Things before a Loan Applicaiton
Whether you need access to quick cash to cover an unexpected expense, or are borrowing many thousands to help pay for a house extension, applying for a loan is a surprisingly similar process. Providing you have opted to borrow through a responsible lender, you will be asked to provide some personal information, which will allow your lender to check your credit, employment and income status. They will also look at your existing financial responsibilities and regular outgoings.
The amount you can borrow, the length of time you have to repay the loan, and the rates you are offered will largely be based on the results of these checks. They will, therefore, vary from borrower to borrower and provider to provider.
Online or at the bank?
Generally speaking, consumers apply for loans with online providers or high street banks. Many banks offer personal loans with decent interest rates to their existing customers who can apply online or in person, at a branch, if they prefer.
Applying for a personal loan at your bank
This option is obviously only available to those banking with traditional high street banks with a brick and mortar presence. Most alternative banks, offering current accounts and other financial services, do so online.
If you prefer to apply for a loan in person, you will be able to do this by making an appointment at the local branch of your bank. Be prepared to be at the bank for at least 30 minutes. There will be plenty of paperwork to get through and a credit spiel to listen to.
You will need to take the following with you:
Proof of address
You may need two or more of the following:
- Utility bills
- Driving license
- Council tax bill
- Recent bank or building society statement
- Credit card statement
- Government letter
Proof of Identity
You may need to supply one or more of the following:
- Driving license
- Passport
- Armed Forces ID Card
- Proof of Age Card
- Other Official Photo ID
Proof of income
You may need to supply one or more of the following:
- Payslips
- Centrelink
- Bank statements showing regular income
- Recent years' tax returns (for the self-employed)
If you are really in need of quick cash for personal expenses, make an online application with My Cash Online today.
