Borrowing money can often be the key to your brand new dream car, awesome overseas adventure or kicking that debt to the curb. So once you’ve decided you want to unlock the road ahead with a personal loan, you might be wondering “what do I do now?”
Apply for the loan of course!
We are here to navigate you through the personal loans application process, with this quick checklist that runs you through what you’ll need, in order to open the personal loan door.
Proof of earnings and assets
One of the must haves when it comes to applying for a personal loan, is proof of your earnings like pay slips, tax returns and group certificates, as this is one of the ways the financial lender decides your level of loan borrowing risk and whether to approve you for the personal loan.
You’ll also need to provide some basic information about your employer for an employment check, and if you’re casually employed you’ll need to have been there for at least three months. If you’re a business owner, there are other documents you can provide from your accountant, such as BAS statements.
You can also provide your Centrelink income statement to support your earnings if you receive a payment, however Rapid Loans is unable to approve applications where Centrelink is the sole source of income.
If you’re a homeowner the personal loan provider may also want to know what your monthly home loan repayments are, though these are likely to be evidenced in your bank statements as a regular withdrawal. As well as, any other investments you may have, such as shares.
References and/or property rental statements
You will also generally need to provide a range of references, including your current employer’s contact details, as well as personal references.
If you’re renting, you may need to provide a summary of your rental payments if this can’t be verified by your bank statements.
Bank Statements
Lenders will typically ask for a 90-day bank statement, provided through a secure online platform, to show your regular income and paint a picture of your expenses and spending. Bank statements can be used to show how much you pay on your rent/mortgage, other bills and spending habits and determine if you can afford your proposed loan repayments. You’ll need to have a buffer on your expenses, so it can be a good idea to review your budget in the lead up to applying.
Identification
And of course, the provider will want to know that you’re in fact who you say you are. So you’ll need to provide identification like your current driver’s licence or passport number and expiry date. If you don’t have these two forms of ID, loan providers may accept a combination of other forms of identification depending on their policy.
Ready to start your personal loan application? Learn more about Rapid Loans fast and easy personal loans.