What you need to get a personal loan

09/10/2010
By Credit.com Staff

There are a number of things potential borrowers must have before they can qualify for a personal loan, according to a report from the consumer advice website Helium.com. Before even entering a bank, a consumer must have several documents, which prove their identity and income. These let a lender know the loan is both legitimate and something the potential borrower can afford based on how much, and how frequently, they get paid.

In addition, consumers may be asked about the other assets they own and liabilities they may carry, Helium said. While a consumer may not have to provide physical proof of these, they will need to know all of them before applying so that a credit check doesn't turn up any inconsistencies. In addition, they should be prepared to offer documentation.

Consumers may also want to check their credit score to ensure that they can qualify for the type of loan they're seeking.

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