Before you can give you a payday loan, your lender will study your finances and review your personal situation. To do this, you will provide him with a list of important documents. Moreover, this approach contributes to the strengthening of consumer rights, which requires banks to check the creditworthiness of their future borrowers, before providing them with explanations about the payday loan.
Supporting documents for a payday loan
As part of your payday loan application, you will have to provide supporting documents to your lender. For identity, present a front / back photocopy of a valid CNI, passport or residence / residence card. Regarding the proof of residence, an electricity, gas, water or fixed line telephone bill will be acceptable. As for the proof of income, plan your last tax notice, your last payslip or pension slip, or a certificate of family benefits if this is the case.
What are the essential documents?
To obtain a payday loan, the essential documents that you will provide are those that prove your identity (photocopy of the identity document), your last two payslips and those of your spouse, the notice of taxation for non -employees. It is the same for the receipt of electricity or Telecom that will be used to confirm your address.
With some payday loan formulas, such as the assigned credit, project documents will be requested. This is the case of the purchase order for the purchase of a car or household appliances, the quote for the renovation or development of the housing, or the purchase invoice for any other material.
When bankers have trouble deciding on your situation, they may ask for additional documents. This often happens when there is doubt about your debt capacity and where you will be asked to provide an amortization plan for an outstanding credit. Your bank may also ask you for statements of bank accounts, proof of ownership, a certificate of residence handwritten if you live with an individual, an act of divorce, a contract of employment if you just integrate a new business.
What are the reasons you will provide these coins for your payday loan?
As part of a payday loan, the supporting documents allow financial organizations to study your personal and professional situation before granting you the necessary funds to finance your projects. This will be done by analyzing your marital status, your seniority in your company, your monthly expenses, etc.
In addition, the banks will check whether you are included on the file of the National Bank of Belgium, a document gathering the payment incidents concerning credits that have been granted to individuals for personal use.
Here, be aware that you have the right to refuse to add these parts to your payday loan application, but you may be denied credit. Banks have the obligation to check your creditworthiness and confirm that you are well able to repay a new credit before granting you this payday loan.
payday loan: what is the link between the documents provided and the rates applied by the banks?
When you are going to apply for a payday loan, it is normal for you to look for the best rates. For credit organizations that require very little supporting documentation, the risk of default is increased tenfold, and to remedy this, interest rates will be very high. This is not the case for banks that require a large number of documents, because they will allow him to study your personal situation and your budget, including your monthly expenses, your debt capacity, your rest to live, and to see in you a good customer who can very well pay the monthly payments while preserving a certain comfort of life thanks to a payday loan at low rates.