Applying for a loan doesn’t have to be stressful. Whether you’re seeking a personal loan, small business loan, or SBA loan, knowing what banks ask for ahead of time can speed up the process and improve your approval chances.

Below is a simple breakdown of what lenders typically require and how to prepare.

Common Information Banks Ask for a Loan Application

Most lenders start with basic personal and financial details, including

• Full name and contact information
• Date of birth and Social Security number
• Citizenship or residency status
• Current and previous addresses
• Income, monthly expenses, and existing debts
• Requested loan amount on purpose
• Preferred loan term and payment date

Having this information ready can significantly reduce delays.

Documents Needed to Apply for a Personal Loan

Proof of Identity

Lenders usually request two forms of ID, such as:

• Driver’s license
• Passport

Proof of Income

To confirm repayment ability, lenders may ask for:

• Recent pay stubs
• Tax returns
• Bank statements
• Employment verification

Proof of Address

Common examples include:

• Utility bills
• Lease agreements
• Bank statements

Bank Account information

You may need to provide:

• Bank name
• Routing number
• Account number

Credit & Financial Review

Banks will evaluate:

• Credit score
• Debt-to-income (DTI) ratio
• Collateral (for secured loans)

What Banks Ask for When Applying for a Small Business Loan

Small business loans require both personal and business financial reviews.

Typical requirements include:

• Business purpose and use of funds
• Business plan with financial projections
• Cash flow statements
• Personal and business credit scores
• Personal and business tax returns
• A clear repayment strategy
• Most recent financial statements

SBA Loans: What Banks Require

SBA loans are government-backed loans designed to help small businesses access affordable financing.

Types of SBA Loans:

• 7(a) Loans: General business purposes
• 504 Loans: Real estate and equipment purchases
• Microloans: Smaller funding needs

SBA Loan Application Requirements

• Financial statements
• Detailed business plan
• Personal guarantees

SBA Loan Eligibility

• Operate legally in the U.S.
• Be for-profit
• Demonstrate repayment ability
• Show that traditional financing isn’t available

Final Thoughts

Whether you’re applying for a personal loan, small business loan, or SBA loan, preparation is key. Knowing what banks ask for and having your documentation ready can save time, reduce stress, and improve your approval odds.