During the application process, online lenders like Prosper may ask for a variety of documentation and paperwork designed to protect the bank and you from a negative outcome. These items will be used to verify your identity, financial information, and other important details. In addition to requesting a valid photo identification, Prosper can require borrowers to submit information on their income and place of employment.
This documentation includes the following necessary items:
Pay stubs and W-2s if employed
Recent tax returns if self-employed
Bank statements and other third-party documentation if retired or relying on investment income
If you have a co-borrower, they may also need to submit all of this same documentation to Prosper in order to have their information verified as well.
Prosper may also contact your bank or other financial institution directly in order to verify your account information. The same goes for your place of employment and verifying that you have a reliable and steady income that is sufficient to support the repayment of your account balance. All of this process is done to ensure that lenders do not take on borrowers who are at a high risk of defaulting on their loans.