Apply For a Personal Loan


Each bank, company and credit union has its own set of rules and requirements to meet when you apply for a personal loan. However, the differences aren’t big, so preparing certain documents before you apply for a personal loan can save you time and headache.

What You Need To Provide When You Apply For a Personal Loan

  • Proof of identity – a passport, a driver’s license or an government ID
  • Proof of address and residency – Most types of personal loans are only given to residents, so you should also display a proof of residency.
  • Proof of age – In order to apply for a personal loan you must be at least 18 years old, so proof of age is required
  • Proof of income – Your last salary slips are usually a sufficient proof on income but some companies may also ask for a letter of employment from your current employer
  • Bank statements of checking/savings accounts – 3 last bank statements

What You Need to Ask When You Apply For a Personal Loan

  • Interest Rate – There are many factors that determine the interest rate that you will be offered when you apply for a personal loan. Most of them you cannot influence, but some but be asking what can you do to lower you interest.
  • Processing and any other applicable fees – Some people neglect to factor in the fees that you must pay when taking out a loan. A processing fee will be charged when you take out the loan but you might also need to pay monthly fees. These fees can be viewed as a higher interest rate that you will need to pay and should be taken into account when you apply for a personal loan.
  • Fines – Although when you apply for a personal loan, you plan to pay it back on time; unexpected things can happen so make sure you can pay, in a case of an emergency, any fees or fines due to not meeting your payment deadline.

Where You Can Apply For a Personal Loan