To apply for a loan in the United States, first research lenders and compare terms, interest rates, and eligibility criteria. Ensure your credit score meets the lender’s requirements, as this significantly impacts approval chances. Gather necessary documents such as income statements, tax returns, bank statements, and identification. Submit the application online or in person, providing accurate information. Once approved, review the loan agreement carefully before signing.

The process prioritizes creditworthiness and lender alignment to minimize risks. According to the Consumer Financial Protection Bureau (CFPB), approximately 20% of loan applications are denied due to poor credit scores, with 60% of rejections linked to insufficient income or documentation. Lender comparisons are critical because rates vary widely; for example, the Federal Reserve reports that average auto loan rates range from 4% to 10% depending on creditworthiness. Pre-approvals can streamline applications by verifying initial eligibility, reducing time spent on rejected submissions. Data from Experian also highlights that consumers with scores above 780 face approval rates exceeding 90% for most loans, underscoring the importance of credit maintenance. Efficient application steps save time and ensure access to competitive terms, directly influencing borrowing costs and financial stability.