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Most personal loan lenders require documents proving your identity, income, bank account, and address.
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Lenders collect information about your credit score, the purpose of the loan, and monthly expenses to determine your eligibility and the terms of the loan.
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Gathering all the necessary documents and information before applying for a personal loan can help you receive your funds faster.
When you apply for a personal loan, lenders request several documents to verify your personal and financial information before making a credit decision. While each lender has unique eligibility and application requirements, most will require similar documentation.
Knowing what documents you need and having them ready before you apply can increase your chances of approval and help you receive your funds faster.
All lenders require you to complete an application form to be approved for a loan. If you apply for a loan from an online lender, the process is done completely online. If you apply for a personal loan at your local bank or credit union, you may be able to complete the application in person with a bank representative.
The application will likely look slightly different from lender to lender, but will typically ask for information like:
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Your full name
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contact information
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Address history
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Birthdate
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Social security number
You’ll need to choose the loan amount, answer questions about the purpose of your loan, and provide financial details about your monthly income, bills, and debt obligations.
Lenders must verify your identity to approve your loan. Two forms of identification are generally required and acceptable documents may include your:
The lender should be able to read your ID – take a clear photo with your smartphone or use a scanner to avoid delays.
Personal loan lenders depend on your income to determine how much you qualify for. Because you are not required to post collateral to back an unsecured personal loan, you must demonstrate that you have a steady stream of verifiable income to be approved.
If you have a traditional job, you can verify your income with a few documents, including:
If you are self-employed, you may need some or all of the following documents:
If you work for a regular employer, you may be able to access your pay stubs and tax forms through your payroll provider’s online database. You can also contact your human resources or payroll department for help. Self-employed applicants may need to work with a certified public accountant or other tax professional to help them compile the required tax forms.