Are you in the market for a loan? While it is an excellent option for some people, it is essential to understand that most lenders require documentation to prove your identity, income, residence, and other personal details that may apply to your situation. Knowing what you need before you apply can help speed up the process and make it less stressful.
Before you apply for a loan through Simple Fast Loans, be sure that you can submit a valid driver's license or passport, a recent bill proving your current address, paystubs or bank deposits proving income from the last three months, and your current contact information. Without these documents, you cannot validate your application and could be denied.
Read the following article if you plan to submit a loan application through Simple Fast Loans. We will provide a step-by-step checklist of the documents and information you need to get a personal loan and discuss the many types of documentation that qualify for each category. Once you have collected this information, you should qualify within a few minutes.
Although Simple Fast Loans makes it easy for anyone to access financing, a few requirements must be met. For example, without the proper documentation, your loan application may be rejected or delayed. This is because lenders need to verify that you are who you say you are and that you can afford the loan. Otherwise, they could be putting their business at risk.
Documentation also helps lenders determine what loan terms are best suited for you. Without understanding your financial situation, they may not be able to approve you for a loan or provide a loan with terms that you can afford. You'll find more suitable loans customized to your needs by sharing accurate information with lenders.
At the most basic level, lenders must validate your identity. This is to prevent fraud and also to verify your existing credit. Simple Fast Loans will not pull a hard credit check, but we must still validate your identity to run a soft credit check. This check shows your current credit score without alerting credit bureaus that you're seeking a loan.
Additionally, the loan will be filed under your name, so if someone were to try filing a fraudulent loan, the lender would quickly identify the mistake and reject the application. Most lenders accept a handful of documents as proof of identification, but the most common is a valid driver's license. If you do not have a driver's license, you can also submit the following:
After you've shown proof of who you are, you can upload supporting documents, which we'll discuss in the next section.
In addition to proving your identity, you must provide proof of residence. This gives lenders an idea of your current livelihood and shows that you can afford to pay your rent under normal circumstances. It also helps to narrow your search to loans within your jurisdiction. Some states have unique lending policies, so specify where you live if you plan to take out a loan.
You can submit a recent bill with your name and address to prove your residence. This could include a utility bill, phone bill, bank statement, or rent receipt. You can use their documents as proof of residence if you're living with someone. However, you must also submit a signed, notarized letter from the person you're living with stating that you are indeed their resident.
If you cannot provide a bill with your name and address, you can also submit one of the following documents:
These are all considered valid legal documents worthy of substantiating your residency. Scan the documents and upload a PDF version along with your application.
Before you can qualify, we will want to know that you have a steady flow of income to cover the cost of your loan. This is why they require proof of income or proof of employment. This can come from recent pay stubs, bank deposits, or tax returns. You can also provide a profit and loss statement if you're self-employed.
If you receive income from other sources, such as a pension, Social Security, disability, or alimony, you'll need to submit documents proving these payments. This could come in the form of the following:
You must also provide documents proving the payment amount and frequency. For example, if you're receiving Social Security or disability payments, provide a benefit statement showing the payment amount and frequency.
Each lender sets its own terms and conditions, so you may have to provide additional supporting information. While these are not always mandatory, it will help streamline your application process if you can prepare the following documents beforehand.
Some lenders will want to know why you're applying for a loan. Short-term financing isn't meant to cover business purchases, expensive vacations, or other unnecessary expenses, so explaining why you need the money is essential. This could be for a medical emergency, home, car, or emergency bill.
Your monthly expenses will give lenders an idea of how much you can afford to borrow. This could include your rent, utilities, car payments, student loans, credit cards, and other bills. In addition, if you have any assets, such as a house, car, or other investments, you should provide lenders with an overview of these assets. This will help to prove that you have the financial means to settle the loan.
Last but not least, be sure to have your bank details ready. Simple Fast Loans is entirely online, so your funds will be directly deposited into your bank account as soon as you qualify. As a result, be prepared to provide your account number and routing number so that lenders can complete the transfer as soon as possible.
Taking out a short-term, payday, or personal loan is a major decision, so you should have all the necessary documentation before applying. By understanding what you'll need to get a loan, you can save time and energy during the application process and improve your chances of qualification.
With Simple Fast Loans, you could qualify for either a personal or installment loan. Before applying, be sure to have a valid ID, proof of residence, proof of income, and other supporting documents that may apply to your situation. With all this information, you should be able to qualify for a loan within a few minutes.