When you apply to borrow money, most lenders require personal IDs and financial paperwork. If you gather what you need ahead of time, the application process could be a lot faster and smoother.
Here are some of the specific documents you might need to apply for a personal loan:
Most lenders typically ask for one or two forms of government-issued identification. Examples include:
- Driver’s license
- State ID
- Social Security card
- Birth certificate
Almost every lender requires you to meet a minimum income requirement. Here are three documents most lenders accept:
- Pay stubs
- Bank statements
- Tax returns
It’s important to note that not all lenders use your pay stubs and bank statements as proof of employment. Be prepared to provide your employer’s phone number and your manager’s name on your personal loan application to verify employment.
Proof of address
A proof of address is a document with your full name and address printed on it. Some lenders might use your ID to confirm where you live, but others might require one of the following as well:
- Utility bill
- Voter registration card
- Mortgage statement
- Lease agreement
What documents do I need to apply for an unsecured loan with OneMain?
If you plan to apply for a loan with us, these are the required documents. Please note that if you start an application online or over the phone, you’ll be required to bring these documents into a nearby branch to close the loan:
- A valid, government-issued ID
- Proof of residence (e.g. a driver’s license with your current address, a utility bill or a signed lease)
- Proof of income (e.g. pay stubs or tax returns)
These documents are only the basics. Please be aware that OneMain may ask for additional items based upon your unique situation.
How else can I prepare to apply for a personal loan?
Getting your documents organized is only one way to get ready. Here are some other suggestions:
Improve your chances of getting approved — From checking your credit score to lowering your debt-to-income ratio, there are several ways to help your chances of getting a loan approved.
Calculate potential payment amounts — To see how different interest rates and loan terms can affect the monthly payment, try using our personal loan calculator.
Stay organized and optimistic
Applying for a personal loan can be a smooth experience if you get your documents ready ahead of time. And just think — if you get approved, being prepared could help get your funds as quick as possible.
*By checking for prequalified loan offers, you understand that OneMain will review information you provide and information from your credit report to determine if you meet certain criteria for creditworthiness and are eligible for a prequalified offer. Prequalified offers are not guaranteed, and you must apply for a prequalified offer to determine if you are approved for the loan. Applying for a prequalified offer may impact your credit score.
This article has been updated from its original posting on June 5, 2019.
Authored by Matt Diehl. Video produced by Sam Kittinger.