How to justify a personal loan application?

When applying for a personal loan, it is critical that you have the right documents. Although personal loan application forms may vary from lender to lender, they all ask for similar details, such as the borrower’s date of birth, social security number, employment status and other essentials.

Having the necessary documents is a good way to justify your personal loan application, and it also helps the acceptance process go faster. In this article we will show you in more detail which documents are essential to justify your online loan with Mon Petit Prêt.

What is a personal loan?

A personal loan is an alternative to requesting a specific amount of money from a qualified lending institution or company. Personal loans can be used for a variety of purposes including home improvements, medical expenses, debt consolidation and other important expenses.

Documents required for a personal loan application

Regardless of the type of loan you wish to apply for, the documents you provide will be crucial to getting approved with any lender. Each one must provide the information necessary to know your financial situation and see your repayment capabilities. Here are some of the most commonly required documents:

Instant bank verification

During the personal loan application process, lenders can speed up the decision-making process by using Instant Bank Verification (IBV). This tool helps the lender verify the applicant’s bank account to ensure that the borrower can repay the requested loan.

Identity document

Because applying for a personal loan is a delicate and entirely personal process, lenders need to ensure that the person receiving the loan is not a fraud. However, other lenders accept other forms of identification such as driver’s license, passport or health card.

Social Security Number

The social security number is an important document when applying for a personal loan online. Many lenders use this data to verify identity and to check if you qualify for a loan.

Other documents that can be included are a recent pay stub, proof of residence or any document that indicates the same address that will be registered in your personal loan application profile.

All the documents we have mentioned are the ones that will help you justify the online loan you apply for at Mon Petit Prêt.

How much money to borrow in a personal loan?

The amount of money you can borrow on a personal loan depends on a variety of factors. One of the most important factors is your income, as this will determine whether you can borrow the amount of money you need. That said, one way to find out how much you need is to think about what you want the loan for, whether it is to renovate a house, an emergency, pay off debts or other problems.

Once you have calculated the amount of money, another aspect to take into account is the maximum amount a lender can give you. Of course, this may vary depending on the private lender you choose, but in the case of Mon Petit Prêt we have several options:

You can choose $250 with a payment term of 2 months.
Choose $350 with a payment term of 3 months.
Choose $500 with a payment term of 3 months.
$600 with an amortization period of 4 months.
$700 with a term of 4 months: Collection fee.
$750 with a payment term of 4 months.

Apply for your personal loan with Mon Petit Prêt now

With all this information in mind, you can now begin your personal loan application process with us. All you have to do is fill out the online form with the requested information. Then, prepare all the documents that will help you justify and expedite your application. Finally, send the information through our email: info@monpetitpret.com, or by logging in to your client area.