How do loans work in the United States?

If you live in the United States, getting a loan is one of the most common ways to make expensive purchases like homes and cars. Other common loans are student loans and small business loans, allowing people to move forward with big life plans even when they don’t have the finances.

These loans can be an exciting opportunity for folks who want to improve their lives. Yet, the process of getting a loan can be overwhelming, especially if you’ve relocated to the United States from another country. Multiple steps come along with applying for a loan, such as ensuring a good interest rate, gathering the proper documents, and carefully checking the loan’s fees.

With these things in mind, it’s not surprising that loans can sometimes be confusing. However, the best thing you can do is learn about loans before applying. By gaining personal knowledge, you’ll improve your chances of getting better interest rates and loan terms.

In this article, we will be using multiple phrases and terms that are specific to banking systems in the United States. Because of this we’ll include a section called “important loan terms and definitions.” If you read a phrase you haven’t heard before, hopefully we will have the definition in that section.

In this guide, we will answer the following questions:

• What is a loan?
• What is the process of getting a loan?
• What are the main components of a loan?
• What documents will I need to get a loan?
• Will my documents need to be translated into English?
• What are the different types of loans?
• How can I qualify for a loan if I have limited credit history?
• Important loan phrases and definitions

What is a loan?

A loan is any amount of money a person or business borrows from a financial institution such as a bank, credit union, online loan provider, or even the government. The person or business is then expected to pay the money back to the financial institution at a later date, along with interest.

The institution that lends the money is typically called the “lender,” and the person or business that receives the loan is usually called the “borrower.” Most loans have similar characteristics, but there are different types of loans for different occasions, such as buying a house or car or needing money for home improvements.

What is the process of getting a loan?

When someone needs money, they apply for a loan from a bank, credit union, government, or online loan provider. The borrower usually needs to provide details like the reason for the loan, their financial history, Social Security number (SSN), and any other information the lender asks for. The lender reviews this information and looks at the person’s debt-to-income (DTI) ratio to see if they can repay the loan.

Based on the applicant’s creditworthiness, the lender either denies or approves the loan application. If the loan application is denied, the lender should explain why. If the loan is approved, both parties sign a contract with the loan details. The lender distributes the loan money, and the borrower must repay it by the agreed-upon time. The borrower will also be required to pay extra charges like interest.

The loan terms are agreed upon before any money is given out. If collateral is required, the lender specifies this in the loan documents. Most loans also include details about the maximum interest rate and other conditions, such as the repayment period.

A high credit score can qualify you for a lower interest rate, helping you save money. Your credit score also influences the required down payment and the loan amount you can secure.

What are the main components of a loan?

Loans generally have four main features: principal, interest, installment payments, and term. Understanding these will help you know how much you’ll pay and for how long so you can decide if a loan fits your budget.

Principal

The principal is the amount of money you borrow. It could be $400,000 for a new house or $800 for a car repair. As you repay your loan, the principal is the remaining balance, not including interest or fees.

Interest

Interest is the cost of borrowing money. It’s how much extra you pay back on top of the principal. Lenders decide your interest rate by examining factors like your credit score, the type of loan, and how long it will take you to repay the loan. The interest rate can differ from the annual percentage rate (APR), which includes interest plus other costs like upfront fees.

Installment Payments

Loans are usually repaid in regular installments, which are generally once a month. Your monthly payment is typically a fixed amount. For example, you might pay $300 a month on your loan on the 15th day of every month.

Loan Term

The loan term is the length of time you have to completely repay your loan. Depending on the type of loan, the loan term can range from a few weeks to many years.

What documents will I need to get a loan?

There’s a good chance you’ll need documents when applying for a loan. These documents help the bank or financial institution certify your identity, check your credit history, and ensure you have a source of income.

Here’s a list of some documents you might need when applying for a loan in the United States.

To prove your identity:

• Birth certificate.
• Certificate of citizenship.
• Driver’s license or State-issued ID.
• Passport.
• Social Security card.
• Military ID.
• Marriage Certificate.

To prove your income:

• Pay stubs.
• Tax returns.
• W-2s and 1099s.
• Bank statements.

To verify your home address:

• Utility bill.
• Lease or rental agreement.
• Mortgage statement.
• Voter registration card.
• Property tax receipt.
• Bank or credit card statement.

Will my documents need to be translated into English?

The short answer is yes. If you have a document such as a birth certificate or a foreign bank statement, it’s wise to have it translated into English. Even if your bank doesn’t specifically request an English translation, bringing translations of any foreign documents could speed up the process of having your loan approved.

The documents and forms mentioned above may not be a complete list. Other documents that commonly need to be translated for immigration purposes include:

• Criminal records
• Birth certificates
• Marriage certificates
• Divorce decrees
• Annulment Papers
• Death Certificates

You can order a certified translation of these documents from our online store:

Order Your Certified Translation

What are the different types of loans?

Now that we’ve looked at the basic components of most loans, let’s overview some of the specific loans available to people and businesses.

What is a Personal Loan?

A personal loan is an installment loan where you receive a lump sum of money upon approval. These typically have a fixed interest rate and monthly payment. Repayment periods typically range from one to seven years, during which you make regular monthly payments until the loan is fully repaid. These loans are versatile, allowing you to use the funds for various purposes such as consolidating debt, covering emergency expenses, or financing significant expenses like weddings or home renovations.

Personal loans are available from online lenders, banks, and credit unions. They are usually available faster than many other loan types, and borrowers can often procure a personal loan within one business day.

Borrowers like personal loans because they usually have lower interest rates than credit cards. This makes them a popular choice among borrowers who want predictable repayment terms and manageable monthly payments.

Interest rates typically range from 6% to 36% APR (Annual Percentage Rate). Borrowers with excellent credit scores, such as 720 or higher, generally qualify for lower rates. Borrowers with lower credit scores may have to deal with higher interest rates. Loan terms typically span 1 to 7 years, with shorter terms leading to higher monthly payments but lower overall interest costs.

What is an Automobile Loan?

An automobile loan may also be called an “auto loan,” “vehicle loan,” or “car loan.” This type of loan enables you to borrow funds from a lender to buy a car or another motorized vehicle. You usually receive the money as a lump sum. Then, you repay the loan through fixed installments over a specified period, with interest charged on the borrowed amount. Most automobile loans typically have terms ranging from 36 to 72 months, with some lenders offering terms up to 84 months.

One unique thing about auto loans is that you will often be offered financing by the institution selling the vehicle you’re interested in. Let’s imagine that you visit a Honda dealership to browse their selection of cars. If you decide you’re interested in buying a vehicle you see at the dealership, a representative who works there may take you into a room to discuss financing. This representative can then check your credit history and offer you a loan immediately.

However, it’s a good idea to be careful because the dealer’s interest rate will probably be more expensive than a bank’s or credit union’s. Even if you don’t get a loan from your bank, it may be wise to consult with your bank to see if the car dealership’s loan offering has favorable terms. Then, you can see if your bank or credit union can possibly offer you a better loan.

Traditional banks and credit unions often offer auto loans to their customers. This could potentially result in a lower interest rate or better loan terms. The bank or credit union will probably want more information about the vehicle you want to buy, such as what year it was made and how many miles it has. They will want to know this information to determine if the vehicle is a good investment.

Because of this extra step, it may take more time than buying a vehicle through a dealership. You can expect to wait between one business day and a week to get a loan from a bank or credit union.

The interest rates for auto loans can vary widely based on factors such as the borrower’s credit score, the loan term, and the age of the vehicle. Generally, borrowers with excellent credit can expect interest rates as low as 3% to 4% for new cars, while those with lower credit scores might see rates between 6% and 20%. Used car loans often have slightly higher interest rates than new car loans.

In addition to considering interest rates, it’s important to understand how down payments work. A down payment is an upfront payment made at the time of purchase, which reduces the total amount that needs to be borrowed. This initial payment is subtracted from the purchase price to determine the loan’s principal amount. For example, if you’re buying a car that costs $20,000 and you make a $2,000 down payment, the loan amount would be $18,000. A larger down payment can lead to better loan terms, such as a lower interest rate, because it reduces the lender’s risk by guaranteeing them more money right away. This also results in lower monthly payments and potentially a shorter loan term, decreasing the overall cost of the loan.

What is a Student Loan?

People who want to attend college or university can procure student loans from two different sources. The first is the U.S. federal government, which provides federal student loans through the Department of Education. The second source of student loans are private lenders like banks, credit unions, or state loan agencies. Let’s take a look at both.

Federal Student Loans

The U.S. government offers federal student loans. It’s smart to get federal loans first because they cost less and usually offer more protections for borrowers than private loans. To qualify for federal loans, you need to fill out the Free Application for Federal Student Aid (FAFSA) form.

Federal loans have several advantages over private loans. They often have fixed and lower interest rates, you can borrow money without needing a cosigner, and you get a 6-month grace period after graduation before you start repaying. Federal loans also offer flexible repayment plans, like income-driven repayment and extended repayment. Additionally, some federal loans can be forgiven if you work in certain jobs, like teaching or public service, meaning you don’t have to pay them back.

Let’s look at the four types of federal student loans.

Direct Subsidized Loans, also called subsidized Stafford loans, are for undergraduate students. You don’t have to pay interest on these loans while you’re enrolled in school for at least half of a full-time school schedule. You also won’t need to make payments for six months after you graduate or drop below half-time enrollment.

Direct Unsubsidized Loans, or unsubsidized Stafford loans, are for both undergraduate and graduate students. Unlike subsidized loans (with which the government pays your interest while you’re in school), interest will build up on your loan while you’re in school which you can have added to your loan balance.

Federal Direct PLUS Loans, including Grad PLUS and Parent PLUS loans, are available to graduate students and parents of dependent undergraduate students. For PLUS loans, interest starts building up as soon as the loan is fully paid out. Students can delay repayment while they are in school and for six months after graduation.

Lastly, Federal Direct Consolidation Loans let students combine multiple federal student loans into one loan without losing the benefits of federal loans. Consolidation helps simplify repayment or change your loan servicer, but it doesn’t change the interest rates of your student loans.

Federal loans typically have fixed interest rates which are set by Congress. For loans disbursed from July 1, 2023, to July 1, 2024, undergraduate Direct Subsidized and Unsubsidized Loans have an interest rate of 5.50%. Graduate Direct Unsubsidized Loans have a higher rate at 7.05%. If you’re thinking of applying for a student loan through the U.S. government, you can check with the Federal Student Aid Department to see the current year’s interest rates.

Repayment terms for federal loans vary based on the type of loan and amount borrowed. Generally, borrowers have up to 10 years to repay Direct Subsidized and Unsubsidized Loans, with options to extend repayment through income-driven plans that can stretch up to 20 or 25 years. PLUS Loans have a standard repayment term of up to 10 years but can also be extended through income-driven plans.

Private Student Loans

Private student loans are provided by banks, credit unions and online loan providers, rather than the government. Some examples of common private loan providers are Sallie Mae, SoFi, and PNC Bank.

Private loans are based on your credit history. Lenders will examine your creditworthiness to know how responsible you are with credit as they decide whether or not to approve your application. The interest rate on a private student loan will be primarily based on the borrower’s creditworthiness.

With private student loans, you often have the choice between a fixed interest rate or a variable interest rate, which can fluctuate based on market conditions and potentially affect your monthly payments over time.

Many students apply for private loans with a cosigner. Usually, this cosigner is an adult who has a good credit history and agrees to share the loan responsibility. This is common for students who haven’t had the opportunity to establish their own credit history.

It’s important to note that private student loans vary widely. They offer different interest rates, repayment plans, and terms. If you’re choosing a private loan make sure to review and fully understand the details of your student loan.

Generally, private student loans have higher interest rates than federal loans. According to recent trends, typical interest rates for private student loans can range from around 4% to 12% or more, depending on market conditions and the borrower’s creditworthiness.

Terms for private student loans vary but often have repayment periods ranging from 5 to 20 years. Some lenders may offer longer terms, particularly for higher loan amounts.

What is a Small Business Loan?

A small business loan is a type of financing that businesses can get from banks, credit unions, or online lenders. These loans help businesses cover costs associated with running and growing their operations, such as daily expenses, equipment purchases, or even real estate.

Business loans provide funds to business owners and in return, the business agrees to repay the borrowed money over time, with added interest and fees. Depending on the loan type, payments might be required daily, weekly, or monthly until the loan is fully repaid.

Business loans can be used for a variety of purposes, and borrowers typically need to inform the lender about how they plan to utilize the money. Common uses for small business loans include startup costs, buying and remodeling commercial real estate, consolidating or refinancing debt, purchasing equipment, purchasing inventory, and funding marketing and advertising efforts.

There are several types of business loans that companies might consider.

An SBA loan is backed by the U.S. Small Business Administration (SBA), which reduces the lender’s risk and can make it easier for businesses to get approved. These loans often have good interest rates and longer repayment terms but require a high credit score and can take months to process. Three of the most common types of loans offered by the U.S. Small Business Administration are the SBA 7(a), SBA Express, and 504 loans.

Business term loans are another common option, available from both traditional banks and online lenders. These types of loans are not backed by the SBA. Like a personal loan, these loans are repaid over a set period which is usually up to 10 years. Business term loans can provide up to $500,000 in funding with interest rates starting around 9% and going all the way up to 22%.

Working capital loans provide short-term financing to cover day-to-day expenses, such as payroll, especially useful for seasonal businesses. Working capital loans are usually awarded to borrowers by traditional banks. Loan repayment terms can range from 1 to 7 years and business owners can get funding from $10,000 up to $1 million.

A business line of credit offers flexibility, allowing businesses to borrow money as they need it up to a certain limit, similar to a credit card. But, businesses don’t have to withdraw all the money they’re approved for with this type of loan. These credit lines typically range from $2,000 to $250,000 and only incur interest on the borrowed amount. The borrowing period during which you can withdraw funds usually lasts 12 to 24 months. The borrowing period is then followed by a repayment period of 6 months to 5 years.

What is a Mortgage?

A mortgage is a type of loan used to buy a home, plot of land, or other real estate. The borrower agrees to repay the lender over time through regular payments. The property serves as collateral to secure the loan, meaning if the borrower fails to make the required payments, the lender has the right to take ownership of the property through a legal process called foreclosure.

To get a mortgage, a borrower must apply through their preferred lender and meet various requirements, such as having a minimum credit score and making a down payment.

When you take out a mortgage, the lender pays for your home upfront. Until you have completely paid back the loan to the lender, they hold a lien on the home’s title as collateral until the mortgage is fully paid off. A lien is a legal right that a lender has in a borrower’s property, serving as security until a debt is fully repaid. It allows the lender to take possession of the property if the borrower fails to fulfill their obligations under the loan agreement. This means you won’t completely own the property until you’ve made your final payment.

No matter which type of home loan or lender you choose, the approval process generally follows a standard sequence of steps.

First, you’ll apply for a preapproval from a mortgage lender before choosing a home. During this stage, the lender evaluates your application to determine how much they are willing to lend you.

After applying for a preapproval, the underwriting process begins. This is where you’ll need to provide details about your income, current debts, and credit history. Once approved, you’ll receive an official preapproval letter detailing your price range. This will give you a better idea of which homes you should consider buying.

After you find a home you like you will have to get it appraised. This is where you need to demonstrate to your lender that the house you intend to purchase justifies the purchase price. The appraisal takes into account factors such as the property’s location, general housing market conditions, and the home’s physical condition.

You’ll also want to get a home inspection to check the home for anything that needs to be fixed. If your inspection reveals significant concerns, such as a roof in need of replacement or HVAC issues, you can use this information to negotiate a lower price or decide not to buy the home.

Once you’ve received the home inspection report and are satisfied with any necessary repairs, your lender will confirm that the home is cleared for closing. At this point, you’ll be prepared to finalize the purchase of your new home.

Mortgages typically have terms ranging from 15 to 30 years. Longer terms like 30 years are common and can have slightly higher interest rates, but they spread out the payments over a longer period, so the payments are less money each month.

Shorter terms like 15 or 20 years, often come with lower interest rates but higher monthly payments. So you pay less money in interest, but you will have higher monthly payments each month.

Interest rates for mortgages can change based on economic conditions but generally range from 3% to 7% APR for fixed-rate mortgages. Adjustable-rate mortgages (ARMs) can start lower but may increase later, depending on market trends.

How can I qualify for a loan if I have limited credit history?

After you’ve learned how loans work and which type of loan you want to apply for, you’ll probably want to apply for a loan. But, if you recently relocated to the United States you might have a limited credit history.

Without a history of proving you can repay loans and credit cards on time, you may have trouble getting approved for your first loan. Luckily there are ways to build credit history from scratch.

Credit-builder loan

A credit-builder loan is a great way to build a positive credit history. With this type of loan, the lender puts a small amount of money into a secured savings account for you. When the money is first deposited, you cannot access it or use it. Instead, you make monthly payments to pay off the loan. Once you’ve paid it off, the money in the savings account becomes available to you. This way, you grow your savings and establish your credit at the same time.

Unlike regular loans, a credit-builder loan isn’t meant for immediate purchases. Think of it as a savings account that also helps you build credit. While you will pay interest, it encourages good saving habits. Credit-builder loans are usually small, ranging from $300 to $1,000, which means your monthly payments should be low, too.

Credit-builder loans are usually easy to qualify for because the lender doesn’t take a risk. This is because if the borrower can’t make a payment, the lender still has the money in their account.

Increase your credit score

Having a low credit score can prevent you from qualifying for a loan. A credit score of 670 is what you’ll need to qualify for most major loans, and the higher your credit score is, the better your loan terms will be. Better terms can result in a lower interest rate and lower monthly payments.

So, it’s helpful to increase your credit score before applying for a loan. It might take some time, but here are three ways to increase your credit score.

Pay your bills on time

Paying bills like utility bills, phone bills, rent payments, and credit card bills on time boosts your credit score. Even paying the minimum amount helps if you can’t make the full payment. Set up automatic payments to avoid missing due dates.

Strategically reduce your debt

Lowering your debt improves your credit score. For example, if you have credit card debt, you can aim to reduce your balance to 30% or less of your credit limit. Plus, if you have any other loans besides the one you’re trying to qualify for, paying as much of that debt as possible can help.

Become an authorized user on a credit card

Ask a family member or friend with good credit to add you as an authorized user on their credit card. This can boost your score, especially if you’re new to the U.S. and building your credit history. You won’t even need to actually use their credit card to increase your credit score!

Apply with a co-applicant

A co-applicant, or cosigner is someone who applies for the loan with you and shares responsibility for repaying it. This means, if you can’t pay for the loan, the co-applicant will have to take over the payments.

Lenders will evaluate both applicants’ credit histories, debt-to-income ratios, and other financial details to determine the loan amount, interest rate, and term length. A co-applicant with a higher credit score than you will help you secure a lower interest rate and increase your chances of approval, especially if you have low income or limited credit history.

Important loan phrases and definitions

As you’re researching loans, you will probably see some words and phrases that you may not know.

What is the Annual Percentage Rate (APR)?

APR is the acronym used to refer to the Annual Percentage Rate of a loan. APR is the cost of borrowing money over the course of one year.

APR is similar to the interest rate of a loan, but also includes fees and any other additional costs associated with the loan.

Because APR includes all fees and costs, borrowers can look to the APR percentage number rather than the interest rate alone. This will give the borrower a much more accurate idea of how much money they’ll spend on the loan over the course of one year.

For example, if you take out a loan with a 10% interest rate but there are also fees included, the APR might be 12%. This means that, over the course of a year, the loan will cost you 12% of the borrowed amount in total. Using APR helps you compare different loan offers more accurately since it reflects the true cost of the loan.

What is a lump sum?

A lump sum is a single payment of money, as opposed to multiple smaller payments over time. In the context of loans, receiving a lump sum means you get the entire loan amount at once after your loan is approved, which you can then use for your intended purpose.

What is creditworthiness?

Creditworthiness is basically how likely you are to pay back money you borrow. It’s determined by looking at things like your credit history, income, job stability, and how much debt you already have.

Lenders use this info to decide if they should lend you money and how much interest they’ll charge you. Having good creditworthiness means you’re more likely to get approved for loans and get better terms, like lower interest rates.

What is debt-to-income ratio?

A Person’s debt-to-income ratio (DTI) is a financial tool that compares how much money you owe each month to how much money you earn before taxes. Lenders use this ratio to see if you can handle your monthly payments and repay loans.

To find your DTI ratio, you divide your total monthly debt payments by your monthly income, and then multiply the result by 100 to get a percentage. For example, let’s imagine you earn $4,000 of income each month. If you pay $1,000 each month toward debts like rent, car loans, and credit cards. your DTI ratio would be 25% because $1,000 is 25% of $4000.

A lower DTI ratio shows that you have a good balance between what you owe and what you earn, which makes lenders more likely to approve your loan application. Generally, lenders prefer borrowers to have a DTI ratio of 36% or less.

What is collateral?

Collateral is a valuable asset that a borrower offers to a lender as security for a loan. If the borrower can’t pay the loan, the lender has the right to seize the collateral to make up for the amount of money they still haven’t received.

Common types of collateral can be real estate (homes and property), vehicles, savings accounts, and other valuable assets. Collateral reduces the lender’s risk, which can make it easier for borrowers to get loans. Collateral can sometimes make it possible for borrowers to get better terms as well, such as lower interest rates or more money.

What is an installment loan?

An installment loan gives a borrower a fixed amount of money to be repaid with regular payments, known as “installments”. Each installment pays for both a portion of the principal and interest on the debt. The predictable payment schedule helps borrowers know how much to pay each month and when the loan will be fully repaid.

What is a cosigner?

A cosigner is a person who agrees to take responsibility for repaying a loan if the primary borrower can’t make their payments. So in a situation where the primary borrower loses their job or becomes sick and can’t come up with the money to repay a loan, the cosigner is legally obligated to repay the loan.

Cosigners are often used when the primary borrower has a limited or poor credit history. Usually the loan cosigner will have a strong credit history and high credit score which can improve the chances of loan approval. This can also result in a lower interest rate.

What is a fixed interest rate?

A fixed interest rate stays the same for the entire loan. For example, if someone borrows $15,000 with an 8% fixed interest rate, they’ll pay 8% interest on the loan amount each year. Over 3 years, this adds up to $3,600 in interest payments. Unlike variable rates that can change, a fixed rate stays steady. This means the borrower’s monthly payments stay the same throughout the loan, making it easier to budget and plan finances.

What is a variable interest rate?

A variable interest rate changes along with the overall market or a specific standard interest rate. The specific rate used for a variable rate can vary depending on the loan or investment, but it commonly follows the rates of the London Interbank Offered Rate (LIBOR) or the federal funds rate. This means when these rates go up or down, your loan’s interest rate can also go up or down. It’s important to understand this because it can affect how much you pay each month on your loan, depending on economic conditions. Variable interest rates can offer lower initial rates compared to fixed rates, if the U.S. economic system is doing well. However, variable interest rates can also increase over time, leading to higher payments if market rates rise.

What is a secured loan?

Secured loans require collateral, such as real estate, investments, bonds, automobiles, or other valuable assets which the lender can take possession of if the borrower fails to repay the loan. Because these loans are backed by collateral, they typically carry lower interest rates compared to unsecured loans. This lower risk for the lender means secured loans can be a great option for borrowers who need larger loan amounts or have less-than-perfect credit. It often allows them to qualify for better terms and rates.

What is an unsecured loan?

An unsecured loan is a type of loan where you don’t have to put up collateral, like a house or car. Instead, you usually need to sign a personal guarantee. This means you will be personally responsible for paying back the loan. Since there’s no collateral for the lender to take if you don’t pay, unsecured loans can be harder to qualify for and might have higher interest rates.

Conclusion

Whether you’re getting a loan for a car, home, or starting a business, securing your first loan in the United States can be both exciting and complicated. By planning ahead, you can choose the most favorable loan for your situation. The key is not to rush into a decision. Carefully read the loan’s terms and conditions to ensure you’re comfortable before agreeing.

By demystifying the process, you can approach loan applications with confidence. Securing a loan involves more than just filling out forms; it requires understanding various loan types, their specific terms, and the necessary documentation. With this knowledge, you can better navigate the complexities of the loan process and potentially secure more favorable rates and terms.

After you’ve received your loan, you’ll have to be diligent to make your monthly payments on time. However, there are times when people go through financial hardship or simply lose track of their loan repayment schedule.

In our next article, we’ll be discussing the best ways to avoid missing your loan payments. We’ll also talk about what to do if you’re simply unable to make your payments because you’re lacking the funds. Stay tuned as we discuss options like loan forbearance, refinancing, or deferment.

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