There is probably no person who would not be suddenly caught up by sudden expenses or temporary financial problems. In this case, we reach for the emergency fund accumulated, borrow from the family or ask for a payday loan. This last solution is especially praised by independent people who do not like to explain to anyone their financial needs. Non-bank institutions can offer money without asking about the purpose, without formalities and without leaving home. However, not everyone is familiar with the online loan and does not know the rules of their functioning. This can effectively discourage inference, although the entire loan procedure is very simple and unified. How to go about it?
Compare and Request a payday advance loan for bad credit today
Instantaneous leave without leaving the house is not just an empty advertising slogan. The borrower does not need to go to the stationary headquarters of the company to request a payday advance loan for bad credit all it needs is a device with Internet access (it can even be a smartphone) to send necessary https://oakparkfinancial.com/ documentation, a mobile phone number, a bank account (but not always, because there are also loans without a bank account).
Where to start?
A person who has not had contact with non-bank products so far may be surprised at how wide the offer is. Indeed – there are many lenders and even more loan brands available. In this case, a loan comparison website can help, which will not answer all your questions, but under certain conditions, it will narrow down the selection and present only those offers with the parameters desired by the borrower, namely:
- a payday loan (for 30 or 60 days) or installment loan;
- the number of available amounts;
- requirements for potential borrowers, regarding, among others, creditworthiness or the age criterion;
- identity verification method;
- the option of extending the repayment period;
- checking the applicant in the following databases: BIK, KRD, and BIG;
- total costs of the loan;
- the possibility of getting a free payday loan.
Thanks to the loan comparison service, you can immediately go to the lender’s website, from where you can directly apply for a loan.
Filling out the loan application
We have already written about what a standard document looks like in the article How to fill out a loan application ?. However, we remind you that it usually consists of two stages, namely:
- registering a customer profile on a loan service
- the correct application.
However, the applicant must remember a few things. Primarily:
- the application should be filled in carefully – even the smallest typo can cancel the chance of getting a loan;
- all information entered in the application should be true;
- submitting the application is free and the loan company should not charge any fees before submitting it;
- in order to correctly submit an application, it is necessary to agree to the processing of personal data for the purpose of examining creditworthiness and to transfer this data to the registers of debtors and the Credit Information Bureau;
- the granting of marketing consents is optional and the granting of a loan cannot be made conditional on or not;
- the total cost of the loan should be known before the loan is granted.
Success in the loan process depends on whether we are able to successfully pass the identity verification. It depends only on whether we perform all verification steps correctly. Depending on the type of loan chosen, we can deal with:
- verification transfer – this is usually a small amount transferred to the account specified by the lender in order to confirm the compliance of the lender’s data;
- instant verification – this is done not with the transfer but with the use of an application,all you have to do is log in to your bank account through this application and the system will confirm the customer’s details;
- confirming your identity in person, using your ID card – if you decide to withdraw money by GIRO check, which can be done at the post office, you do not need to confirm your identity electronically. Just show your ID to the courier who will bring the check or to the post office.
When making an identity verification, the borrower must remember that:
- only your account may be used to verify your identity – the loan will not be granted to a foreign account, even if it belongs to your spouse; it cannot be a shared account either;
- most lenders do not accept SKOK accounts;
- the verification fee should not be more than $ 1 – if the lender requires you to transfer a larger amount of forces applicants to make a phone call with a high connection fee, it is probably a fraud-focused company.
Signing a loan agreement
The analysis of the application (calculation of creditworthiness on the basis of the data contained in the form) and verification in the BIK and BIG databases should not take more than several minutes. After accepting the application, the borrower will receive a loan agreement to his email address. Most loan agreements are signed electronically, without the need for a paper version. Sometimes it will be necessary to print the sent copy, sign it and send it back to the loan company within a few days.
Remember to read it again carefully before approving it. Particular attention should be paid to the total costs, the possibility of withdrawing from the contract and early repayment of the loan – after all, this document is the basis of each loan and will guarantee its correct performance.