Search
Close this search box.
Search
Close this search box.

The Paperwork Needed for Personal Loans

Best Personal Loans

Not so long ago, applying for a loan was a process fraught with difficulty. You had to apply in person and complete stacks of paperwork before meeting with the bank manager. Fortunately, things are much easier today. You can apply for a loan online, and you don’t need a great deal of paperwork to support your application. Read on to find out what supporting documents you need to complete your loan application.

The Documents Needed for a Personal Loan 

When you apply for a personal loan, lenders must check that you are who you say you are and that the information you’ve provided is correct. To check this, lenders might request the following documentation:

  • Your address history (for a period of three years)
  • The details of your employer 
  • Information regarding your bank or building society account

If you’re applying for a loan from your bank, they will check this information against your current details, and you might not need to supply additional paperwork. In some cases, lenders may ask for additional information, including proof of identity like a passport or driver’s license. They might even ask for a copy of a recent utility bill to further support your proof of address. 

In most cases, lenders will accept scanned copies of your supporting documents. You might also be asked for income verification, which you can prove with a recent payslip. If you’re self-employed, this becomes a little more difficult, which is why some lenders don’t issue a credit to people who are not in full-time employment. 

How Open Banking Helps?

Launched in 2018, Open Banking is a safe and secure way for you to provide access to lenders who wish to verify your financial information. In some cases, it might mean that you don’t actually have to supply any paperwork alongside your loan application. Lenders like Koyo Loans utilize Open Banking technology to reduce the amount of documentation you need to provide, making it easier for you to apply for credit. In fact, for most customers, Koyo doesn’t require any documentation at all, thanks to Open Banking, ensuring the entire process is seamless and paper free.

What are Lenders Looking for When you Apply for a Loan? 

Fundamentally, all lenders want to know that you have a track record of paying back credit. Also, they need to verify your identity and ensure that the proposed loan is affordable. Open Banking lenders are less focused on a borrower’s credit score, as they can access real-time financial data that gives them a good idea of how likely you are to repay the money. As such, Open Banking lenders put more weight on affordability than on your payment history. 

Do I Need Proof of Income for a Loan? 

Responsible lenders will only approve your application if they’re confident that you will be able to pay the money back. This is why you will probably have to prove your income when applying for credit. For salaried employees, this is straightforward, and you can send in your payslip. If you’re self-employed, you will probably struggle to access credit, as most lenders want to see a steady stream of income over a defined period of time.

Anything Else I Need to Know? 

Things have become a lot easier for borrowers in recent years, and you can now apply for a personal loan exclusively online. The key thing is to check a lender’s eligibility criteria before starting an application to ensure that you’re applying for credit that you can actually access. 

Find out more information about the paperwork needed for personal loans with the Koyo Payment Calculator.


Subscribe to Our Newsletter

Related Articles

Top Trending

How Tall is Matt Ryan
How Tall is Matt Ryan? Exploring the Height of the NFL Quarterback
who is matt ryan
Who is Matt Ryan? A Look at the Career of the Former NFL Quarterback
Where Does Matt Ryan Live in Atlanta
Where Does Matt Ryan Live in Atlanta? A Look at His Mansion and Family Life
Did Matt Ryan Win a Superbowl
Did Matt Ryan Win a Superbowl: A Look at His Legacy and Super Bowl Appearances
When Did Matt Ryan Retire
When Did Matt Ryan Retire from the NFL?

LIFESTYLE

summer birthday party ideas
Creative Summer Birthday Party Ideas for Kids in 2025
May 6 Zodiac
May 6 Zodiac: Positive Traits, Compatibility and More about Taurus
self storage solutions for life transitions
How Self Storage Can Help During Major Life Changes (Divorce, Moving, etc.)?
why is my poinsettia dying
Why Is My Poinsettia Dying? Tips To Revive Your Wilting Poinsettia Plant
crypto retirement plan strategies
7 Ways Crypto Can Reshape Your Retirement Plan for the Future

Entertainment

silvana prince
Silvana Prince's Bio, Height, Weight, Family, Net Worth, Career, and More in 2025
Aaron Paul The Midnight Pool Psychological Thriller
Aaron Paul Stars in 'The Midnight Pool' from V for Vendetta Director
wayfarer foundation closing justin baldoni lawsuit
Justin Baldoni Shuts Down Wayfarer Foundation Amid Legal Feud
Rihanna third pregnancy
Rihanna’s Third Pregnancy: Why She and A$AP Rocky Want Kids Close in Age
Nateland Theme Park
Nate Bargatze Slams Disney, Reveals Plans for Nateland Empire

GAMING

Gaming Boosts Decision-Making Skills
How Gaming Can Help Improve Your Decision-Making Skills?
Business Behind Game Localization
The Business Behind Game Localization: How It Works
pitch a game idea
How to Pitch a Game Idea to a Developer or Publisher?
Cosmic Values
Cosmic Values: Value List for Pet Simulator X in 2025
GTA 6 Release Date
GTA 6 Release Date Confirmed: Rockstar Sets May 2026 Launch

BUSINESS

Business Behind Game Localization
The Business Behind Game Localization: How It Works
International Employment Agencies
How international employment agencies can help you find talent in hard-to-reach markets?
Transition Your Business to Web3
How to Transition Your Business to Web3 Successfully
How to Calculate Quarterly Tax Payments
How to Calculate Quarterly Tax Payments in 5 Easy Steps
credit suisse tax evasion
Credit Suisse Fined $511M for U.S. Offshore Tax Evasion Scheme

TECHNOLOGY

pitch a game idea
How to Pitch a Game Idea to a Developer or Publisher?
Web3 impact on virtual reality experiences
How Web3 Is Redefining Virtual Reality and Immersive Experiences?
Smart Contracts in Web3
How Smart Contracts Are Shaping the Future of Web3?
How to Build an Effective Patch Management Program
How to Build an Effective Patch Management Program: A Step-by-Step Guide?
How Web3 Is Enabling Decentralized AI Networks
How Web3 Is Enabling Decentralized AI Networks

HEALTH

Connection Between Hydration and Urinary Health
The Connection Between Hydration and Urinary Health
Neuralink Brain Implant Patient Regains Speech
Neuralink Brain Implant Helps ALS Patient Regain Speech with AI Support
Wegovy for Weight Loss
Wegovy for Weight Loss: Is It Worth Buying Online?
Role of Sperm DNA Fragmentation Testing in IVF
The Role of Sperm DNA Fragmentation Testing in IVF with ICSI Success
Online Yoga Certificate Course
Why an Online Yoga Certificate Course is the Key to Advancing Your Practice