When applying for a loan, what type of information do borrowers typically need to provide?

When applying for a loan, borrowers typically need to provide information about their assets. This is crucial for lenders to assess the borrower’s financial stability and ability to repay the loan. Assets include any properties, savings accounts, investments, and other valuable possessions that contribute to the overall financial picture of the applicant. Lenders use this information to determine the borrower's net worth and evaluate the risk involved in granting the loan. A solid list of assets can enhance a borrower's credibility and potentially improve their chances of loan approval.

While other information such as debts, income statements, and tax returns also play significant roles in the application process, the specifics of assets are often emphasized because they reflect the borrower's overall financial health and can serve as collateral in certain types of loans.