What To Bring When Applying For A Personal Loan
Are you planning to visit a local lender and apply for a personal loan? If so, you'll definitely want to know what you need to bring for the visit to go smoothly.
Proof Of Income
A huge part of approving you for a loan will be based on how much money you make at your job. That's why it will be necessary to show proof of income in some form. Many people will bring in pay stubs or bank statements to show how much they make. You can also use tax returns since they cover how much you've made over the past few years.
ID
Identification is necessary to prove you are who you say you are. A government-issued photo ID is going to work best, such as a passport or driver's license. However, there are alternate forms of ID you can provide if you do not have either of those. Reach out to your lender beforehand to ask what form of ID they will accept.
Proof Of Residency
The lender will also want to know where you live and how long you've been living there. If you are a homeowner, this can easily be shown by providing information about when you bought the home. If you are a renter, you'll want to bring in copies of previous leases so that you can show the total amount of years you've lived in the same place.
Banking Information
The lender is not going to let you walk out with cash once you are approved for a loan. They will want the information so that they can transfer the money directly to your bank account. This is typically what is on a check since it includes the routing number and account number that is used to direct money to your bank account.
Loan Reason
The lender is going to want to know how you plan to use the money for the loan once approved. It gives the lender a good idea of what the reason is so that they can decide if it will help or hinder your ability to repay the loan.
Credit History
You'll also need to have a credit check performed to verify your debt-to-income ratio, credit score, and current lines of credit that you have. Thankfully, you do not need to bring anything additional for this other than your name and address. The lender will take care of the rest.
For more information on personal loans, contact a professional near you.
