REQUIREMENTS

When it’s time to formally apply for a personal or business loan, TREC will request a number of documents to confirm everything from your identity to your residence and employment. Here are the most common documents required as part of the personal loan application process.

A loan application is a formal document that lenders require prospective borrowers to complete and submit to begin the lending process. Each lender/partner has its own application, so the specific requirements may vary. In general,  you’ll need to provide basic personal information which includes how much you want to borrow and the purpose of the loan.

The format of a loan application may also vary. While there are numerous online lenders that offer a completely online application experience, we may need to discuss your application over the phone before providing a decision. .

When lending, we require applicants to provide at least two forms of government-issued identification to prove they are at least 18 years old and a United States citizen. This precaution also reduces the threat of identity theft. Acceptable forms of government-issued identification often include:

• Driver’s license
• Other state-issued ID
• Passport
• Certificate of citizenship
• Birth certificate
• Military ID
• EIN number

Our lending partners want to see that you have the ability to pay back your current debts as well as the new loan. To do this, we typically require prospective borrowers to demonstrate their employment history and current earnings as part of the application process. Common forms of income verification for traditional employment include one or the following:

• Paystubs
• W-2s and 1099s
• Bank statements
• Employer contact information

Prospective borrowers who are self-employed must instead rely on bank statements, 1099 forms and possibly income tax returns.

In order to keep the process simple, we provide the borrower with many options in this area.  In addition to confirming your employment, we want to know that you have a stable living situation. This may involve providing proof of your address, including a recent utility bill, a copy of your lease or other rental agreement, voter registration card or proof of home, rental or auto insurance that lists your address.