Payday loans are quick loans that are provided by so-called parabanks. Currently, such companies can be found in almost every city. They enjoy great popularity, primarily because the formalities that must be completed when taking payday loans have been kept to a minimum. Therefore, the question arises as to what documents are needed for a loan from a parabank to be within our reach.
While the ID card is always a required document, only selected lenders to require a certificate of employment and income. Generally, people who take out payday loans do not need to submit any documents other than an ID. This significantly reduces the procedure for applying for a loan, and at the same time makes it available to those who do not work legally.
A significant proportion of people who want to take advantage of the parabank offer are looking for a loan to receive which you do not need anything except an ID card. It turns out that, among so-called parabanks, there are plenty of companies that actually lend money only on a proof. This document confirms personal data and citizenship, i.e. information without which money cannot be borrowed. It should be added that nowadays more and more companies allow the possibility of granting loans via the Internet. In this case, you do not even need to appear in the branch of the company to present your ID card. Its scan can be sent electronically.
Some loan companies expect the customer to provide a bank statement, which has been included in the last few months. Such an extract is treated as an alternative to a statement of earnings. The statement confirms regular account receipts. It also shows how much we spend in a month.
Get a payday loan online: cash transfer within the hour
When we talk about payday loans, we must not forget that in their case the credit decision is taken extremely quickly. Most parabanks that deal with providing payday loans make a credit decision within no more than an hour. Consequently, a person who needs money, who needs money is gaining it really quickly.
Payday loans are formalities that are kept to a minimum and must be completed. As a result, borrowing money does not require spending a large amount of time to gather documents, fill out complex applications, etc. Everything is done really quickly and efficiently, which is a very big advantage of such loans.
In the vast majority of cases, parabanks that provide payday loans do not expect a person who wants to borrow money to provide a certificate of employment and earnings. It is for this reason that payday loans are available to those working in the dark or employed under so-called junk contracts. In the case of banks granting loans, this simplified procedure is unfortunately not used. Therefore, many people do not have the slightest chance of getting a loan, even though they would not have any problems paying it back.
Payday loans have a really large group of supporters. This is no wonder when we look at the benefits of payday loans online.
Where is Private Loan?
Among the loans currently generating great interest are, among others, so-called payday loans. They are offered by parabanks, which are more on each day. Few people know, however, that their offer is not only payday loans. Below we present what we can count on when deciding to borrow money from a parabank.
Parabanks are constantly expanding their offer. Currently, these are not only payday loans, but also installment loans, for which a significantly higher amount is involved. It is an excellent choice for people who need a much higher amount of money, and at the same time, no bank will grant them a loan. Such a loan is currently even thirty thousand dollars. What loan period, in this case, is offered by parabanks? It depends of course on the lender, but even four years are involved. When deciding on such a loan, you must consider the potential costs that you must incur in connection with it.
The most popular product of the non-banking financial market
Of course, payday loans, i.e. short-term loans. Their name does not come from anywhere. They are granted for a very short time. In general, their loan period is from a few to a maximum of sixty days. Initially, non-bank companies offered their clients loans for a short time and a really small amount – they did not loan higher than a maximum of $ 1,000. Currently, the situation has changed significantly. As for payday, you can borrow up to six thousand dollars today. The lowest amount you can borrow is fifty dollars in most parabanks. It is worth noting that many parabanks offer their clients a free first loan. What does it mean? No interest or commission is charged on the first loan. Thanks to this, we will refund exactly the amount we decided to borrow.