What is the application process for a private loan?

The application process usually involves filling out a loan application form, providing proof of identity, proof of income, and other financial documents. The lender will conduct a credit assessment to determine your creditworthiness, conduct a risk assessment, and ultimately decide whether to approve the loan and the amount.

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What is the maximum loan amount I can apply for?

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The maximum loan amount depends on your annual income, credit score and existing debt ratio. Generally speaking, lenders will calculate based on your repayment ability, usually ranging from a few thousand to hundreds of thousands.

What is the typical interest rate for a private loan?

The interest rate for a private loan is generally between 5% and 15%, depending on your credit score, the amount you borrow and the repayment period. A good credit score usually results in a lower interest rate.