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Most personal loan lenders require documents to prove your identity, income, bank account and address.
Lenders collect information about your credit score, loan purpose and monthly expenses to determine your eligibility and loan terms.
Gathering all necessary documents and information before applying for a personal loan may 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 lending decision. While each lender has unique application and eligibility requirements, most will require similar documentation.
Knowing which documents you need and having them ready before you apply may increase your chances of approval and help you receive your funds more quickly.
All lenders require you to fill out an application form to be approved for a loan. If you’re borrowing from an online lender, the process is done entirely online. If you apply for a personal loan with 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 one lender to another, but will usually ask for information such as:
Your full name
Contact information
Address history
Date of birth
Social Security number
You’ll need to choose a 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 usually required, and acceptable documents may include your:
The lender needs to be able to read your identification — take a clear picture with your smartphone or use a scanner to avoid delays.
Personal loan lenders rely on your income to determine how much you qualify for. Because you aren’t required to put up collateral to back an unsecured personal loan, you must prove that you have a steady stream of verifiable income to be approved.
If you’re traditionally employed, you can verify your income with a few documents, including:
If you’re self-employed, you may need any 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 assistance. Self-employed applicants may need to work with a CPA or other tax professional for help gathering the required tax forms.
