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What to bring when applying for a loan?

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Applying for a loan at any financial institutions such as banks and other many credit providers may seem a bit difficult however you can secure your loan by following proper guidelines. Every bank or financial institution obviously have their own terms and conditions for the loans but most of them require basic documentations.

Remember there are so many loan providers in South Africa that it has become very hard to distinguish between legit and scams. You must first understand the types of loans offered at the banks, unsecured, secured, personal, consolidation or even home loans. You need to be able to categorise the type of loan you’d like to apply for and go for it.

The first thing you need to do is give your bank a call to inquire about the loan. It is very important to ask as many questions as you can to a consultants so that they’ll be able to discuss all the options you may have. In the case of your loan being declined, you still have a chance to ask if there’s something else the institution can offer, something like getting a different type of loan which comes at higher interest rate. Alternatively if the banks give you problems, you can always walk out to other credit providers that accommodate people with bad credit.

Documents to bring when applying for a loan

After inquiring more about the loan you want apply for, the consultant must have mentioned to you to bring supporting documents with you. Otherwise visit the bank’s website or call them on telephone to find out what more documents do they want in order to process your loan application.

In most cases, you are going to need the following documents:

  • Certified copy of ID or Driver’s license
  • Proof of residential address
  • Permanently employed earning regular monthly income
  • Recent payslips – not older than three months
  • Have a banking account in your name
  • Recent banking statement – not older than three months

As mentioned, it all depends on the institution you are applying with and the type of loan applied for. For secured loans, obviously the bank or institution will require some sort of collateral to use against your loan application. To be safe, find out more detailed information about the terms and conditions before starting your application process.

NB: Visit our loan calculator page here