How do Payday Loan Companies Verify their Clients?
April 6, 2019
Non-bank payday loans are a quick form of financial aid. However, in order to get this type of support, the verification procedure should be followed. What is data analysis? The following text will show you how non-bank institutions verify their clients!
Identity card and bank fee
A quick loan is a popular form of financial aid. Non-banking institutions, in the interest of the safety of their clients, introduce a number of safeguards. The most common method used by borrowers is verification by presenting a personal ID. Basic information is required, such as: name, surname, PESEL and number and series of this document. In addition, a loan without account verification is in many cases not possible. What is the verification fee ? The loan company requires a symbolic bank transfer, usually for the amount of PLN 1 or PLN 1. The banking operation must be made from the borrower’s account. Please note that a transfer from a third party account is not possible.
Telephone conversation, debtors’ records and income certificate
When filling out the loan application, please provide contact details such as: email address and telephone number. The lender’s representative usually calls the customer within a few hours. In situations where the application for an installment loan is rejected for various reasons, do not give up. It happens that potential borrowers do not meet the age requirements . In such cases, you should look for another loan company.
In order to verify, loan companies use tools such as Instantor that allow you to confirm the identity of the customer. In addition, employees of most non-bank institutions check data in registers, databases. It is also worth bearing in mind that some lenders require a certificate of income. In such cases, it is a good idea to present the required document in person or electronically as soon as possible. The lenders try to eliminate situations when the borrower is insolvent and is unable to repay the loan.
The form of the loan – which one to choose?
Sometimes, customers of loan companies are wondering what form of loan to decide. An installment loan or a payday loan ? The main difference between these types of financial assistance is the method of repayment. A one-minute pass is granted for a short period and such a loan is settled in one repayment. The installment loan, on the other hand, is incurred for more serious expenses. A large convenience is the fact that this type of financial support can be adjusted to your financial capabilities and spread into convenient installments. An interesting fact is that online payday loans have become very popular in the recent period. Their advantage is comfort and convenience.