Payday loans are more available than, for example, bank loans, but this does not mean that everyone can get such a loan. What conditions must be met for a loan company to approve our application?
What sources of income do lenders accept?
When applying for payday loans, you must have a source of income . Which of them are accepted by loan companies? Virtually all sources of income are accepted, as long as the funds obtained from them are regular . It can, Therefore, be work , BOTH on the basis of an employment contract and a mandate or specific task contract. An acceptable source of income is also running your own business. The same applies to old age , disability or other permanent benefits , such as benefits, alimony, scholarships or royalties.
Is credit history valid for payday pay?
The bank, as an institution of public trust, is obliged by banking law not to grant loans to people who may have problems with repayment later. Therefore, banks attach greater importance to databases, such as the Credit Information Bureau or business information bureaus. They follow the client’s credit history closely to ensure that the risk that comes with the loan or loan can be reliably assessed.
Loan companies do not have such legal regulations. Therefore, they can approach clients more freely and often do not conduct such meticulous research on the credit history of applicants. That is why you can get a quick payday loan – there are not so many formalities to complete here. If you search well, you can find loan offers without BIK . They are granted mainly by parabanks and can be received by all persons who are able to provide collateral in the form of movable or immovable property with a value allowing for coverage of the debt if it is not repaid on time.
However, many loan companies are still checking the applicant’s credit history . The database in which these data will be checked (and there are several databases to choose from – in addition to BIK, including infoMonitor and ERIF) depends on the strategy implemented by the specific loan company. Some will also look at the National Debt Register to see if the applicant for payday loans is not on it. If our name is found in KRD, it will be a sign for the lender that we do not always conscientiously approach the timely payment of financial obligations.
Every loan company should offer reliable information about the databases it uses when advising the customer’s creditworthiness. Thanks to this, we can predict the outcome of our efforts with high probability.
What age of borrower?
As for age restrictions , as it turns out, it’s not always enough to be of legal age to apply for payday pay. Yes, some loan companies consider 18 as the minimum age, but most of them need to be at least 20 or 21 years old to apply . There is also an upper limit – it is usually 70-75 years old .