Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure
What documents do you need to apply for a personal loan?
Keep the application process quick by having the information you need ready.
When you’re ready to fill out a personal loan, you’ll need to have quite a bit of information and documentation nearby to enter onto your application. Understand what most lenders want to see and why so you can apply without wasting time.
What counts as a government-issued ID?
Lenders typically require at least two forms of government-issued identification. While many will prefer a driver’s license number and recent bill, these will usually all be acceptable forms of ID:
- Driver’s license
- State ID
- Birth certificate
- Certificate of citizenship
- Utility bill(s)
- Military ID
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
What other financial information do lenders require?
Lenders usually require information about your assets, debts and liabilities, so be sure to have a few other documents on hand when you apply.
- Current credit card and loan statements
- Prove 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 top online personal loans
Will I need to provide extra information to buy a car?
Yes. Secured loans require extra documentation so the lender can verify the worth of the collateral. 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
- Dealer tax invoice (if purchasing from a dealership)
- Car registration number
- Vehicle ID (VIN) number
- How much you paid for the car
- The contact information of the seller (dealership or private seller)
These documents may not be needed at first. Many lenders allow you to fill out a preapproval application to see how much you may be able to borrow before you visit a dealer. This can help with the negotiation process.
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.
- Scan all your documents. It’s a good idea to have an electronic copy of your important documents. 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 ready. You’ll be given login details to come back later.
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.
Frequently asked questions
More guides on Finder
Citibank business loans review
This international bank offers term loans as low as $5,000 to business banking customers. But it’s not upfront about costs.
B9 pay advance app review
This pay advance app gives you access to your paycheck 15 days in advance. But with a $4.99 monthly fee, it may not be worth it for everyone.
Your business loan results
Get matched with a business lender using our quiz. Funding options from $500 to $5 million.
Sable Bank account review
Sable’s debit card earns rewards, but you can’t deposit checks or use ATMs for free.
NBKC Bank Business Money Market account review
An account with minimal fees and multiple ways to access your money.
CapitalPlus invoice factoring review 2021
This lender offers invoice factoring specially designed for construction companies. Startups are welcome — but you’ll need $20k in invoices.
Riviera Finance invoice factoring review
This nonrecourse factoring company has over 50 years of experience. But it doesn’t disclose fees and has a low maximum of $2 million.
Compare working capital loans
Help cover your business’s day-to-day costs with a working capital loan.
Get a business line of credit
A business line of credit provides flexible financing for ongoing and one-time expenses.
Business loans for construction companies and contractors
Compare financing options for your construction company.
Ask an Expert