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What Documents do You Need to Apply for a Personal Loan in the United States?


Taking a personal loan helps you to pay off your debts, make urgent purchases for the home, and make investments in a company. You can also take a personal loan to buy a car, do your wedding, or pay for any other personal needs you may have. The bottom line is that you need to present some personal loan documents before the loan can be approved.

In this article, you will learn about the relevant documents required by lenders before approving a personal loan request.

Which Documents Will My Personal Loan Lender Ask for?

The documents required by a lender tend to differ, but they are almost the same. Below are some of those documents – and why they are important.

1. A Personal Loan Application

For documentation and reference purposes, the lender will ask you to provide your loan application. This is the formal application you make for a personal loan. The content of the application includes basic information, such as:

  • Desired Loan Amount: You will be asked to specify the amount you wish to be given as a loan.
  • Purpose of the Loan: Some lenders may also want to be sure of the reason for the loan. Thus, they may ask you to state the purpose of the loan. The most common purposes are taking a personal loan to finance a wedding, buy a car or settle debts. The loan can also be used for other purposes, such as settling unexpected debts, debt consolidation, home repairs, and paying for medical bills.
  • Basic Information: The lender also wants to have basic information about you. The information includes your name, date of birth, address/place of residence, Social Security Number, and telephone number.

2. Proof of Residence

Some lenders also ask for Proof of Address/Residence, which helps them confirm that you live at the address mentioned in the loan application.

Another reason for asking for your Proof of Address is to help the lender determine the stability of your lifestyle. In this case, the lender wants to be sure that you have the financial means to repay the loan.

Some of the documents considered here are:

  • Auto or rental insurance
  • A recent utility bill
  • Credit card or bank statement
  • Proof of home
  • Rental or lease agreement
  • Voter registration card

3. Proof of Identity

The lender requires personal loan documents pointing to your proof of identity. The goal is to establish that you are the person you “claim” to be. Also, it goes a long way to prevent identity theft.

Some of the documents required to establish your identity are:

  • Social Security card
  • Driver’s license
  • Birth certificate
  • Passport
  • Citizenship certificate

4. Copies of Your Recurrent Monthly Expenses

This is another way for the personal loan lender to be certain that you have the financial means to repay the loan.

By presenting copies of your recurrent monthly expenses, the lender gets an idea of the type of expenses you make every month and how much each of them costs.

Examples of these recurrent monthly expenses are:

  • Credit card payments
  • Rent
  • Student loan repayments
  • Mortgage
  • Payments for utilities
  • Insurance payments

Further Reading:

5. Income Verification

It is also pertinent for the lender to confirm your income so that the demonstration of your loan repayment is assured.

To ascertain this, the lender typically asks for the following documents:

  • Employer contact information (if you are working for someone).
  • Paystubs
  • Bank statements
  • 1099 and W-2 tax forms
  • Tax returns

6. Your Credit Score

A document detailing your current financial standing (credit score) is also required. A credit score is a three-digit number that helps lenders figure out your eligibility for a loan. Borrowers with a good credit score stand a chance of getting a personal loan faster than those who don’t?

If your credit score is in “bad shape,” consider fixing it.

How to Apply for a Personal Loan

Now that you know the type of personal loan documents to present, let us talk about the steps to applying for the loan.

Confirm Your Creditworthiness

Check your credit score to find out if you are eligible to apply for a personal loan. While a score between 300 and 600 is considered bad credit, a score above 690 is considered a good credit score.

Decide How Much to Borrow

How much do you want to borrow? In addition to borrowing an amount in proportion to the expenses you want to make, it is also important to borrow an amount you can easily repay.

Get Pre-Qualified for Personal Loan

Take a look at the different offers from different lenders. Your goal is to compare the estimated interest rates and the payment amounts.

Submit a Formal Personal Loan Application

After you must have shopped around and compared the competitive rates from different lenders, submit the personal loan application.

If you qualify, you will be notified of the next steps to take to facilitate the loan processing.


You need to have updated personal loan documents before applying for a loan in the United States. Don’t forget to shop around and look at the different rates and options offered by lenders. That way, you get to pick the best lender and get the personal loan request approved in the shortest time possible.

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CHUKWUKADIBIA ABAH is a passionate freelance writer and contributor to the Entrepreneur Business Blog. You can follow him on: Facebook: https://web.facebook.com/ChukwukadibiaAbah1/ Twitter: https://twitter.com/Chukwukadibia01 LinkedIn: https://www.linkedin.com/in/chukwukadibiaabah/ Instagram: https://instagram.com/chukwukadibia_abah


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