicant, you’ll need tax returns for the past two-plus years and possibly invoices and receipts.

Of course, you have to know just how much you’re bringing home each month so you’ll know whether you can afford monthly loan payments. Remember to think about all of your income sources, not just your primary one. This may include a spouse’s income, child support and second-job or freelancing income.

3. Monthly debt payments

Your income is only one part of the equation; it’s also important to know your monthly debt obligations. If your income is $5,000 a month but you pay $4,500 each month toward your debts, you won’t realistically be able to pay off a new loan. A loan application will likely require you to list certain obligations — typically your rent or mortgage payment and existing payments toward credit cards or other debts.

4. Assets and liabilities

Another thing your potential lender may look at is your net worth, or your assets minus your liabilities. Assets are the things that you own that are worth something, like your investment accounts and properties, and liabilities are the financial obligations you have, such as your student loan debt or mortgage.

Knowing your net worth is important for personal knowledge as well. The loan you’re applying for will become a liability, which you may be using to purchase an asset. Calculating your net worth — as well as how it will change when you get the loan — is a great way to keep your finances in check.

5. Employer’s contact information

Potential lenders will probably ask for your current employer’s contact information and maybe a past employer’s information. Your current and past employers may be contacted as references or to verify income and employment dates.

how to apply for a personal loan

BEST SITES LIKE ALIEXPRESS FOR ONLINE SHOPPING

AliExpress is a massively popular Chinese online retail service owned by Alibaba Group. It was launched in 2010 and hasn’t stopped its journey to becoming the ‘biggest online marketplace of the world‘ ever-since. AliExpress stands toe-to-toe even with Amazon in terms of buyers worldwide. It offers wholesale goods at direct-to-consumer prices from Chinese sellers.

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It also works as a great dropshipping model for a lot of e-commerce entrepreneurs. Along with a lot of good sides, AliExpress has some cons as well. The biggest problem is the shipping time of AliExpress orders, which is pretty long considering the goods come from China. Also, some orders can be very expensive after shipping charges and taxes.

So, it is a good thing to have some AliExpress alternatives whenever you don’t like its services. That’s why we are telling you about 21 best sites like AliExpress. Some of these websites offer cheaper prices and faster shipping on certain products. And, you can also use them to maintain a nice profit margin for your dropshipping business.

1. LIGHTINTHEBOX

LightInTheBox is the perfect AliExpress alternative as it is also a Chinese e-Store. It sells hot and trending products across the globe. Their products range from phone and electronics to fashion, jewelry, shoes, bags, and many other items. You can find almost anything here at a very cheap price.

The delivery time of LightInTheBox is also similar to AliExpress as their warehouses are located only in China. But, you may get a faster shipping time due to having fewer orders to ship. You can pay for your orders with PayPal, Western Union, or your credit card.

2. WISH

Wish is a widely popular online marketplace where you can buy almost anything. From clothing to footwear, electronics, healthcare items, and many more things, you can get them all for an incredibly cheap price. They are also known to offer great deals and coupons to their new customers.

Their shipping time is also faster than AliExpress as their products come from sellers located in small countries. Wish also provides an advanced rating system that is very helpful for both the consumers as well as sellers. It helps promote good ones.

3. OVERSTOCK

Overstock is a US-based online marketplace. It makes profit by selling wholesale products at a highly cheap price tag. A major portion of their stock is comprised of overstock from the major retailers or their seconds. You can find some really amusing deals here. The shipping time will also be lower as compared to the Chinese marketplaces. You can get your items within a week.

The product range of Overstock is incredible. You can find everything such as clothing, decor, kitchen appliances, and many more items. You can even find furniture and other big home items. So, you can use to fill your house with great stuff at a reduced price.

4. DEALEXTREME (DX)

DealeXtreme, more popularly known as DX, is an amazing online marketplace. The website works in a very similar manner as ‘Wish’ and sells cheap products coming directly from sellers. It has partnered with many small businesses and sells its products to a wide base of audience.

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The shipping time is a problem with DX also because their warehouses are located in China. Apart from this, you can get some really worthy deals on DX. You should always keep an eye on their clearance sales for the best prices.

5. GEARBEST

Gearbest is the perfect AliExpress alternative if you are looking to shop for the latest gadgets or electronic devices. It works with over 5000 Chinese brands and top suppliers to deliver the best products. It has products from top Chinese companies such as Xiaomi, Huawei, Lenovo, and many others. But, it isn’t just an electronic store.

You can also find a massive range of other products as well. The prices available on GearBest are reduced, and you can even reduce them with the available coupons. They also have warehouses in multiple countries. So, you can get faster shipping from the local warehouse.

6. BANGGOOD

BangGood is another Chinese e-commerce platform that provides worldwide shipping of cheap goods. You can find almost anything on this website, from clothing to electronics, and even home items. The prices available are marked down from their original prices. You can also get amazing deals during special clearance sales.

BangGood provides a free $20 coupon to every new user. The shipping time for BangGood orders is faster than AliExpress for certain products. However, the regular shipping time is similar.

7. CHINABRANDS

ChinaBrands is a widely popular Chinese e-Store where you can buy products at wholesale prices. You can find almost anything on this website at a highly affordable price. Their shipping prices are also low but you will get a long shipping time. It is the perfect website for buyers who want the lowest prices but can wait for their orders for at least a month.

Most of the ChinaBrands sellers run their factories from China, and their warehouses are located there only. This is the reason for the considerably long shipping time.

8. BONANZA

Bonanza is a unique American online marketplace where you can find a great range of products. They have over 20 million items from more than 50,000 sellers. It is a growing e-commerce store where even you can sell your items. It is a preferred platform by more than 20,000 entrepreneurial sellers. You can find some really amazing handcrafted items and collectibles here.

For people looking to shop regular items, this store may disappoint you a little. The prices of some items may be a little higher than some Chinese stores. But, the quality provided will be worth it.

21 ALIEXPRESS ALTERNATIVE STORES

Here are 21 AliExpress Alternatives that you can use to shop online.

  1. LightInTheBox
  2. Wish
  3. Overstock
  4. DealXtreme (DX)
  5. GearBest
  6. BangGood
  7. ChinaBrands
  8. Bonanza
  9. DHGate
  10. TinyDeal
  11. Target
  12. MiniInTheBox
  13. GeekBuying
  14. Jet
  15. TomTop
  16. Target
  17. MadeInChina
  18. American Greenwood
  19. Walmart
  20. eBay
  21. Amazon

FINAL TAKE

AliExpress is amazing but it is always good to have options when you are shopping. So, these are the 21 best sites like AliExpress. If you ever feel like you should look somewhere else, these are some stores that you should visit. You can also use these for your dropshipping business if you are an aspiring entrepreneur. Make sure you have a solid plan before beginning.

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