While all financial institutions have different specific requirements for a loan application, overall they are quite similar.

Most lenders will check to see that you have a regular income. They may ask you to provide a letter of employment, several months of pay stubs, Proof of Rental income or proof of pension.

They may also ask you for proof that you have a bank account and a permanent address.

Lenders will usually do a credit check to find out your credit history and will look at your credit score. They want to be sure that they can count on you to pay back the money you borrow.

They will likely need a Credit Revenue Agency (CRA) notice of Assessment. This will tell them whether you pay your taxes or if you have any taxes owing to the government.

You can expect most lenders to ask you for a list of your assets (the things you own) and your liabilities (the things you owe).

It is also likely that they will ask you to show them a list of your income and expenses.

For some loans, another important thing lenders may ask you for is collateral. This is something that is pledged as security for repayment of a loan, and it will be forfeited in the event that you fail to repay the loan.

In general, lenders are looking for information that will give them a good picture of how you manage your finances and whether you can be trusted to repay the loan if they lend you the money.