Key takeaways:
Most lenders require a government-issued photo ID, your Social Security number or ITIN, proof of address, and proof of income to begin a personal loan application.
If you’re self-employed, you may be able to use tax returns, bank statements, or other business records instead of pay stubs.
You can apply online, by phone, or in a branch, but the basic document requirements are usually similar.
Getting approved for a personal loan usually starts by showing a lender three things: who you are, where you live, and your ability to repay what you borrow. A personal loan is a type of installment loan that lets you borrow a set amount and repay it in fixed payments over time. The documents you provide, along with your credit history, typically helps the lender decide whether to approve you and for how much.
Below is a brief look at the documents you may need when you’re ready to apply for a personal loan. Every lender is different and the list below is intended as a general guide. It is best to check with the lender directly for their specific requirements. Gathering these documents in advance can help make the application process smoother and more efficient.
General Loan Application Checklist
A government-issued photo ID, like a driver’s license, state ID, or passport
Your Social Security number or Individual Taxpayer Identification Number (ITIN )
Proof of your current home address, like a recent utility bill or lease
Recent proof of income, like pay stubs, W-2s, or tax returns
Bank account details for receiving your funds
Proof of Identity
Lenders need to confirm that you are who you say you are. This typically means you will need to provide a government-issued photo ID, like a driver’s license, state ID, or passport . Social Security Number or ITIN may also be required. Having at least two forms of identification readily available can help make the application process efficient.
Proof of Address
Lenders could also inquire about your residence. Records with your name and current address are generally acceptable, including: a recent utility bill, a housing lease agreement, or mortgage statement. These documents help lenders further confirm your identity and determine where to send applicable loan paperwork.
Proof of Income
Since personal loans are not always backed by collateral , lenders often use a person’s income to gauge what they can comfortably borrow . Pay stubs, W-2s, tax returns, or bank statements can all serve as proof of income. Two most recent pay stubs are sometimes enough, but some lenders may require additional verification.
Documents for Self-Employed Applicants
If you work for yourself, you might not have a pay stub from an employer. Lenders usually accept other records instead, like your tax returns, or a few months of business bank statements. Together, those can show a fuller picture of when your income rises and dips from month to month. This is important since you must be able to show a lender that you have the ability to repay what you borrow.
What Lenders Consider for Approval
In addition to the documents discussed above,, lenders typically rely on past credit history to make loan approval decisions. If your loan application is approved, the amount you qualify for and the interest rate you receive may depend on several factors, including your income, payment history, and existing debt. A steady income, history of making on-time payments, and lower existing debt may improve your chances of approval and help you qualify for a more favorable interest rate.
How You Can Apply for a Personal Loan
Most lenders let you apply in more than one way, and you’ll typically need the same documents no matter which you pick. What differs is how you submit the documents and how much personal support you’d like along the way. The table below shows the three common loan application options.
| Online | By Phone | In a Branch |
Where you apply | Anywhere, anytime | By calling a loan officer | At a local branch |
Sharing documents | Upload files | Send as directed | Hand over copies in person |
A good fit if you want | To move at your own pace | To talk it through | Face-to-face help |
How Your Information Is Protected
Loan applications generally require that you share sensitive personal details, so it is reasonable that you wonder what happens to your information. The Gramm-Leach-Bliley Act requires financial companies to explain how they protect and share your information. Most lenders give you a privacy notice that lays out what they collect and, sometimes, how to opt out of certain data sharing. You may request a lender’s privacy notice, or similar information before you submit your application.
Frequently Asked Questions
What documents do I need to apply for a personal loan?
You’ll usually need a government-issued photo ID, your Social Security number, proof of address, and proof of income, such as pay stubs or tax forms. The required document list can vary from one lender to the next.
What do lenders look at to approve a personal loan?
Besides your documents, lenders usually look at your credit history, your income, and how much you already owe. Stronger credit and steady income may improve your chances and could lead to better terms.
Can I get a personal loan if I am self-employed?
Yes. If you’re self-employed, you can usually show your income another way, like tax returns or a few months of recent bank statements.
A Note About Lender Requirements
Every lender is a little different, and what they ask for can depend on your situation. The list above is meant as a general guide to what you might need. For the details on a specific loan, it’s best to check with the lender directly.
Exploring Your Options with Mariner Finance
If you’re considering a personal loan , Mariner Finance could help. Check your loan offers online, contact us at 1-877-310-2373, or visit a branch location to explore what’s available.* Be sure to ask about our 15-day satisfaction guarantee.**