Although in our memory there is a conviction that taking out a loan involves a lot of formalities, loan companies show something completely different. They argue that often only our word is enough to receive money. Are you wondering how this is possible? We are in a hurry with explanations.
On the non-banking market, the offers of the so-called loans per statement. The assumption is that this solution will exclude the need to provide any documents confirming income or monthly expenses.
In other words, a loan based on our declaration should be granted solely on the basis of our declaration and no one should demand proof of our words.
So it seems that a loan based on the statement is an even simpler and faster way to get cash. Therefore, we decided to check whether this type of proposal can also be found in the offer of instant pay brands operating online.
Loan for a statement – take it online!
After a very thorough analysis, it turned out that the loan for a statement in the world of online bank loans is nothing new. More and more instant pay brands provide financial support only on the basis of the declarations given by the customer in the loan application.
And what exactly do we have to declare when reaching for the offer of the above companies? The lenders’ policies vary in this respect.
A loan based on a statement, i.e. what will the lender ask you?
Regardless of which payday institution we choose, the key issue will always be our income. Therefore, we will have to declare their amount. As the lender does not require any confirmation from us, it is worth considering all the sources from which we receive any money and with this question provide the total amount of funds obtained.
Some loan companies may also ask about the status of our residence, the number of household members or the number of dependents we have. All these elements affect the assessment of our creditworthiness. However, these types of questions are not common practice in non-bank institutions.
The lie has short legs – about the temptation of a loan on a statement
Knowing the realities of a loan based on a statement, you probably thought about the fact that the information required in the application can be easily colored. Such action, however, carries a lot of risk. First, if, for example, the lenders ask for the name of the employer in the application, they can easily check whether a given person actually works in the indicated place.
Secondly, if it turns out that, based on the data we forged, the non-banking company has poorly assessed our creditworthiness and has granted us a loan beyond our financial capabilities, then it may terminate the contract with us.
In practice, this means that the entire borrowed amount will have to be returned immediately.
As you can guess, in many cases it is not so simple, so it is better not to risk it and be completely honest with the lender from the beginning.
The loan based on the declaration allows for a significant reduction of time from the moment of submitting the application to withdrawing cash to the client’s account.
It is therefore a useful solution in case of an urgent financial need. Lenders operating on the non-banking market seem to see that this type of offer is increasingly being chosen by customers.
That is why their activities are developing in this direction. For us customers, this means roughly that money can be obtained faster and without much. However, time will tell how it really will be.