List of documents required to get a personal loan in 2018 | finder.com
personal loan documents

What documents do you need to apply for a personal loan?

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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 usually 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
  • Passport
  • State ID
  • Birth certificate
  • Certificate of citizenship
  • Utility bill(s)
  • Military ID

How do lenders verify my income?

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

Minimum income requirements for top lenders

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.

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Rates last updated October 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

Compare up to 4 providers

Will I need to provide extra documents 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

  1. Know what’s needed before you start. To get everything organized, check the full list of required documents before you start your online application.
  2. 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.
  3. 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.

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.

Frequently asked questions

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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