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
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
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.
Response
Male (%)
Female (%)
65+
2.84%
2.68%
55-64
3.63%
5.99%
45-54
8.04%
9.62%
35-44
11.67%
11.20%
25-34
15.30%
10.09%
18-24
11.51%
7.41%
Source: Finder sample of 634 visitors using demographics data from Google Analytics
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.
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.
4 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 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
Some lenders can distribute the funds as soon as the next business day while others can take up to a week or two.
There is no set in stone answer for this question. The best personal loan is the one offered to you with the lowest interest rate and minimal fees under terms that you consider favorable.
Possibly. You have options, however, you’ll more than likely have to show some proof of income such as unemployment benefits, welfare or Social Security income.
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University.
Ok. Would like to see what I would cost me to get 100k loan if you have a spreed sheet or something to breck it do for me I’m definitely interested but just want to make sure I like the terms before committing
While we are unable to give you a breakdown of your loan cost, basically, there are two factors that impact how much a personal loan will cost you: the interest rate and the fees which make up what’s known as the annual percentage rate (APR) or the annual total cost of a personal loan.
You can use our table to compare $100,000 personal loans in terms of their APRs to help you determine which loan option is the least expensive. Then, you can get a quote directly from your preferred lender by clicking the “Go to Site” button to see more details about their loan offer including the interest rate and a breakdown of all the charges and fees.
Make sure you meet all the eligibility requirements and review the loan terms and conditions before applying and making a decision on whether it is right for you.
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Ok. Would like to see what I would cost me to get 100k loan if you have a spreed sheet or something to breck it do for me I’m definitely interested but just want to make sure I like the terms before committing
Hi Jaison,
Thank you for leaving a question.
While we are unable to give you a breakdown of your loan cost, basically, there are two factors that impact how much a personal loan will cost you: the interest rate and the fees which make up what’s known as the annual percentage rate (APR) or the annual total cost of a personal loan.
You can use our table to compare $100,000 personal loans in terms of their APRs to help you determine which loan option is the least expensive. Then, you can get a quote directly from your preferred lender by clicking the “Go to Site” button to see more details about their loan offer including the interest rate and a breakdown of all the charges and fees.
Make sure you meet all the eligibility requirements and review the loan terms and conditions before applying and making a decision on whether it is right for you.
I hope this helps.
Regards,
Val