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Before You Apply: 4 Documents You’re Going to Need to Show to a Personal Loan Lender

Are you in need of some money? Well, don’t sweat, because personal loans are now more accessible than ever. Although they come with high interest rates and strict repayment terms, personal loan can provide a quick solution to emergencies without requiring you have collateral or even good credit.

Applying for a personal loan is a straightforward process that, when done correctly and with the right lender, can result in same-day funding. To get your money as fast as possible, however, you need to gather all the necessary documents before you apply. Different lenders may ask for different papers depending on their underwriting process, but you can expect to find these four documents on any list of requirements.

1. Proof of Identity

Lenders in the US typically require applicants to prove they’re citizens, permanent residents, or living in the US on a long-term visa, and are also at least 18 years old.Your driver’s license, state ID or passport, can be enough to prove your identity, but you may need additional documentation like birth certificate, certificate of citizenship, social security card, or military ID.

2. Proof of Residence

Lenders require resident verification because of several reasons. For starters, personal loan offers can vary according to state laws, which means your loan amount and rate will depend on the maximum caps set by your state government.

Additionally, personal loan providers want to know if you’re a homeowner or tenant, and how long you’ve lived in your current location. Having the same address for several years can indicate that you’re in a stable situation and you’re not likely to have upcoming lifestyle changes that could negatively impact your finances.

Some document types that a lender may accept as proof of residence include your lease agreement, recent utility bills, voter registration and home/vehicle insurance statements.

3. Proof of Income

Some personal lenders require that applicants present credit documents, but according to an article at, firms like King of Kash are usually more insistent on knowing if the borrower’s income is steady and reliable enough to guarantee consistent monthly repayments. Stable income tells a lender that you’re less likely to run into financial problems.

A loan provider will need to evaluate your income for the last several years, and irregularities like periods of unemployment or fluctuating bank deposits can be red flags. They will also insist on checking your current expenses, such as mortgages, student loans and credit cards to make sure you have enough cash flow to support additional debt payments.

To prove your income and cash flow, you can provide bank statements, pay stubs, tax forms and copies of income tax returns.

4. Proof of Continuity

In addition to looking at your past income statements, a lender may also require you to prove that your financial situation will continue to be stable for the duration of the loan. This requirement is usually needed if proof of residence or income isn’t enough to convince the provider to trust you with a loan.

If you’re employed, you can submit your current employment certificate and contract details to prove that you’ll remain in employment, and if you’re self-employed, you can give office ownership or lease documents, contracts with utility providers, or business records to show you’re unlikely to close shop any time soon.

A personal loan can be an easy way to deal with an unexpected need for money, but the better your cooperation with the lender, the faster and more smoothly the process will go. Make sure you have all the documents that can facilitate the requirements above in hand the next time you apply for a loan.

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