Loan on declaration – it is a form of loan agreement that does not require providing the creditor with any documents. All information is based on the written statement of the applicant. Such a contract may concern a commercial loan or a private loan.
Each lender makes an individual decision on whether it pays to grant him or her to the selected person.
Most often, various documents are used for analysis that can confirm your financial situation (these are so-called loans with certificates) .
You can mention here an income certificate, decision to grant a pension (or other benefit), property deeds, etc.
The situation is slightly different in the case of payday loans
Here, the most important is the speed and convenience in accessing funds.
Firstly, because loan companies must compete with banks. Non-bank loans are usually more expensive and if they required the same formalities as loans – what would be the sense of their existence?
Secondly, the majority of loan companies’ clients are influenced by temporary buying impulses. Their needs must be met immediately. Obtaining a statement of earnings may take some time – during this time there is a chance that the client will change his mind.
Due to this, loan companies are moving away from the use of classic paper certificates. Currently, most non-bank loans are based on a simple customer statement.
This means that the lender decides to trust the information you provide in the application and will not verify it (at least at the stage of granting the loan). The statements relate to both the workplace and the amount of income received. What does this statement look like? Most often it is a simple column – so-called “Box” to fill in the application. Sometimes the statements are contained in a separate document.
Is it possible to give false information there?
Categorically not. If you lie in the application and you do not pay the payday pay – you may be subject to criminal liability for fraud. The lender will claim that if he knew your real situation – he would certainly not accept your application. Then, in addition to recovery, you will still have police on your mind.
Read the article – payday loans and the Police and find out how to avoid unpleasantness at the police station.
Is the loan based on the statement more expensive
Declaration loans cost the same as other products. The issue of customer verification is an internal business matter and does not affect the price of the loan. Remember, however, that this option usually applies to a small amount of money. In the case of a larger loan (over PLN 3,000 for a long repayment period), the procedure for obtaining money is very similar to that at the bank.
In addition, accepting statements does not mean that the company will not check your personal data . Currently, all loan companies carry out such checks (even those that advertise so-called ‘payday loans’). If you have been entered in the register of debtors – the chances of accepting your application decrease. Loan applications require the employer’s NIP number to be entered, which makes it easy to verify that such an entity exists.
Remember that many online payday loans use automated applications to verify the customer’s creditworthiness. In this case, from the account level on the lender’s website, you must log into your electronic banking. As a result of this login the lender will gain access to the list of operations on your account. In this way, he will be able to check your transfers and verify the information provided in the application.