What do you need to apply for a personal loan?
Applying for a personal loan is easy. There are a few eligibility requirements, but as long as you have everything you need, the process is a breeze. Take note of the items included in this list, and make sure you’re prepared next time you apply for a personal loan with Instant Finance.
Here’s a list of everything you need to apply for a personal loan.
As with most application processes, you’ll need to bring proof of identification. Photo ID is required, in the form of a current driver’s license, or passport. With Instant Finance, you can still apply online without photo ID, but you’ll probably still need to visit one of our branches to complete the application process.
The reason for needing photo ID is simple: we need to know that you are who you say you are. You can’t apply for a loan under someone else’s name! You also need to be over 18 years of age, so your identification will prove that for us.
Proof of address
We’ll need to confirm your address as further proof of identification and location. Bring a recent water/power bill or similar letter (with your name on it) so that we can match your details to an address.
If you’re applying for a loan, what you’re really wanting is that cash injection in your bank account. Bring your bank account details with you so that we know which account to deposit the funds into. We’ll also be confirming other details like account holder information, incomings and outgoings, and your ability to service the loan.
For those using internet banking, which is probably everyone these days, you can speed up the process by providing your internet banking details over a secured link online. That will allow us to access your bank account details.
If you’re not using internet banking, you’ll need to bring the following:
1. Bank statements
You’ll need to bring two or three months of bank statements with you.
2. Proof of income
This could include your latest pay slips, or a WINZ letter outlining your current benefit details. If you’re self-employed, an annual return will suffice.
If you’re applying for a secured loan, we’ll need details around the item you’re using as collateral.
- If you’re using your home as security, we’ll need to see a recent mortgage statement.
- If you’re using your personal vehicle, bring it with you to your local branch so that we can take a look and assess it for security.
- If you’re using chattels (household furniture and homeware) as security, you will need proof of either your tenancy or home ownership. A tenancy agreement or rates demand will need to be provided. (Instant Finance will not use chattels in a boarding situation).
Having all of the above items with you when you apply for your personal loan will make sure the process goes smoothly and speedily. We know that often a loan is needed urgently, and so if you come prepared, and if everything is in order, we can often have the funds in your account on the same day. Larger, or more complex loans can take longer, but we’ll be happy to let you know if that’s the case and how you can speed up the process.
The easiest and best way to speed up the loan process is to apply for a personal loan online. You’ll be able to find out whether your loan is approved without leaving the comfort of your home!
For any other questions about personal loans, contact us on 0800 760 000 or pop into your local branch.