If you decide on a bank loan, you can be sure that your earnings certificate is among the documents you will need to provide. In the case of payday loans provided by parabanks, this is not so obvious. The vast majority of lending companies do not require customers to provide an income certificate. This is a good solution because it gives a chance for a loan to those who work black or have a junk contract and are not able to document all their income. No need to provide such a certificate also saves a lot of time.
Payday loans are a very good solution for all those who need cash and who do not have the chance that the bank will grant them a loan. Quick loans are associated – and this is the right association – with an instant credit decision, as well as formalities that have been severely limited. However, the question arises as to what loan companies can accept when it comes to the income of a potential borrower.
The vast majority of lenders do not require any evidence of income. The only document required to grant a payday payday is an ID card. On the other hand, there are often questions about monthly revenues in the payday loan application. When completing such an application, you really need to think carefully about all the sources of income that occur in our case. It is not only about the remuneration for work, but also the profit obtained from renting an apartment or maintenance received monthly.
However, false information must not be included in the application. It must be remembered that we have to return the money borrowed to us within the time limit specified in the contract. If the amount we want to borrow is too high, we must take into account that the parabank may expect confirmation of our income. Often, however, it is enough to provide an account statement for the last few months.
Although parabanks already provide the option of so-called credit holidays, it is a solution that will cost us a lot. The borrower must pay for postponing the repayment date. This makes the loan even more expensive. What’s more, the parabank may of course refuse to give us this form of support.
Late repayment is an element of payday pay, which can really give us a headache. Everyone who decided to take a payday loan should remember that not paying installments on time will result in high interest being charged. As a result, we will refund a much larger amount to the parabank than the one we decided to borrow. That is why it is so important for payday loans to pay each installment on time. This will avoid significant additional costs.
The biggest disadvantage of payday loans is, above all, a very high interest rate. The total annual interest rate is much higher than for classic bank loans. What does this mean in practice? We need to return an amount much larger than the one we borrowed to the parabank. That is why it is so important to approach the amount you want to borrow wisely. You should seriously think about whether you can afford to pay a certain debt.
Quick loans are so-called quick loans, whose popularity is increasing every year. More and more people who cannot count on getting a bank loan borrow money in the so-called parabank. Fast loans have a number of advantages that translate into the fact that they are so popular. However, remember that you should be careful when applying them. Otherwise, it is very easy to fall into a spiral of debt, from which it is not so easy to get out. What to watch out for when you pay for payday pay?
Loan companies usually verify the identity of their clients using the identity card provided by them. The loan application must include the series and ID number. In some cases, it is necessary to make a photocopy of the document, which is then attached to the application. If we borrow online, we must provide a scan of your ID card. We will do this by using electronic mail.
Parabanks use verification not only with an ID card or bank transfer, but also with a special application. In order for our identity to be confirmed, you must log in to your bank account. The application will automatically download all the data that is needed to verify the identity of the person. Lots of people will ask here if this solution carries some risk. It should be emphasized that such applications have very extensive security. Therefore, you do not have to worry that our data will go to the wrong people.
Everyone who is forced to borrow money would like to make the loan decision almost immediately. Meanwhile, you have to wait a little for her. In the case of parabanks that provide so-called payday loans, everything is done quickly. Let’s see how lenders can verify their clients.
Verification using bank transfer – This method of verification is perfect for quick loans. The person who submits the application is required to perform the verification transfer. Importantly, this transfer must be made from an account owned by the person applying for the loan. It has the task of confirming our identity. So if it is made from another person’s account, it will be useless. The lender will only start processing the application once the transfer we have made has credited his account. So no transfer means no chance of receiving money.