What Documents Do You Need For A Personal Loan

Whether you are ready to press send on your personal loan application or are only now beginning to carry out your research, it’s always a good idea to know exactly what documents you will need during the application process.

A lot of these documents can now be found and managed online yet your lender may still require you to provide some of them yourself as part of your overall application for payday loans middletown ohio. After all, without these crucial documents, there is a chance that you will not be approved for a personal loan!

These documents will also prove that your financial and personal information is accurate and up to date. Oh, and that you aren’t committing identity theft, which is always a good thing.

Here are some of the most important documents you’ll need for a personal loan.

Proof of identity

Any lender will ask for proof of identity to ensure that you are a real person and that you are old enough to take out the loan. This prevents identity theft and fraud. During this process, your lender may even ask about your bank account to ensure that everything is up to date.

You will typically be asked to provide two different forms of identification, including:

  • Military ID
  • Driver’s license
  • Passport
  • Citizenship certificate
  • Birth certificate
  • State-issued ID
  • Social security card

The majority of lenders will only ask for copies of your ID so you don’t need to send in your original documents to the lender.

Loan application

One of the most important documents you’ll need for a personal loan is a loan application.

Lenders will have their own application to begin the process of offering you a personal loan. As a result, it will look different depending on the lender that you choose to go with. For example, one lender may have a digital process whereas a credit union or a bank may require only an in-person process.

This application will ask standard questions like your personal details (name, phone number, address) and will also inquire about the amount you’re looking to borrow and why. If an application requests additional information such as your gross monthly income, you must be completely honest so the lender gets a good idea about your financial situation.

Verification of your income and employment

Lenders will want to see that potential borrowers have the ability to pay back current debts in addition to the new loan. This means that lenders will often ask these individuals to show proof of annual income and employment history as part of the full application process.

A lender is far more likely to approve a borrower’s application if they earn a steady income as it proves that they are reliable and good with their money. This ensures that you will make your requested monthly payments swiftly and efficiently every month and can afford the interest rate.

Many lenders may also have a minimum income requirement. If you were to fall below it then you will not qualify for a personal loan with the lender and will have to look elsewhere.

Employed by someone else

Some common forms of verification for employment are:

  • Returns
  • Paystubs
  • Bank statements
  • Employer contact information
  • W-2s and 1099s


For self-employed individuals, a lender will rely on the information provided by the following documents to verify your income:

  • Income tax returns
  • 1099 forms
  • Bank statements with income deposits

Make sure to include documentation proof of any additional income you earn on the side. This could be the difference between reaching the required minimum amount to qualify for the personal loan and not being eligible!

Recurring monthly expenses

Even with a steady monthly income, a lender will want to be confident that you will be able to afford your repayments. Sometimes, they may ask to take a look at repeat current expenses that you regularly pay out, such as:

These amounts will be taken away from your total monthly income so you can determine just how much money you have left in your monthly budget to make your personal loan payments.

Proof of residence

In addition to confirming employment, lenders will also want to ensure you are living in a stable environment. This means you will likely need to show:

  • Proof of your home address 
  • A copy of your rental agreement or lease
  • Auto or home insurance that features your address

You might be able to get away with showing your lender a recent utility bill, but this generally depends on the lender you are working with.

Credit score and history

Your credit score is one of the most important factors that a lender will consider when they are evaluating your loan application. These three-digit numbers range between 300 and 850 and give lenders a realistic picture of how likely you are to make your payments on time.

Your overall credit score will depend quite a bit on the length of your credit history, payment history, and even the amount of outstanding debt that is left to pay. This could be to your detriment when applying for a personal loan with some companies, and may not be an issue at all for other lenders.

Many lenders require that applicants have a minimum credit score of around 600 so that they can qualify for a personal loan. However, other lenders will provide these loans to applicants without any sort of credit history.

The lender will likely access this information for themselves but reviewing your credit report before applying won’t hurt your chances!


If you’re after a personal loan you will need to share personal information with your lender so they can verify your identity and evaluate your credit history to determine whether you can repay your loan in a set period. By making a list of all necessary documentation that the majority of lenders will ask for, you are taking major steps to cut down the stress of the personal loan application process!