Financial Blog

Personal Finance

Paperstack

Applying for a personal loan doesn't have to require stacks of documents

 

From car repairs to utility bills, when unexpected costs show up, you need money fast. Applying for a personal loan at a bank could take too long. Time matters because your bills or payments might have already passed while you’re waiting to receive the funds. Another option is to apply for a loan with a lender that specializes in providing personal loans. However, not all personal loan lenders are the same, especially when it comes to their application processes and the documents they require.*

What documents do you typically need?

Some personal loan lenders have application requirements that are similar to traditional institutions. These include:

  • Employment and income information. Lenders want to know that you will be able to repay the loan, which is why they want employment history and income. Some lenders will require proof of income which can be obtained by contacting your human resources department or by sending over a pay stub.
  • Personal credit report.  If lenders check your credit history through independent means and there are blemishes on your credit report, such as late payments, your chances of approval could be hurt. 
  • Bank account information and routing numbers. To deposit the money into your account, the lender will ask for bank account and routing numbers. They may also ask for several months of bank statements. 
  • Collateral. Depending on your credit situation, some lenders will not require you to provide collateral. Other lenders will require you to put up a personal asset for approval. 

Checkbook

Personal loan lenders will usually require bank routing and account numbers.

 

Other lenders might require a long list of documents and collateral for a personal loan. LoanMe's application process is simple and because it’s not required, your collateral stays your collateral. 

LoanMe requires just three documents:

  • Bank statement
  • Proof of income
  • Proof of valid ID showing you are over 18 years of age

Some lenders need you to fax copies of your application and many personal documents like bank statements, pay stubs, and copies of your I.D. LoanMe’s application process doesn’t require faxing and involves a much shorter list of documents, which saves time. The convenience doesn’t stop there. LoanMe’s online loan process means you can apply from the comfort of your home and get your money fast.

 

To apply for a personal loan with LoanMe, visit our website or call a customer representative.

 

Sources

http://budgeting.thenest.com/requirements-personal-loan-26319.html

https://www.loanme.com/personal/howitworks

 


*This article has been prepared for general information purposes only. The information presented is not legal, financial, tax or accounting advice, is not to be acted on as such, and is subject to change without notice.
 
Credit approval is subject to LoanMe's credit standards, and actual terms (including actual loan amount) may vary by applicant. LoanMe requires certain supporting documentation with each new application. If you have any questions regarding this, call us at 844-311–2274. California loans are made pursuant to LoanMe's California Department of Business Oversight Finance Lenders Law License #603K061. LoanMe also offers loans in certain other states which may have higher minimum loan amounts.
 
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