Personal Loan Requirements

There is a time in everyone’s life when money is the only solution to a problem. Banks supply loans for cars and houses, but what kind of loan are you supposed to get for medical emergencies? What if you want to take your family on an exotic vacation? Are you supposed to get a vacation loan from a bank? This is where personal loans come in handy, and makes it so easy to get approved for these types of loans.

Know the difference

There are two very different types of personal loans on the market today. They will both supply you with a sum of money, but they both have very different approval requirements. Some personal loans are secured, and others are unsecured.

A secured personal loan will require some sort of collateral. An unsecured personal loan will not. Secured personal loans are easier to get, even if you have bad credit.

What are personal loan requirements

Every lender will require some type of information from a person in order to approve a loan. Personal loans are no different. If you are thinking about getting approved for a personal loan, make sure that you have this information handy.

You will have to be at least 18 years old in order to get approved for a personal loan. If you are under the age of 18, there is no way to get approved. Sorry, but those are the facts.

You must have a steady job

Before any lender approves a loan, they will want to see some sort of employment history. Most lenders that specialize in personal loans are looking for a minimum of at least six months of steady work. This can be proven with pay stubs, tax returns, or even a quick call to your bank to verify regular deposits from an employer.

You will also need to make at least $1000.00 per month after taxes. If you don’t make at least $1000.00 a month, or you have not had a steady job for at least six months, lenders that specialize in personal loans will not approve a personal loan.

Proof of residence

You will also need to supply a lender with proof of residence. There are several ways to do this. You can supply a copy of your lease, a mortgage statement, a utility bill, or even a phone bill. Lenders want to see something with your name and address on it from a verified source.


Most lenders are also going to need to see some sort of identification before they will approve a personal loan. A state drivers license is usually enough to satisfy most lenders that specialize in personal loans.

That is all the information that most lenders are going to need in order for you to get approved for a personal loan. Having all of this information handy before you apply for a personal loan will make things much easier for you.

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