What You Need to Apply For an Installment Loan

Common things you’ll need to apply for an installment loan include bank statements, identification, personal banking information, social security number, proof of income, and possibly other personal or financial information. 

Installment loans come in many different shapes and sizes. Essentially, any loan that is repaid through regular monthly payments or “installments” is considered an installment loan. As you can imagine, this includes many different types of loans. Mortgages, auto loans, student loans, personal loans, and more are all good examples of installment loans. 

For the sake of this article, we’re referring to “personal installment loans.” These are personal loans that borrowers take out to pay for things like unexpected expenses, bills, rent, etc. They are typically considered to be a good alternative to other types of quick cash options like title loans and pawnshop loans. 

If you’re looking for some fast cash, or you’re in a financial crisis, you may be considering a personal installment loan. So what will you need, and how can you get approved for the cash you’re looking for? As mentioned above, it’s the same type of information you might need for any loan application. The common requirements include: 

  • Personal ID (government-issued state ID or license)
  • Proof of income (bank statements, pay stubs, etc.)
  • Social Security number
  • Personal banking information

Keep in mind that just because you have all of these things doesn’t guarantee that you’ll be approved for the loan. The next step is to fill out the application and provide all of the required information to the lender. The lender will then review all of the information and decide whether or not you qualify for the loan. If you have a decent credit score, sufficient income, and all the other necessary information, then you’ll likely be approved. 

If you’re not approved, you might be able to find out why from the lender. When it comes to personal loans, all lenders have different criteria and policies for who to approve and who to deny. Consider trying a different lender next time, or improving your financial situation and trying again.