The offer of Banks is very wide. Payday loans are popular among older and younger, of course adults, residents. They are all similar in terms of conditions and procedures. When reading about opinions, you can find information that they grant loans of up to USD 15,000.
Loan – requirements to conclude a contract
To receive a loan you should:
- Be a consumer because services are directed at individuals. And the money can be used only for private purposes
- To receive stable income. This is a prerequisite for obtaining a positive decision
- Be at least 24 years old
- To have citizenship, a valid ID card and an active bank account
- Be in possession of a cell phone. Of course with the number. You will also need an email address.
How to take a loan online?
Below you can find information on how to conclude an online loan agreement in 5 steps:
- Choose the loan amount and repayment period. Tailored to individual needs. Then click “submit application (here is the amount the customer has chosen).
- Complete the application and registration form. First is the registration of a personal account. You must include there your name, surname, telephone number, address, email address, social security number and ID card number. The borrower confirms the data by SMS. At a later stage, you must specify the type of employment, monthly income and expenses.
- The personal data provided is subject to identity verification using the application. You don’t need to transfer 1 penny from your account. The whole process is very fast.
- Decision on the loan – its granting. The information comes by email and SMS.
- Transfer money to the invoice number provided by the customer.
The situation is slightly different if you take out a loan at a branch or a representative. First, fill out the form on the website. Then I pass important information about myself to a Bank employee and arrange his visit or report directly to the branch. Then sign the contract and withdraw the money.
What if the customer does not pay the money on time?
If the borrower defaults:
- He is charged interest of 14% per annum. From the repayment deadline.
- The contract is terminated. The loan must be returned in full.
- Bank sends reminders, payment requests in all forms. By letter, phone, SMS. Sometimes a representative comes in person.
- If the above does not work, the debt is transferred to a debt collection company.
- The next step is an attempt to resolve the dispute out of court with the participation of the Financial Ombudsman.
- The data is entered into the register of debtors, which may result in difficulties in incurring further liabilities. This significantly reduces the customer’s creditworthiness.
Advantages of loans:
- Full offer of additional services if the client uses a stationary office
- Express contact with company employees
- Rich offer. Long and short term loans are possible
- Very legible lender’s website.