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Graduating from college can seem like an insurmountable milestone. 4 years (ok, maybe 5 or 6 years) of toiling through classes, exams, homework, presentations, and late night study sessions can make a normal person go insane. Thankfully, there is a point where this will all end, and your real life can begin…

For those of us who have graduated from college and have gone on into the “real world” we don’t exactly view our college experience in that light. Rather than a never ending barrage of classes, homework, finals, and papers; we see freedom, no responsibility, and a carefree, do whatever you want, lifestyle that we may likely envy for the rest of our lives.

That is because when you graduate from college and “grow up” it’s time to get a real job, begin paying your own bills, and figure out how to support yourself in whatever you want to do with your life.

Applying for Your First Loan

One of the scariest things you will have to do after you graduate and branch out on your own is to apply for your first loan. This loan may be for your first car to make your daily commute into work, it might be a personal loan to get some seed money to start a business, it could even be to buy your first home (although, I would not recommend doing this right after college). The application process for your first loan can be confusing and complicated. That is why it can be a good idea to research online personal loans before going to a brick and mortar bank. You can compare rates, see how much you can qualify for, learn about the process, and view a copy of your credit report.

This information will be invaluable to you as you go through the process and begin to contact other lenders and other banks about your need for a loan.

If you are trying to get a loan to buy your first car, you may be surprised to find out that your credit score could be a barrier in your getting approved for a loan. If you are buying a new car, the dealership will likely try to find a loan for you from the dealers that they routinely work with. If you are buying a used car, I highly recommend to consult with a credit union or bank to get pre-approved for your loan before stepping foot on the used car lot. This will give you an idea of what your budget is, and will help you in the negotiation process.

If you don’t have a clue what your credit score is, or you already know it is bad, there are many ways that you can help to restore that credit score. This cannot be done in a few days however, so it is often a good idea to check out no credit check loans  to see what you might qualify for without using your actual credit score. Often times, you can get a decent interest rate on a secured loan without the hassle of hearing that your credit is terrible.

These are just a few tips that might help you in the application process for your first loan. As always, the best way to make this process easier is to manage your credit while in college, and to make smart money decisions before, during and after college. This firm foundation will pay off big dividends in your future.