You are being as rational as you can with your budget, and you’re making a decent living at your new job.
However, as financially responsible as you are, you still struggle to save up for a larger purchase. You’re especially concerned about how an unexpected expense like a medical bill or even a car repair could impact your financial life.
You’ve decided to apply for a personal loan – as more and more people are currently doing.
However, you have one major question about the process: What do I need to apply for a personal loan?
Read on to find out.
What Do I Need to Apply for a Personal Loan?
Let’s start by answering your main question:
“What do I need to apply for a personal loan?”
![](https://thefrisky.com/wp-content/uploads/2019/10/personal-loans-for-fair-credit-feat-730x377.jpg)
Source: badcredit
The good news is that you likely don’t need to provide as much documentation as you might think. Though each specific lender has its own unique requirements, when you want to take out a personal loan, there are a few standards you can count on.
First, you’ll need to be at least 18 years old, and provide that you live in the state where you’re applying for the loan. This means you’ll need to provide a piece of mail, an electric bill, or anything else that proves your address.
You’ll also need to have an active checking account and a government-issued ID.
In most cases, you’ll also need to show a pay stub to a lender so that they understand you have income coming in that will allow you to pay the loan back. If you’re looking for a fast pay stub solution, you can use a pay stub generator here.
You may need to provide them with past bank statements, as well.
Can I Get a Bad Credit Personal Loan?
If you have bad credit, then you need to know you’re not alone.
In fact, more than 43 million Americans currently have a low credit score. So, it stands to reason that lending companies would have special options for those with bad credit who still need to apply for a personal loan.
Sites like Bonsai Finance can help you find fair no credit check loans from qualified providers.
This way, you won’t need to worry about your credit taking a further hit because a credit check was run on you. Know that you may be hit with higher interest rates and a lower maximum borrowing fee, however.
Above all, never borrow more than you’re absolutely certain you can afford to pay back within the terms of the loan.
![](https://thefrisky.com/wp-content/uploads/2019/10/A-personal-loan-image-44444-730x490.jpg)
Source: marketbusinessnews
Need More Tips on Personal Loans?
Now that you can answer the question, “What do I need to apply for a personal loan?” there are still a few other things you need to consider before making a final decision.
You may need to use a personal loan calculator to help you understand how much you can really afford to borrow. You also need to examine the interest rates, any fees associated with the loan and investigate the financial health of the lender.