What documents do I need to provide when applying for a personal loan?

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What documents do I need to provide when applying for a personal loan? 15.06.2018

If you’ve compared personal loan deals, checked out all the details and figure you’re eligible for a personal loan, congratulations! You’re almost there! The next step to getting your personal loan approved, is to get your application together. This guide will hopefully tell you what documents and ID you’ll need so you can make a successful application and be approved.

Lenders will require different things to verify that you are who you say you are before they hand over your money. If you’re looking to buy a car with your personal loan, there will also be additional documentation required. Basically though, the two key things every provider will ask for are proof of identity and proof of income.

Proving your personal identity

To verify your identity, you may need to providing two or more types of ID. Commonly accepted identification can include:

  • Passports
  • Drivers license
  • ID or proof of age card

If you don’t have two of these or your lender requires further information, you may be asked to provide your:

  • Birth certificate
  • Utility bills
  • Foreign driver’s license
  • Pension or Medicare card
  • Citizenship certificate or certificate of Permanent Residency

Proof of income, assets and liabilities

  1. Bank statements

These will help the lender understand your financial history in terms of income, loans, savings and credit card usage. Be prepared to provide up to three months worth of statements. These will usually be available online if you have internet banking, and so easily attachable for online applications.

  1. Proof of assets and liabilities

Even if you are applying for your personal loan with your existing bank, it may be necessary to show evidence of any income that you’re getting from your assets. If you’re renting out a mortgaged property for example, you’ll need to show a current rent statement and a mortgage statement. It might also be a good idea to provide an overview or estimate of your ongoing expenses, such as how much you spend a month on rent or utilities.

  1. Proof of income

Besides your bank statement, your lender will most likely ask for evidence of your ongoing employment. This might mean you’ll save time by bringing or attaching copies of your recent payslips and your post tax salary. If you’re working for yourself, you may be required to show tax returns for recent few years.

Buying a car?

Applying for a secured car loan, you’ll be using your intended vehicle as collateral for your loan. This means you’ll need to provide details of the vehicle so your lender can understand it’s value. It isn’t uncommon for your lender to ask for documents like:

  • Rego number
  • Engine number
  • Price for which you purchased the vehicle, usually on the tax invoice if you bought it from a dealership
  • Vehicle ID Number (VIN)

They’ll also want to know the contact information for the place you purchased the car. If you purchased privately, you won’t have a dealer invoice so you’ll need to make sure you’ve made a note of this.


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