Payday loan – required documents and the whole procedure step by step

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For customers interested in payday loans, priority is the ability to receive cash quickly without leaving home. For this reason, loan companies simplify the application process as much as possible. You can use their offer anywhere, anytime – all you need is Internet connectivity and you meet the criteria they set.

 

What requirements do companies pay for payday loans?

What requirements do companies pay for payday loans?

Each loan company individually sets the conditions that must be met to be able to take advantage of its offer. You can usually take the instantaneous chow only if you have:

  • specific age (completed 18 years, sometimes 20 years);
  • full legal capacity;
  • active cell phone number;
  • email address and internet access;
  • bank account.
  • In addition, you must of course meet the lender’s financial requirements and credit history.

 

The loan process step by step

The loan process step by step

You can take a cash loan via the loan company’s website, without leaving your home. It happens that the company requires user registration on the website and completing the borrower’s profile, but this formality is not always required. Applying for payday pay will not cause any problems because the whole process is followed by the instructions displayed on the page.

The procedure always starts with completing the form in which you must provide your basic personal and contact details. You also specify the loan amount and maximum repayment time. You confirm the submission of the application.

In the next step, your identity is verified, which requires you to make a transfer for a symbolic amount of $ 1 or $ 1 to the lender’s account. The data appearing on the transfer must coincide with those given in the form.

After positive consideration of the application, usually after a dozen or so minutes, you receive a decision and a contract, then immediately transfer funds to your account (within one business day). Some companies require you to send photocopies of your ID card, income statement or income statement itself. Depending on the selected non-bank company, after receiving the contract in an electronic version, it will be necessary to print and sign it, and then send it back with a scan (photo) of the signed document, or just verification by transfer alone.