Fax Legal Idaho Personal Loans Forms For Free

Documents required for a personal loan Proof of identity, like a government-issued ID. Proof of address, like a utility bill or mortgage statement. Proof of income and employment status, like a pay stub, tax return or W-2. Proof of additional income such as retirement, alimony or child support.

First and foremost, understand that personal loan agreements fall into the classification of contracts. Technically, you don't have to notarize these documents. But if you want to make this document legally binding, then notarization is the best course of action.

Lenders require a few documents that can serve as proof of your identity and financial information to approve you for a loan. Some of the documents you'll be asked to provide include, copies of your state- or government-issued ID, copies of paystubs, tax returns or bank statements.

The IRS says, ?Nonbusiness bad debts must be totally worthless to be deductible.? A worthless debt means one that was not paid back at all. The loan cannot be a gift you provided with the understanding you may not get the money back.

Should I Loan Money to a Family Member or a Friend? You can certainly loan money to a friend or family member, but you should have established repayment guidelines, including interest rates?if any?and a payment schedule, to ensure both parties are on the same page.

Proof of income may include pay stubs, employment letters or income tax returns, depending on your source of income. "Self-employed individuals may need to provide additional documentation such as business financial statements (profit and loss or income statement or business tax returns)," says Werner.