What You Need To Apply For A Loan

17 Aug 2020

Do you need a little extra cash and have decided that a personal loan is right for you? In order to take out any sort of loan, you'll need a number of essential documents on hand to proceed with the loan application – from personal identification to payslips and more.

In the early stages of research, it can be difficult to know exactly what you need, so we've put together a guide to help you determine what you need to apply for a loan.

Proof Of Income/Bank Statements

One of the most important aspects of taking out a loan is having the ability to repay it, which is why proof of income and bank statements are so important when you're applying for a personal loan. By proving you have an established history of employment and regular pay cheques coming in, a lender will be more comfortable giving you a loan.

In order for a lender to verify your income, you'll need documents such as:

Your annual salary after tax
Your past three payslips
Bank statements (how many will depend on your lender)
If you are self-employed, you'll also need tax returns from the past two years.

When taking out a loan with us at Sunshine Loans, we also have a few other requirements of our borrowers:

If you get paid cash in hand, we unfortunately cannot offer you a personal loan
Your employment pay and any benefits you receive must show on your bank statement
In order to continue with an application, SMS verification is required from a mobile device.

Step One: Income

When supplying us with an income, you'll need to provide it in one of the following forms:

Your income or wage
Your wage plus any Centrelink or benefit details
Standalone Centrelink income.

Step Two: Expenses

Another thing you will need when applying for a loan is a rough estimate of your expenses. This includes a number of things including:

Rent or mortgage
Other loans or credit cards, including car repayments
Utilities, including phone and internet
Groceries
Transport, including fuel, rego, vehicle maintenance, and public transport costs
Childcare costs
Other miscellaneous costs, including entertainment, pharmaceuticals, clothing and more.

Personal Identification

Another form of important documents you will require for taking out a personal loan is personal identification. This is purely for security reasons.

Preferred forms of identification when applying for a Sunshine Loans small loan are:

Passport
Australian driver's licence
Proof of age card.

If you don't happen to have any of these, we can also accept:

Birth certificate
Citizenship certificate
Pension card or health care card
Council rates OR utility bill OR Australian Taxation Office (ATO) assessment notice OR overseas driver's licence (only one of these may be used).

When it comes to what you need to apply for a loan, we may also need to verify your employment.

Apply Now

Are you ready to apply for a small personal loan up to $2,000? Apply with Sunshine Loans today, and take the stress out of your finances. We can help you pay for car troubles, veterinary bills, school fees – just about anything you need.

Before applying, please consider if a loan is right for you.

Sunshine Loans