Preparing your application for a payday loan goes through the files to provide. Very often, the lender requires the borrower to submit several documents. For example, a photocopy of the applicant’s identity card and that of his partner if he is in a relationship.
The bank also needs a proof of residence of less than 6 months, a RIB (bank statement), pay slips and statements of account of the last three months. If you are a company manager, the balance sheets and income statements of the company are required. Obviously, you also have to attach to these files, a credit request signed by the person who wants to benefit from the funds.
Advice and files to provide to better choose a payday loan
To finish, here are some precautions to take before formalizing the request:
Look for information
The first thing to do is to know the different proposals available on the market. To do this, the interested party needs to request information from the various institutions that offer the service. The information to be requested includes the amount of the refunds and the duration of the refund. It should be noted that the person concerned does not have to go to the premises of the companies in question. She just has to visit the web pages of these. These sites contain not only relevant data, but also an easy-to-use simulator.
Compare different offers
The other precaution is to compare the formulas suggested by the actors in the sector. To simplify this mission, the person who wants to borrow money can use an online comparator. This one informs on the most adequate offer according to the needs of each one. Very often, this type of platform does not collaborate with institutions that suggest financial assistance. This is why it does not put forward the offers of this or that provider. Moreover, the web page itself, is distinguished by its ease of use. Just fill out the form on the site. The team of the latter then carries out a study of projects before proposing an adapted formula. To receive the answer, the user just has to wait a few moments.
Know all the conditions for the records to be provided
After completing the previous two steps, it is now time to contact the actor. Following the improvement of the Lagarde law of July 2, 2010, the bank or institution of Belgium has the obligation to provide all the information related to the payday loan to its client. In practice, the institution must submit a document containing the maximum possible amount, the repayment period, the amount to be returned monthly, the total rate of the credit, the annual percentage rate of charge as well as the depreciation method. It is therefore essential to check these elements that can not be modified, before signing the contract.
Base on the APR
The APR is the best indicator for choosing a good payday loan. Since it includes all the costs associated with your credit, including insurance information, it’s easier to get an idea of what’s ahead. Here, the goal is to look for the lowest price in the market, the most advantageous rate. Also, it is wise to turn to a depreciable loan, rather than a revolving loan. Indeed, with this alternative, the interest rate is always lower.