Business

Information to Supply When You Apply For a Loan

When applying for a business loan, you will need to supply several documents and information that will help the lender verify your identity. For business loans, the documents will include your business’s profit and loss statement, balance Sheet, and supplementary schedules from the last three fiscal years. The information should be current, or be current within 60 days of the application date. For a personal loan, you will need to supply documents that confirm your residency in the UK and your address. To speed up the customer loan application process, consider Know your Customer. Find out more about how Know your Customer works at W2.

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To show proof of income, you will need to bring the last 3 month’s payslips and your photo ID. You will also need to provide bank statements, tax returns, and other documents that can show the exact amount you are earning. Your lender may also need to call your employer to confirm your income. Be prepared to explain your business’s financial status and how you are funding your business for business loan applications. This will help speed up the approval process.

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The lender will also need to verify your income, which usually comes in the form of your payslip. This can be tricky for people with multiple sources of income or those who are self-employed. If you are applying for a large loan, you should expect to provide your 3 latest payslips, as well as other financial documents. You should also make copies of your ID, as lenders will often not accept the originals.

 

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