We wish we could say that loan application is easy. If you plan to borrow in big banks, then you need to get the necessary documents ready for them to process your loan application. At the same time, these documents will serve as proof of your identity and for them to get to know you better.
The question is this: what documents should you prepare?
Here’s what:
This is a must. Lenders are wary of approving every loan application because they need to know that a real person exists behind that identity. This is why you need to get those IDs ready – government-issued ID, to be exact.
You can present:
Aside from these primary IDs, you can also present the following:
It seems funny for some, but submitting any proof of billing means a lot for lenders. Through this, lenders can tell whether the address you indicated in your loan application form is real and existing. The address is also where lenders can send letters or reminders in case you missed your payment.
You can submit any of the following billing statements:
This is the most important document you need to submit. Lenders are particular in this because at the end of the day, they need to know that they will be paid no matter what. The best way to assess your capacity to pay is by presenting proof that your income can cover for the loan, regardless if you are a freelancer, business owner, or an employee working in a company.
You can submit any of the following that will show your capacity to pay:
Depending on the loan, some lenders require more than this such as collateral documents. Nonetheless, these documents are what majority of lenders need to process your loan.
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