Eight Tips to Consider Before Applying for a Loan

If you’re looking to apply for a home loan, personal loan, or an auto loan, here are some quick tips to help you prepare.

  1. Clarify your loan needs: Know what kind of loan you need.
  2. Check your credit score: If you check your credit score regularly, you can take steps to improve your score or fix any errors you find. Do this at least a few months before you apply for a loan.
  3. Talk to a banker: Head to your local bank branch, and ask your banker questions about the loan application process, time frame, standard terms, and repayment schedules to understand whether you have the means to repay your loan promptly.
  4. Avoid new credit applications: Every time you apply for credit, your credit score usually takes a hit. If you plan to apply for a loan in the next few months, consider refraining from applying for new credit.
  5. Pay attention to debt: Make payments on time every month. Try to pay off your debt before applying for a loan.
  6. Prepare your documents: Find out what proofs of income and assets you’ll need to apply for a loan. Confirm with your banker, and be prepared with all the paperwork.
  7. Shop around: Check the rates and terms of various loans to ensure you get the best option for your situation.

Learn more about applying for a loan.


This information is general in nature and is not intended to be legal, tax, or financial advice. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. Statements or opinions of individuals referenced herein are their own—not Regions'. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules. Regions, the Regions logo, and the LifeGreen bike are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.