What documents do they ask for? £10,000 personal loan

michaelmystery · 25 October 2017 at 1:57PM

I'm looking at getting a personal loan of around £10,000 over 5 years.

I did the online soft check for Natwest and Zopa, and they both said I'm likely to be approved, with monthly payments of £200-£250 for both companies.

I have about £1,250 net of monthly income after taxes and all bills paid.

What I really want to know, is what documents are they going to ask for?

If I am saying this is for a car loan, will they ask for proof of my drivers license, or past driving history, or which particular car you want to get and why? Or do they just approve it so long as your payslips and ID matches up.

Same with something like, a home improvement loan. Do they ask for proof that you are a homeowner, with a mortgage? Or do they just approve it?

I am really interested in the kinds of documents that they ask for.

I just want as many people to respond to this thread as possible, so I can get as many people's experiences as possible.

State why you got the loan and what documents they asked for.

Thanks

[Deleted User] · 25 October 2017 at 1:59PM

Usually none.

Perhaps ID or income if they have doubts about your application.

Candyapple · 25 October 2017 at 2:13PM

Well here's an example of what happens when you lie about applying for a homeowner's loan when you aren't one:
http://forums.moneysavingexpert.com/showthread.php?t=5729022

For all the other loans e.g. car loans, most companies don't usually ask for ID, it's only when they can't verify your data electronically that they usually ask for it.

michaelmystery · 25 October 2017 at 2:17PM

Candyapple wrote: »

For all the other loans e.g. car loans, most companies don't usually ask for ID, it's only when they can't verify your data electronically that they usually ask for it.

When you say, "verify your data electronically".. what do you mean by this?

What data are they going to verify? Whether you are on a drivers license registry, and have a valid drivers license?

Or just simply what your ID is? I.e. Passport

Thanks

PeacefulWaters · 25 October 2017 at 2:27PM

michaelmystery wrote: »

When you say, "verify your data electronically".. what do you mean by this?

What data are they going to verify? Whether you are on a drivers license registry, and have a valid drivers license?

Or just simply what your ID is? I.e. Passport

Thanks

Electoral roll and credit history.

Candyapple · 25 October 2017 at 2:32PM

Whether you are on the electoral roll, how long you've lived at your address, checking that your income matches what you've put it down as - this is all done in the background via credit check / hard search of your credit files.

Some companies also ask for your passport number so this is another ID check.

If you put down that you are applying for a loan for a car, I haven't heard of any lender asking for proof of licence.

michaelmystery · 25 October 2017 at 3:41PM

So the consensus so far seems to be that they will ask for very little other than basic identification, and even this may not be needed if you show up fine on an electronic check.

Are they going to ask me to justify £10,000 for a car, based on my income? Or are they simply not going to care?

If the soft check shows that I'm likely, then I guess I really am likely to get it?

[Deleted User] · 25 October 2017 at 3:45PM

michaelmystery wrote: »

If the soft check shows that I'm likely, then I guess I really am likely to get it?

Maybe. Maybe not.

Ebe_Scrooge · 25 October 2017 at 3:47PM

michaelmystery wrote: »

Are they going to ask me to justify £10,000 for a car

No - as long as you pass their affordability and acceptance criteria ( which will more than likely include a search on your credit file ), they'll approve the loan.

Jimmy_Boy · 25 October 2017 at 4:06PM

Could I ask why you are so concerned about what documents are required ?

I don't want to jump to conclusions, but it gives a slight suggestion that you intend on telling a little white lie on your application, i.e. what the purpose of the loan is for.

As candyapple pointed you to my post, I would whole-heartedly suggest being completely truthful on your application. If you want the cash for a car, put it down as a car loan, if you want it for home improvements then request a loan for that. Don't lie on the application, because if you are found to of submitted falsified information on your application, you could find yourself in a whole world of pain.

Most definitely don't put an application in with Bank A for a car loan, and Bank B for a Home Improvements loan, this is likely to get picked up and viewed as fraudulent.

Im no expert in this field, and am only going on what I've recently learned as documented in my thread. If I have made any errors in what I have said then I apologise, and hopefully someone will correct me.

I wouldn't want you to be going through what I'm going through at the moment.

All the best!

michaelmystery · 25 October 2017 at 4:42PM

Let's say that I am actually buying a car for someone else, as a present.

Would loan companies allow this?

What documents do they ask for? £10,000 personal loan

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