If, for whatever reason, you find yourself in need of some extra money fast, a personal loan may be the answer. When applying for a personal loan there are a few documents you’ll need to supply as part of your application, and some minimum requirements you’ll need to meet.
Here’s what you need to know when looking to get a personal loan:
Minimum requirements
In Australia, you must be over 18 years old to legally get a personal loan. You also need to be a citizen or have permanent residency. According to the Personal Loan Finder site, you also need to have a minimum income of $25, 000. This may be from your job or pension. Based on information provided in your application, a lender will also run a credit check on you. Although occasional defaults are okay, if you have a bad history of debt and failure to make repayments it could work against you. Legally, a lender cannot responsibly give you the loan if you don’t pass a credit check.
Documents you’ll need to provide
When making an application you’ll need to supply some documentation. This is to ensure that you are who you say you are, and to check you’ll be able to pay off the loan without getting yourself into financial trouble. You’ll need to show:
- ID – This could include your drivers license, passport or phone bill. You’ll need around 100 points of ID.
- Proof of residency – Any ID documents that include your address can be used to show this, or if you have a tenancy agreement that is also a suitable way to prove where you live.
- Proof of income – You’ll need to show you receive a regular income. Pay slips are a good way to indicate this.
- Banks statements – A bank statement addressed to you can be used in your application as a form of ID, proof of residency and to show your income. It’s also an important document to include because it shows what your financial situation is like. When applying for a personal loan at SRG Finance, you need to show at least 3 months of bank statements.
Once you’ve got all this information together you can apply for a personal loan. At SRG Finance you can do this online or over the phone. We are generally able to let you know whether your loan application was approved or not within a few hours or by the next business day.
