Did you know that completing an online personal loan application is a far easier process than visiting a bank downtown?
On the other hand, a regular personal loan application at a brick and mortar bank requires a lot of paperwork which may take hours to complete. Not to mention, a list of requirements may eliminate some applicants altogether.
A personal loan online application is faster, the whole process is paperless and you can get your capital as fast as 2 days!
If you feel like a personal online loan is what you’re looking for, you’ve come to the right place. This article helps you understand how to fill out a personal loan application and understand all the required information even before you apply!Get Approved For A Loan Today
How to fill out a personal loan application online
Applying for personal loans doesn’t have to be stressful nor complicated. We’ll help you familiarize yourself with the sections usually found in a personal loan application format.
Remember that some lenders might have some additional personal loan application requirements.
Personal contact information
Lenders ask for personal information to verify that you’re the person you claim to be.
Plus, they need a way to contact you if they need to give you important information, update you on changes in their financial products, or contact you during the lending process.
Most likely, you’ll need to complete the following information:
- Your legal name
- Date of birth
- Phone number
- Email address
- Citizenship status
By identifying who you are, lenders match your personal contact information with the forms of identification you provide.
Most likely, these are the types of ID you’ll have to provide:
- ID Card: it can be a photo identification such as a driver’s license, passport, or state ID
Camino Financial uses EvidentID to verify your identity: it’s a very quick and simple process.
- SSN or ITIN: if you don’t have a social security number, some lenders may accept an ITIN (Individual Taxpayer Identification Number).
Camino Financial is one of the few lenders that accepts ITINs in lieu of an SSN.
Lenders must meet lending requirement guidelines to verify that a borrower can repay a loan. Having this type of information on file provides proof of the applicant’s creditworthiness, financial status, cash flow, and helps the lender decide the most comfortable loan amount and repayment options.
The home information you’ll be required to complete in a personal loan application format is:
- Permanent address: your physical address helps lenders verify how long you’ve made timely rent or mortgage payments
- Home-ownership type: financially, it’s not the same to own a house than to rent it
- Mortgage or rent payment: the amount you pay each month
- Landlord’s contact information
- Mortgage company information
- Monthly household income
- Main source of income
- Number of financial dependents
Employment and income information
Lenders need to verify full or part-time employment/business income and how long you’ve been employed or operated a business. You should divulge all earned and other income sources to help you qualify for a personal loan.
Lenders need this information to make sure you can make your personal loan payments. If they know you can make each monthly payment, most likely, they’ll approve your loan.
Here’s the employment information usually required:
- Employment status
- Employer contact information
- Your profession and description of your job/business
- Monthly income from the job/business
- Additional sources of income (i.e., rental income, child support, alimony, retirement, dividends, interest, etc.)
Personal Loan Information
To offer the best loan arrangement, lenders need answers to these specific questions:
- The loan amount you need
- How you will use the personal loan proceeds
- Your chosen term (example: 12 or 36 months)
- List of collateral (Camino Financial doesn’t require collateral)
Lenders might change some of these amounts when they pre-qualify you or approve you. For example, maybe you asked for a $7,000 dollar loan, but they only approved a $5,000 one because they realized that’s the amount you’ll be able to comfortably pay each month.
Additional Documents a Lender May Require
To complete your financial picture, lenders not only need income information but might request some other additional documents.
To paint this picture, they usually require these documents:
- Copy of W2s, 1099s, recent pay stubs
- Individual and business tax returns, copy of bank statements
- Financial statements
- Utility bill (a post office address is not acceptable to verify your current physical address)
- Credit card statements showing balance due
- Copy of mortgage loan and current payoff amount
- Copy of lease or rental agreement
- Proof of home insurance
Apply For A Loan!
Camino Financial doesn’t require so many documents. We only ask for your financial statements. We use a tool called Plaid that allows you to securely share them electronically.
Online personal loan application sample
Want to know what an online personal loan application looks like? Here’s an example of a Camino Financial loan application that can give you an idea of what to expect:
Online loan application vs. in-person: what’s better?
If you’re still on the fence about what’s better, an online loan application vs. in-person, here’s a quick rundown of both alternatives.
The online personal loan application process
A paperless online loan application is easier for both the lender and the applicant.
When an online lender pulls your credit history, it usually doesn’t impact your credit score. Referred to as a soft pull, it’s the same information you would see on your personal credit report.
An online personal loan application is substantially quicker from beginning to end compared to an in-person loan. In most situations, online borrowers receive funds within 1-2 days.
The in-person loan application process
On the other hand, some borrowers prefer an In-person experience to build an ongoing relationship with a financial institution. They like getting personalized help from a bank representative and possibly future suggestions to manage their finances.
However, bankers pass on this cost of doing business by charging higher rates.
In-person loans can be notoriously slow to process, which means a borrower may not receive funding for a week or more. Plus, you need to gather many documents, making the personal loan application process more cumbersome.
Need an easy personal loan online application?
When you need a personal loan, this article lets you know the exact information required to apply for an online loan.
At Camino Financial, we know how difficult it can be to secure the funds you need. That’s why we made our loan application process super easy. Our online personal loan application takes less than 10 minutes to complete, and it’s completely paperless.
We provide an excellent financial opportunity for borrowers needing an injection of cash.
You can use our Solopreneur loan as a personal loan. We designed it to meet your financial needs.
We have minimal personal loan application requirements; namely:
- an ITIN or SSN
- at least $1,500 in monthly income
- an active bank account for at least 6 months
- being current with outstanding debt
And don’t worry.
You don’t need to have a previous credit history or pledge collateral to obtain funding.
You’ll know within a few minutes whether you pre-qualify and can have the money in your bank account within 2 days.
We encourage you to apply for a loan to experience the simplicity of our paperless online application and the friendliness of our bilingual customer service representatives.Apply now!