1. Check your credit score
A higher credit score generally translates to a lower APR. A score that’s under 670 will make it difficult to qualify for a competitive APR, and if your score is much lower than that, you may struggle to qualify for a personal loan at all. You can check your credit score for free using LendingTree Spring.
Getting dental loans for bad credit isn’t necessarily out of the question. Talk with lenders to see if other factors — like your income, employment and a bank account in good standing — could sway the decision in your favor. You can also consider taking out a secured loan or enlisting the help of a cosigner.
2. Get prequalified
Once you know your credit score, the next step is to check your estimated APR. Prequalification lets you see potential loan terms with a soft credit pull, which won’t affect your credit score. To get prequalified, you’ll send the lender some basic information, such as your annual income, desired loan amount and loan purpose.
To assist your search, use LendingTree’s personal loan marketplace. Keep in mind that approval isn’t guaranteed.
3. Shop around and compare lenders
Getting prequalified through several lenders will help you find the best possible loan for your unique financial situation. Compare each lender based on:
APR: Your APR is an accurate measure of your cost of borrowing. The lower your APR, the less the loan will cost you in interest and fees.
Loan amount: Be mindful to borrow only what you need and can reliably repay.
Loan length: A shorter term means higher monthly payments but lower overall interest charges.
4. Gather necessary documents
Once you’ve decided on the best dental loan for you, gather the necessary documents for your formal application, including proof of income, such as recent pay stubs, as well as bank statements from the past few months.
5. Apply and get funding
When you’re ready to formally apply with a lender, you’ll submit to a hard credit check, which will affect your credit. With your documentation and credit information, the lender will assess your eligibility for a loan.
You should have a decision rather quickly, with some lenders approving applications within hours. If approved, you could have your funds within a few business days. With your funds in hand, you can begin planning for your dental procedure.