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Personal loan documents

Find out what documents lenders require for a personal loan application.

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Whether you’re ready to submit your personal loan application or you’re still in the researching stage, it helps to know what you need to apply. This guide will bring you one step closer to being approved for your personal loan by preparing you for the application process. Please note that document requirements vary between lenders, so you may not need to provide all of these.

What documents do I need to get a personal loan?

The list of requirements to apply for a personal loan usually include: government-issued ID, some form of income verification, and proof of your debts and assets. We break these down for you below.

What counts as a government-issued ID?

Lenders usually require at least two forms of valid government-issued identification. These may vary between provinces and territories, but usually include:

  • Driver’s licence
  • Passport
  • Health card

It may also include supplementary documentation in the form of:

  • Your birth certificate
  • Social Insurance Number (SIN)
  • Certificate of Citizenship
  • Utility bills

How do lenders verify my income?

Almost every lender requires you to meet a minimum income requirement. When you fill out the application form, lenders will need the some basic information and details to verify your income.

  • Bank statements
  • Pay stubs
  • Tax returns (if you’re self-employed, tax returns from the last two years may be requested)

What other financial information do lenders require?

Lenders may also require information regarding your assets, debts and liabilities. Here are some other documents you may want to have on hand:

  • Current credit card and loan statements
  • Additional/alternate sources of income
  • An estimation of your current expenses
  • A current rent or mortgage statement

How do lenders verify my employment?

Many lenders will ask for your employer name and phone number in the full application. But your pay stubs and direct deposits are usually enough to satisfy a lender’s employment verification. If needed, the lender can get in touch with your employer to verify your employment and income details. However, this is more common with mortgages than personal loans.

Compare online personal loans

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
Go to site
More Info
Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured 6.99%-46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
Go to site
More Info
Apply in less than 10 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: min. income $1,000/month, min. credit score 525
Go to site
More Info
Get a free quote without impacting your credit score. Receive funds for an unsecured loan within as little as 24 hours. No prepayment fees.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
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Do I need to provide extra documents if I’m buying a car?

Yes. A secured loan requires extra documentation so the lender can verify certain details about the asset. These details will need to be confirmed with the lender before you apply and especially before you purchase the asset. Expect to provide any of the following documents when applying for a car loan:

  • Car insurance policy
  • Tax invoice (if purchasing from a dealership)
  • Car registration plates
  • Vehicle ID (VIN) number
  • How much you paid for the car
  • The contact information of the seller (dealership or private seller)

3 quick tips to speed up the application process

  • Know what’s needed before you start. To get everything organized, check the full list of required documents before you start your online application. When you navigate to the lender’s site, a list will usually be given to you before you begin the application.
  • Scan all your documents. It’s a good idea to have an electronic copy of your important documents for other purposes as well. It provides easy access whenever you need to complete an online application and could serve as a backup in case you lose the original.
  • Start now, finish later. Take advantage of the “save and complete later” function offered on most online application forms if you don’t have everything on hand. You will be given login details to come back later. This means you won’t need to re-enter any information that you’ve already provided.

Bottom line

By knowing what exactly what documents you’ll need, filling out your loan application can be quick and stress-free. Once you know what to expect, you can confidently compare a range of personal loans and apply without worrying about the application taking forever to complete.

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