Getting a personal loan from a bank can be a very daunting task. Particularly for an individual who isn’t aware of the nitty-gritty needed for its application, approval and collection. This article is saddened with the responsibility of informing and enlightening you on the various requirements that would be necessary to get a personal bank loan.
This being said it’s important we note that various lenders require certain unique requirements. However, the requirements that would be outlined in this article are the basic requirements that should be a common denominator for most if not all of the lenders.
This is to underscore the point that sufficient research should be done to ensure that the specific requirements needed for the lender you seek to request the loan form are adequately obtained before your application process begins.
It is also important to note that whilst you check the prerequisites needed by your preferred lender, it’s also important that you compare between multiple lending options to ensure the lending option you finally settle with is that which best suits your ability and preference but in terms of requirement and also in terms interest rates.
Before any lender offers you a loan, the following information would have to be collected from you to ascertain your credibility and integrity for the collection of the loan. These criteria include:
1. Application form.
2. Proof of personal details.
3. Employer and income Verification details.
4. Proof of Address.
1. Application form:- The application form is the basic form to find out more about the requester of the loan and it contains the following details. They include
- Full Name.
- Contact Information.
- . Address history.
- Date of birth.
- Social Security Number.
2. Proof of Personal details.:- The proof of personal details are documents that authenticate and validate the information provided in the application form. They include the following:-
- Birth Certificate.
- Certificate of Citizenship.
- Drivers License.
- Military ID.
- Social Security Number(for country’s where it applies).
- State-Issue ID
3. Employer and Income Verification:- Before a load is given, the lender would seek to find out information about your cash flow and income from the organization you work for. This information could be derived from the following documents. They include:
- Pay Stubs
- Tax Returns
- Bank Statements.
- Employer Contact Info.
4. Proof Of Address:- The address of the individual seeking the loan is a very pivotal part of the load-seeking endeavours it is so important that any in variableness at this point could be treated with a rejection of the application. The following documents are thus required to validate your address. They include:
- Utility Bill.
- Lease or Rental Agreement.
- Mortgage Statement.
- Bank or Credit card statement.
- Proof of Insurance.
- Voter Registration.
- Property Tax Receipt.
In a nutshell, these are the requirements needed to obtain a loan from a lender. However as stated at the beginning of this, various lenders still have their unique requirements which would still have to be checked before the commencement of the application process.
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