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

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

Who is most likely to be researching personal loan documentation requirements?

Finder data suggests that men aged 25-34 are most likely to be researching this topic.

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

However, if proof of income is an issue for you, you may want to look into your options for no income verification personal loans.

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.

4 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.
4. Compare options from lenders that offer quick loans, some as soon as same business day.

Bottom line

By knowing what documents you 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