The documents you need to apply for a personal loan

Posted: 11 January 2016 3:29 pm


Find out what lenders need to approve your personal loan application.

Whether you’re ready to submit your personal loan application or you’re still in the researching stage, it helps to know what you need to apply. This guide will bring you one step closer to being approved for your personal loan.

The documents needed to verify your identity

Lenders usually require at least two forms of identification. These can be any of the following:

  • Driver’s licence
  • Passport
  • Proof of age card

You may also need supplementary documentation in the form of:

  • Your birth certificate
  • Your citizenship certificate
  • A pension card or health care card
  • Utility bills
  • Your overseas driver’s licence

How lenders can verify your income

When you fill out the application form, lenders will need the following information and details to verify your income:

  • Your annual after-tax salary
  • Your last three payslips
  • Some lenders may require your bank statements
  • If you are self-employed, tax returns from the last two years

What other financial information will be required?

Lenders will also require information regarding your assets, debts and liabilities. Here are some of the other details to have on hand:

  • Credit card and loan statements from your current loan accounts
  • Income statements from any of your income-producing assets
  • An estimation of your current expenses
  • A current rent or mortgage statement

How do lenders verify your employment?

When you apply, you will give the lender the name of your employer, how long you’ve worked there and your employer’s contact information. If needed, the lender can get in touch with your employer to verify the employment-related information you’ve provided.

Do you need to provide extra documents if you’re buying a car?

In short, yes. A secured personal loan requires extra documentation so the lender can verify certain details about the asset. 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:

  • Car insurance policy
  • Dealer tax invoice (if purchasing from a dealership)
  • Car registration number
  • Vehicle ID (VIN) number or chassis number
  • Engine number
  • How much you paid for the car
  • The contact information of the seller (dealership or private seller)

Tips for speeding up your application process

  • Check the full list of required documents before you start your online application. When you click through to the lender’s site it will usually be listed before you begin, giving you a chance to get everything organised.
  • Download a PDF of the lender’s application form before completing the online form so you can see all the details you have to provide before actually starting the online form.
  • Take advantage of the ‘save and complete later’ function offered on most online application forms if you don’t have everything on hand. You will be given login details to come back later.

By knowing what to expect from the process, sending your loan application can be quick and stress-free.

Now you know what is needed before you apply, you can compare a range of personal loans here.

Picture: Shutterstock

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