What Documents Do You Need to Apply for a Fast Loan?

Did you know that, according to CNBC, credit card balances went up 15% in 2022’s third quarter, making the increase, year-over-year, the greatest it had been in over 20 years? Additionally, the amount of this debt totaled $930 billion, with many Americans relying on their credit cards so they can get by.

Many Americans are in a complicated financial situation. If you’re in one of them, and you suddenly need some money, you might be looking to apply for a fast loan.

However, if you don’t know how to get started or what documents you need, you might be feeling stressed.

Fortunately, in this article, we’ll review all the documents you need when applying for a fast loan. Finally, you can get a loan fast and get the money you need. Read on to learn more.

Documents the Lender Might Require

When you’re applying for a loan, there are several documents the lender might require. This way, you can verify who you are and complete the application for the loan. Note that you can submit many of these required documents electronically.

Loan Application

Whether you’re dealing with a fast loan or a traditional one, submitting a loan application is necessary. The lender itself is what will provide you with the loan application, as what it looks like will vary slightly from lender to lender.

For example, say that you’re applying for a fast loan from a lender that operates online. In this case, the loan application would be online.

However, if you’re applying for a loan from a brick-and-mortar lender, you’ll likely have two options. You’ll be able to apply online, but you might also be able to go to the lender and fill out your loan application there.

The information you’ll be asked to provide when filling out the loan application is basic, usually. Ordinarily, it will be personal information like your social security number, phone number, address, and name.

The loan application might also ask you to provide information relating to the loan itself. For example, it might ask how much you want to be lent to you or why you’re applying for the loan.

Sometimes, the loan application will require you to provide additional financial information.

For example, you might need to provide your monthly mortgage or rent payment or the gross amount of money you make every month as income. When answering these questions, ensure you do so accurately.

Identity Proof

Fast loan providers need proof of your identity for various reasons. One of these is the danger of identity theft. Additionally, however, providing them with this proof makes it possible to verify that you’re a citizen or permanent citizen of the US, as well as at least 18.

In addition to needing confirmation of these, some lenders also require confirmation that you have a bank account that’s valid and active.

Usually, lenders will require you to provide two different forms for identity proof. These might include a certificate of citizenship, birth certificate, military ID, driver’s license, social security card, passport, or state-issued ID.

Most of the time, you can copy the two forms of identity proof and provide these copies to the lender. This means that you won’t have to give them physical forms of identity proof.

After you’ve copied these forms of identity proof, put them away immediately afterwards. This way, you won’t risk misplacing them!

Not a permanent resident or US citizen? You still might be able to qualify to get a loan from certain lenders—if you have an ITIN (Individual Taxpayer Identification Number) and a visa that’s valid.

Income Proof

Another document you’ll have to provide is one that demonstrates that you have an income. If you’re employed in a traditional way, you can usually provide income verification by providing one of the documents that follow:

• Tax returns
• Pay stubs
• 1099s
• W-2s
• Bank statements

Additionally, you can include the contact information for your employer. If you’re self-employed, the documents you can usually use for the verification of your income include 1099s, a bank statement, or income tax returns.

To gain access to your tax forms and pay stubs, there are several things you can do. One option is to contact the payroll or human resources department where you work and ask them for your tax forms and pay stubs.

If your payroll provider has an online database, you should also be able to log in and get your tax forms and pay stubs from there.

Another way you can access your tax forms is from a tax professional such as a CPA. If someone with a title like this is already working for you, they should have the forms you need.

Finally, to get your bank statements, you can access them online from your bank account after you’ve logged into it online. These are copies.

If you have any issues doing this or don’t see the bank statements online, get in touch with your bank and they can help you get them.

Address Proof

By demonstrating that you have an address to your potential lender, you’re showing them what level of stability your lifestyle has. There are various documents you can use to prove what your address is, including:

• Lease agreement
• Rental agreement
• Utility bill
• Mortgage statement
• Voter registration card

Providing proof of insurance is another way of providing address proof. When you do this, this can be insurance for your vehicle, your rental/lease, or your home. Other documents you can use include your voter registration card, a bank statement, a credit card statement, or a property tax receipt.

If you’re in a position where you’ve changed your address, but you need to demonstrate confirmation of this change, you can get help from the U.S. Postal Services.

They have services available for helping you to change, as well as confirm, when you change your residential address. There are two ways you can get this help from them.

One way is to complete the process online. This process is the easiest and fastest way.

The other way is to go to the post office closest to you and fill out the necessary form there.

Additional Information You Might Need

There are additional documents you might need when you apply for a fast loan, depending on who the lender is. While it’s likely they’ll be able to get the following information when you’re applying, it can be helpful to have it available before you do.

This is because the lender might ask why you’re getting a loan or about the credit rating you have.

Reason for the Loan

Even though the majority of lenders aren’t very interested or too concerned when it comes to why you need the loan from them and how you plan on using the money they provide you with, they might ask you about your reason for applying for it.

This is because, if the lender has various loan options, having this information can help them in offering you the right loan for your purposes.

For example, there are lenders that might offer specific loans for specific purposes—such as debt consolation, for example. For other purposes, a personal loan might be best.

These other purposes could include travel, wedding fees, adoption costs, medical expenses, home upgrades or improvements, or other big purchases.

Credit Score

Something else your lender might ask you for is your credit score. Note that, when you apply, the lender will complete a credit score hard pull—which has an impact on your credit. Note that your credit score might have an impact on who you can get a loan from.

Some lenders will require you to have a credit score that’s higher for you to get a loan from them. However, others will be more willing to give loans to people with lower credit scores.

However, it’s important that you be aware that lenders that provide you with a loan—if you have a low credit score—might give a loan that has an interest rate that’s on the higher side.

Monthly Expenses

Finally, some lenders require the people applying for loans from them to provide a list of their monthly, recurring expenses. This would be an itemized list, and the recurring expenses might cover the following:

• Credit card payments
• Student loan payments
• Insurance premiums

Additionally, they might cover auto loan payments, utility costs, or housing costs. When they get this itemized list, the lender will deduct it from the amount you provided as your monthly income. They’ll do this so they can determine whether you’ll be able to comfortably pay off the loan.

What to Do if Your Loan Doesn’t Get Approved

If you provide all the documents required by a lender and your loan doesn’t get approved, you might feel stressed or frustrated. Fortunately, however, there are strategies you can use to get the money you need if you don’t get your loan approved.

Get Yourself a Cosigner

To use this strategy, you need to find someone who will agree to be a cosigner, putting their name on your application for a loan. When they do this, they’re agreeing to pay the loan off—and any additional fees—in the case in which you default on the loan.

Do you have any friends or family members you trust who have good credit? In this case, they might be good candidates as cosigners.

When it comes to the documents they have to provide the lender with, your cosigner will likely have to submit the same ones you did.

A word of caution: if you get a cosigner, make sure you pay the loan back in full and on time (or early). Otherwise, you could risk ruining your relationship with your close friend or family member.

Get a Secured Personal Loan

Usually, when you apply for a personal loan, the loan is unsecured. This means that it’s a loan that doesn’t require you to put up collateral such as your house or car. However, if you have trouble getting a personal loan, it might help to put up some collateral.

When you apply for a personal loan and you’re providing collateral, this is what’s called a secured personal loan. If a lender gives you a secured personal loan, and you can’t pay it off, they might seize that collateral.

Even though you’re risking the seizure of the collateral, the reason for getting a secured personal loan is that it makes it possible for you to demonstrate to the lender that you can reduce their risk when they give you a loan.

As a result, you’ll increase the chances of getting your loan application approved as opposed to with an unsecured personal loan. When you apply for this type of loan, you’ll have to give documentation related to your collateral.

This documentation would demonstrate your ownership of the collateral and how much it’s worth.

Want to Apply for a Fast Loan?

Now that you’ve learned about what documents you need to apply for a fast loan, you might be ready to apply for one. In this case, you should look no further than FastLoanDirect. At FastLoanDirect, we offer fast loans. We also provide loans that are tailored to your loan needs.

With our secure, fast, and easy form, you can apply for a loan and get the funds in your bank fast, into your account the next day through direct deposit. Apply for a loan with us today.