Are online banks more flexible for payday loan?
It is an idea that we should fight. Do not think that lending institutions are more flexible than traditional banks. They have exactly the same requirement as they do. Simply, they present things in a sometimes more commercial way, which sometimes suggests that getting a personal loan on the Internet is much easier than in an agency.
The confusion also comes from the fact that online banks have a strong argument: the analysis of the file is almost immediate and a policy response within 24 hours. You have probably already seen proposals like “immediate credit response”. Indeed if you take care to fill out the complete questionnaire (count about 8 to 10 minutes), you will get an immediate or at least very fast answer of principle.
However, this answer only takes into account declarative elements, that is to say relating to what you wanted to answer in the credit form. Now the bank will want to check every one of your claims. It is his duty to advise as much as his need to control risks.
What are the documents that make up a payday loan application?
The documents that usually constitute a loan file can be divided into four parts:
- Those related to your professional situation (pay slips or employment contract)
- Those who prove your identity (national identity card, certificate of residence)
- Those that relate to the subject of your request (if the loan is allocated to a consumer good)
- Those who show your financial situation (statements of bank accounts, amortization of outstanding loans, etc. In general, they are not actually claimed for small personal loans.
Thus, you can perfectly make a request by having a difficult cash and if your bank accounts present debit balances. Even the discards will not be subject to risk analysis. Most of the time, before printing the loan agreement, you will have to state on your honor that the requested loan will not be used to settle other loans in progress.
Mandatory documents for a payday loan application
Finally, you will still have to provide the pay slips, a bank account statement (you must have a checking account), a proof of address (EDF receipt or landline) and a mandatory piece of identification.