Requirements for a Personal Loan

There are several things you need to apply for a personal loan.
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If you need to make home repairs, pay medical bills, or cover everyday expenses, applying for a personal loan can get you the cash you need. To get a personal loan through a bank or online lender, you'll be expected to meet certain requirements. Knowing the items and information you'll need to have before you apply can improve your chances of getting approved.

Personal Information

To complete a loan application, you'll need to give the lender your personal information. This includes your name, address, phone number, date of birth and Social Security number. If you've only lived at your current address for a short time, you may be asked to list your previous addresses. The lender will also need to know your mother's maiden name. You can provide an email address if you have one, and it may also be helpful to list one or two personal references.

Income Information

In order to qualify you for a loan, the lender will want to make sure you have enough income each month to make your payments. Generally, the lender will ask for your employer's name and contact information, as well as the dates you've been employed. You may need to list previous employers if you've only been at your current job for a short time. The lender will want to know what your gross monthly income is and whether you have income from other sources, such as child support or alimony. You may need to produce recent pay stubs or direct deposit receipts to verify how much you make.


If you're applying for a secured loan, you'll need to provide some type of collateral. Generally, collateral is any property you own that has value, such as a car, boat or home. Depending on the lender, you may also be able to use certain personal property, such as jewelry, for collateral. For personal property, the lending firm may ask that you leave the item in its possession. For vehicles or real estate, you may need to provide the title or deed.

Additional Information

Your lender may need additional documentation to support your loan application. For example, you may be asked for copies of your W-2s or tax returns for the previous year to verify income. Utility bills may also be required as proof of address. The lender may also ask what your monthly mortgage or rent payment is. If you're applying for a loan through a bank other than the one you have an account with, they may also ask to see current bank statements. If you're applying for a personal loan with your spouse or another co-signer, they'll also have to give their personal information and proof of income.

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