Documentation to request a payday loan
When applying for a payday loan we will need to present and consult a series of documents. With this information we will obtain data on the characteristics of the loan and the credit institution will know our solvency.
Documentation to review before requesting a payday loan
As we explained a few lines above there is a big difference between one product and another. Despite being the same type of loans. Features, interests and even paperwork can vary greatly from one company to another. That is why it is best to consult certain aspects in order to know the product well. Which will allow us to opt for a payday loan or for another.
To be calm and to understand perfectly what they are offering you, do not forget to review the following documents:
- FIPRE or Pre-contractual Information Sheet. It may be obvious today, but until a few years ago this information booklet was practically not offered in banks. In fact, many of the financial institutions did not adequately inform their clients of the characteristics of the loans. Hence, today is a mandatory requirement. Here you can review the basic characteristics of the loan. From the interests, through the APR or if there are links. In most cases you can even check it online.
- FIPER or Personalized Information Sheet. When you request more specific information about a loan, the entity in question performs a more personalized study. Here you will know in detail all the details of this loan. If there are linked products. What happens if we do not meet the payments. If an endorsement is necessary… This form is mandatory whenever you request any credit that exceeds € 200. Regardless of whether you end up hiring him or not.
Documentation to submit before requesting a payday loan
Now that we know what documents to consult to decide for a payday loan or for another, it is time to know which credit institutions are going to ask for. In general, this information is related to our economic solvency. And it is the one that the entity will use to know if we will be able to return the requested money. In most cases you will have to present:
- A copy of the ID
- Another of the current account in which you will make the deposit
- Depending on the payday loan, some document that demonstrates your financial solvency. For example, the copy of the contract, of your last two payrolls, of the income tax return if you are self-employed or any document that shows that you are receiving a pension or unemployment benefit.
- Bank statement of the last quarter. Many credit companies also request a bank statement from the last quarter to know the income and expenses you have permanently.
With this information they will carry out a detailed study of your financial solvency. What will make them consult the main delinquency files. Lifetime banks and savings banks directly deny credits to any customer listed in one of these files. Especially if the debt exceeds € 200 and if it is related to a default in the financial sector.