Page Financials's List of Items or Documents Required for an Instant Loan
Money is vital, and while some people may have plenty of it, most people believe they don't - which may be accurate. When one is short on cash and requires funds to get by till payday, a quick internet loan may be the ideal option.
Fortunately, there are an increasing number of online lenders in Nigeria. Big companies like Page Financials and others are changing their business models.
Obtaining these rapid loans usually necessitates the production of certain documentation. Because no collateral or guarantors are required, the loans are high risk.
This is why most of these lenders only provide immediate or rapid internet loans to salaried individuals. Business owners may be perplexed, but we must understand these lenders; no one wants to be concerned about payback concerns, and most entrepreneurs are renowned for failing to make repayment dates. Another reason might be logistics or the sort of license the lender possesses, but that is a discussion for another day.
Today, we'll go over the goods or papers requested by these online rapid loan lenders, as well as what those documents are employed for.
Let's get started.
Your BVN code
Don't be afraid or believe you're about to be deceived. The majority of well-known lenders are all registered and licensed by the appropriate authorities. Your BVN is required for KYC (Know Your Customer), which is a requirement imposed by the CBN on all financial service providers. Your BVN also makes it simple to collect data by not requiring you to give information such as your name, address, email, date of birth, and so on. Submit your BVN when prompted, but be sure you're doing so with a reputable banking institution to avoid becoming a victim of internet fraud.
Identification That Is Acceptable
A proper form of identification, as with other financial transaction registrations, is necessary. This might be your national ID card, INEC voter identification card, driver's license, or international passport. This is normally uploaded to the web, so make a soft copy on your device. The ID is utilized for precisely what it says: identification.
Salary Account Statement
Most lenders need applicants to present bank statements for their pay accounts for a set period of time, generally six months. This is done to ensure that the applicant can repay the loan, as collateral or guarantors are not required.
High risk loans are variable and easy to fail on, which is why lenders prefer to lend to salaried individuals and need proof of continuous payment. The best approach to ensure you repay your debts is for the lenders to have access to a constantly funded account, i.e. a salary account.
Most lenders would demand access to a continuously funded salary account on which a direct debit mandate is instructed via a third party such as Remita or Paystack in order to assure effective loan repayment.
Photograph for a Passport
When opening an account with a financial institution, it is customary to produce a passport. Again, the passport must be accessible on your device in order to be uploaded to the lender's website and this is used for identification benefits.
Employment Letter
Most lenders need applicants to provide proof of their job status, which is closely tied to the pay account statement. An employment letter or a work ID is generally the best proof.
Work Identification Card
This brings us to the final component. A work ID is another way to confirm that applicants are salaried employees who can repay the loan.
Contrary to popular belief, most internet loan companies are eager to issue loans to anybody who qualifies. They may have grounds for not lending to company owners, retirees, pensioners, or uniformed personnel who are well-known to them, as well as for their business operations
Your job is to ensure that you are a good fit and that you have everything you need to apply for and acquire the loan. Finally, appreciate their judgment and accept it in good faith since they care about you more than you realize.
When you apply for a loan, the lender is not only interested in giving you money; they are also interested in ensuring that you have the means to repay because this will affect your credit score, which is an invaluable piece of information for future loan applications, travel, and other financial transactions in and out of the country.
An applicant earning N50,000 and seeking a loan of N400,000 may be unable to repay because, after monthly payback deductions of N10,000, will the individual be able to survive on N40,000 in today's difficult economy? These are the facts that the lender evaluates before granting or declining a loan application.
Do you require a loan and have all of these paperwork prepared for the application process? Why not begin the loan application process now? Contact any of the quick online loan companies.
0 Comments