Expect to show a photo ID, proof of income, bank statements, proof of your North Carolina or South Carolina address and a list of current debts. Lenders compare your monthly debt payments with gross monthly income. Lower ratios generally help. Each lender sets its own credit and income rules.
On this page
- What to have ready
- Debt-to-income ratio in plain terms
- Carolina extras
- Our own screen
- Carolina specifics worth knowing
- Requirements table by employment type
- Making a thin application stronger
- How long each step takes
- Our own screen
- Eight reasons applications are declined
- Pre-application checklist
- When to wait
- If you are a military borrower
- Quick reference
- Frequently asked questions
What to have ready
| Item | Why lenders ask |
|---|---|
| Government photo ID | Confirms identity |
| Proof of income: pay stubs, W-2, 1099 or tax returns | Shows repayment ability |
| Bank statements | Confirms deposits |
| Proof of address, such as a utility bill | Confirms residency in the state |
| Employer name and tenure | Supports income stability |
| List of current debts | Used for the DTI ratio |
Debt-to-income ratio in plain terms
Add your monthly debt payments, divide by gross monthly income and compare. The CFPB describes the calculation and notes that lower ratios generally make it easier to qualify. See the DTI calculator.
Carolina extras
- License check: confirm the lender's license in your state.
- Residency: lenders may restrict loans to states where they are licensed. That is why our fit check is limited to NC and SC.
- Self-employed: expect tax returns and bank statements. See small business owners.
Our own screen
Our fit check uses a minimum credit range, a debt-to-income ceiling, a minimum income and a loan amount range. It does not use race, sex, age, marital status or other protected factors. Individual lenders set their own rules.
Carolina specifics worth knowing
Two things about borrowing in the Carolinas surprise people. First, lenders may restrict loans to residents of states where they are licensed, so you may be asked to provide a current address, ID and sometimes a utility bill. Second, North Carolina and South Carolina each regulate consumer finance lenders, and the licenses are checkable. Confirm a lender's license with the NC Commissioner of Banks or the SC Office of the Commissioner of Consumer Finance before sending documents.
Requirements table by employment type
| You are | Typical documents | Notes |
|---|---|---|
| Hourly or salaried | Two recent pay stubs | Employer name and phone |
| Military | Leave and earnings statement | Allowances may be counted |
| Retired | Social Security or pension letter | Bank statements show deposits |
| Gig or self-employed | Two years of returns, 1099s | Net income after expenses |
| New in the job | Offer letter and first stubs | Some lenders want months of history |
Making a thin application stronger
Apply for a smaller amount, add a co-signer who understands the risk, pay down credit cards first or add a documented second income. Each of these changes what a lender sees without requiring you to raise your score. If the main barrier is your credit history, look at credit-builder options at a credit union and give it a few months.
How long each step takes
Prequalification takes minutes. Verification of documents may take a day or two. Funding often arrives in one to several business days after you sign. Plan for the long end if the money is needed for a specific date.
Our own screen
Our fit check uses your loan amount, credit range, income from any source and monthly payments. It does not pull a credit report and it is applied the same way to everyone. If you do not fit, it tells you why and what to change.
Eight reasons applications are declined
| Reason | What to do |
|---|---|
| Debt-to-income too high | Reduce debts or ask for less |
| Income not verifiable | Gather pay stubs, bank statements, returns |
| Credit history too thin | Build history first |
| Recent delinquencies | Bring accounts current |
| Too many recent inquiries | Wait and space applications |
| Identity or address mismatch | Fix documents |
| Amount outside lender range | Choose a different lender |
| Residency or state restriction | Apply with a lender licensed in your state |
A lender that denies you must send a notice that explains the main reasons or how to get them. Use it as a to-do list.
Pre-application checklist
- Pull your free credit reports and fix errors.
- List income sources with amounts and pay dates.
- List all monthly debts, including the ones that do not show on a credit report, such as a family loan.
- Pick the amount you need and the longest term whose payment you can sustain in a lean month.
- Decide how you will verify a lender: license lookup, complaint search, a call to the regulator.
When to wait
If you have a recent late payment, a collection that you can resolve or a new job under a few months, a short wait to build history can change which offers you see. If you cannot wait, ask for a smaller amount or a credit union quote.
If you are a military borrower
Active-duty service members have federal lending protections and often have access to military aid societies and credit unions that serve them. Ask your installation's financial readiness program about help and about lenders that honor those protections.
Quick reference
ID, address, income proof, bank account, a list of debts. Fix errors first. Ask for less if needed.
Frequently asked questions
What documents do I need?
Photo ID, income proof, bank statements and proof of address are typical.
Is there a minimum income?
Each lender sets its own. Our fit check uses a published minimum, shown on the form.
What if I have recently moved to NC or SC?
Bring a lease or utility bill and an ID with your new address. Some lenders want a few months of local residency or bank history.
Is a military member treated differently?
Federal protections exist for active-duty borrowers. Ask any lender how it applies them.
Do I need a bank account?
Most lenders require one for funding and payments.
Can I use a PO box as my address?
Lenders usually want a physical address. Ask.
What if my income is irregular?
Provide bank statements and returns that show the average.
Can a lender ask about my race or religion?
No. Federal law prohibits discrimination on those bases.