Whether you\u2019re ready to submit your personal loan application or you\u2019re 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.<\/p>
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.<\/p>
Lenders usually require at least two forms of valid government-issued identification. These may vary between provinces and territories, but usually include:<\/p>
It may also include supplementary documentation in the form of:<\/p>
Almost every lender requires you to meet a minimum income requirement<\/a>. When you fill out the application form, lenders will need the some basic information and details to verify your income.<\/p> Lenders may also require information regarding your assets, debts and liabilities. Here are some other documents you may want to have on hand:<\/p> 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.<\/p> 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<\/a>:<\/p>What other financial information do lenders require?<\/h3>
How do lenders verify my employment?<\/h3>
<\/a>Do I need to provide extra documents if I’m buying a car?<\/h3>