Loan companies usually verify the identity of their clients on the basis of their ID card. The loan application must include the series as well as the ID number. Sometimes it is necessary to make a photocopy of the document, which is then attached to the application. If we take out a loan via the Internet, we must provide a scan of your ID card. We will do this by using electronic mail.
Verification using bank transfer – This verification method works great for payday loans. The lender asks the person applying for a loan to make a verification transfer. Importantly, this transfer must be made from an account that the owner is a person who wants to borrow money. It has the task of confirming our identity. So if it is made from another person’s account, it will not be accepted. The lender will only start processing the application once the transfer we have made has been on his account. No transfer is an inability to grant a loan.
Anyone who has decided to borrow money would like to make the loan decision almost immediately. Meanwhile, the borrower must be patient. In the case of parabanks, which provide so-called payday loans, everything is done very quickly. Let’s see how lenders can verify their clients.
Parabanks use verification not only using an identity document and bank transfer, but also a special application. In order for our identity to be confirmed, you must log in to your own bank account. The application will download all the data that is needed to properly carry out the verification process. Many people will ask here if this solution is not risky. It should be emphasized that such applications have really solid security. Therefore, you don’t have to worry that your account access data will fall into the wrong hands.
Taking out loans without thinking can end up in serious financial trouble. It can lead to entering a so-called debt spiral, from which it turns out to be more difficult than it might seem. Below are some tips on what to do, if we find ourselves in such financial trouble, we have fallen into a spiral of debt, you need to check the issues related to debt aging very carefully. It may happen that we will have some luck and it turns out that the debt has expired. In this situation, there is no question of paying off the debt. It should be remembered that the claim is time-barred after ten years, while interest only after three years.
It is always a good idea to try to negotiate with your creditors. It should be remembered that they do not have to bring the expected effect, but they are a much better solution than waiting for the case to be in court and a bailiff knocks on our door. There are a few rules to keep in mind when starting negotiations. First of all, under no circumstances may you take a claim attitude, raising expectations of cancellation of debt. It is good, however, to present your life situation and explain exactly why financial difficulties arose. You also need to think about the amount that you can pay on a monthly basis.
Consumer bankruptcy is a solution that currently exists in Polish law. However, it should be remembered that the declaration of consumer bankruptcy requires court proceedings. It is possible only when the premises specified in the relevant provisions take place.
In the case of a debt loop, it is important not to take further loans or credits. They will use nothing. Instead, they will increase debt and increase the number of creditors. That is why it is much better to negotiate with creditors who are already in debt. With a little good will, they will be able to work out a repayment schedule so that the debt will gradually decrease.
Although parabanks already allow the so-called credit holidays, it is a solution that will cost us a lot. You have to pay for postponing the repayment deadline. As a result, the loan becomes even more expensive. What’s more, the parabank may of course refuse to give us this form of support.
The biggest disadvantage of payday loans is, above all, a very high interest rate. APRC, i.e. the total annual interest rate is much higher in their case than in the case of classic bank loans. What does this mean in practice? To the parabank you need to return an amount definitely greater than the one we decided to borrow. That is why it is so important to decide more wisely on the amount you intend to borrow. You should seriously think about whether we can pay off the debt.
Payday loans are so-called quick loans, whose popularity is constantly increasing. More and more people who do not have a chance to receive a bank loan decide to borrow money in a so-called parabank. Good Finance have a whole host of advantages that contribute to their huge popularity. However, it should be remembered that extreme caution is recommended with them. Otherwise, you can quickly fall into a debt loop from which it is not so easy to get out. What to watch out for when you pay for payday pay?
Late repayment is an element of payday pay, which can really give us a headache. Everyone who decides to take a payday loan should know that not paying the installments on time will incur high interest. As a consequence, we will give back a much larger amount to the parabank than the one that was lent to us. For this reason, it is important for payday loans that each installment is repaid on the agreed date. This will avoid unnecessary additional costs.