What Information Do I Need to Provide to Get a Same Day Loan?

What Information Do I Need to Provide to Get a Loan

Are you looking to get a loan? A loan may be your most convenient option to consolidate your debt, pay your tuition, or do some home remodeling. It may be a mortgage loan or payday loan, and each have their own peculiar features and interest rates. Whatever you need a loan for or whichever type you are looking to get, you must first go through an established application process to obtain it.

A critical part of this process is the information you’ll have to provide. Your lender will request specific information to review and finalize your application. This information should ideally sell your application to the lender and show that you qualify for a loan.

Our goal at AdvanceSOS is to keep you in an excellent position to secure same day loan that you want. From obtaining a form to choosing a loan package, we show you what to consider before submitting a form for a payday loan or personal loan and connect you with a lender that’s most likely to approve your application.

You don’t even have to get up from your couch. Everything can be done from your laptop or smartphone. It’s great if you have the information we’ll mention below when you make an inquiry. The application for a payday loan is completed entirely online, takes only a few minutes to complete, and provides you with an immediate decision.

Below, we’ve outlined some of the documents that you’ll need to provide to get a loan. In this article, you’ll realize why these documents are essential for your application and how you can stand out. 

What Information Do I Need to Provide to Get a Loan?

Purpose of the loan

Banks and other traditional lenders may want to know what you need a loan for. It allows them to decide on the best loan package for you, the level of risk involved, and the interest rate to give. 

Some loans come with limitations. You may not be able to use personal loans for business expenses or vice versa. Your purpose in applying for a loan gives you something to explain yourself with. Nevertheless, not every lender needs to know what you’re getting a loan for.

Proof of identity

Who are you? Your lenders will want to know. That’s why you must present proof of identity. It will show that you claim to be and demonstrate that you meet specific legal requirements to obtain a loan. Another reason is to prevent loan fraud due to identity theft.

Therefore, if you are a citizen of the United States and at least 18 years old, you must produce the following as proof of identification:

  • Passport photograph
  • Government-issued ID
  • Driver’s license
  • Birth certificate
  • Certificate of citizenship

Proof of address

Your home address gives further credence to your identity. It tells the lender where you live and shows them where to send your payment notices and bills. In addition, if you are in a state where there are specific laws for loans, your address will allow the lender to customize your application to meet them.

These documents can serve as your proof of address:

  • Utility bill
  • Lease or rental agreement
  • Voter registration card
  • Insurance certificate listing your address
  • A change of address, if applicable

Proof of income

Lenders avoid giving out bad loans, especially one initially unsecured. An unsecured loan is one that’s not backed by collateral, such as payday loans and credit cards. Your proof of income will show that you can pay back your loan. You will need a steady source of income to reduce your perceived risk of default. 

Whether you are self-employed or employed by someone else, you must meet the minimum income requirement of your lender. To verify your income claims, you can provide these documents:

  • Income tax returns
  • Bank statement
  • Paystubs
  • W-2s and 1099s

Credit rating

The last information you need to provide is proof of your creditworthiness. If you are going to apply for a loan, make sure you have a good credit score. 

The credit score is a three-digit score that ranges from 300 and 800. Your lender will review your credit score to know how likely you will repay your loan on time. You can check your score before you apply to know your ranking.

How Do I Submit an Enquiry for a Payday Loan?

We provide a free online service, making the sometimes arduous procedure of obtaining a payday loan straightforward and convenient. Our online loan application is meant to be as simple as possible to complete and give you immediate results. We connect you with hundreds of direct lenders throughout the country so you can discover the best loan for you.

You simply need to submit your personal information, as well as the amount you require and the length of time you desire to borrow it, while completing the inquiry. Consider this carefully to ensure that you borrow just enough to cover your needs without going beyond what’s necessary. Filling out the loan request form should only take a few minutes, and once you’ve sent it, be sure to check back to see the results. On-screen approval for your payday loan will be given to you right now. If a lender needs further information, it’s also a good idea to make yourself available by phone or email.

What Documents Do I Need When Requesting a Loan?

When filling out a loan application, it’s ideal to have your bank account information and personal information on hand to speed up the process. Your phone number, address, email, and checking account details are all included.

After you’ve submitted your loan application, your lender may contact you to seek further information. You may be asked to present evidence of income or identification.

Conclusion 

Your lender needs your personal and financial information to decide on your loan application. We’ve outlined this information in five groups, which include your purpose for getting a loan, your proof of identity, address and income, and your credit score. Provide this information, and your loan will most likely be approved. 

What Information Do I Need to Provide to Get a Loan?