Many individuals are new to the world of loans. For as long as they can remember, they have always paid cash for the things they bought. It was the way to do things for them. At some point in time, there comes a moment when you realize you cannot always pay for everything with cash and you might have to turn to a loan to get what you need. If you are a first-time borrower, the whole process can be a little confusing at first. To help cut down on the amount of time it takes to get the whole process done and over with, here are a few key pieces of information you want to take with you to help secure your loan.

Proof of income.

Regardless of whether you are on disability, have a regular 9–5 job, or work for yourself, you will need to provide proof of your income to the lender. They need to be able to see you have the ability to pay for your loan. Steady, consistent income is one of the main keys to being able to get your money quickly and easily. Bring in pay stubs, bank statements, or anything else you have that shows the amount of money you are making.

References.

Oftentimes, lenders will ask for references. They will accept personal, creditor, and even family references. They need to be able to speak with people who can vouch for you as an individual. They want to know that you are going to pay your bills each month and that you do work where you say you do.

Collateral or a down payment.

Depending on the type of loan you are looking to secure, you might need to bring in a down payment with you or some other form of collateral. This is often required when you are first establishing a credit history and there isn't a lot to go off of yet. The lender will be able to tell you how much they need and whether your collateral is going to work for them or not in each case. It isn't something that you are going to for sure need, but it doesn't hurt to have it with you just in case.

By taking the above with you to speak with the lender, you can save yourself a lot of time and money in having to run back and forth gathering documents.

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