Payday Loan application – the application process and the duration of the application
February 19, 2019
To get a payday loan, we have to prepare an application. We can now also post it online when we decide on an online payday loan. How to unsubscribe the application? How long is it considered? When can we not get payday loans?
A payday loan application is a document necessary to receive money. In it, we include our basic personal, contact, address, income and expenditure information that allows the lender to assess our creditworthiness.
However, filling out a payday loan application does not automatically mean obtaining it. To this end, we must meet certain requirements of the payday loan company. Below we present situations when the application will not be considered positively.
1. Debt recorded in the debtors’ registers
In our company and in other payday loan companies when issuing a payday loan decision, we should consider the data contained in the Economic Information Bureaus, as well as the National Credit Information Bureau and the Polish Bank Association.
When the client had past debts recorded in the above mentioned databases, the payday loan decision will be denied. This is one of the elements of reducing the risk for both the payday loan company and the client himself, who could then fall into even larger debts.
2. Lack of positive customer verification
When making payday loans online, special verification is required to confirm your identity. In many payday loan companies it takes place via the Internet, and precisely sending the indicated amount to the account of the payday loan company – then the company checks the transfer sender and compares its data with the data in the application.
In our payday loan company , we also make the consideration of the payday loan application conditional upon customer verification. This also applies to the lack of the possibility of telephone contact in order to complete the verification procedure.
3. Errors in the payday loan application
When filling out a payday loan application, we should always check the details entered into it carefully. Even a small typo may cause the application to be rejected and we will have to prepare another one. Always check the data entered in the payday loan application twice before sending it!
A payday loan company may also refuse to grant a payday loan if, in its opinion, the data contained in the application does not coincide with reality, for example, the addresses, age, citizenship, numbers and other data given in the application do not match.
How long is the payday loan application considered?
In most cases, the payday loan application is considered within the same day in which it was submitted. Sometimes it’s even a few minutes. This record time is mainly due to the fact that payday loan companies use special databases that contain data about lenders. Based on the information they contain, you can quickly prepare a payday loan decision.
If the payday loan application is considered positive, usually the lender is informed about it via telephone, SMS or e-mail. The payday loan is usually started immediately and the money is transferred to the client.