The borrower who applies for a payday loan online must provide supporting documentation to enable the lender to verify that the borrower’s situation is in accordance with the information entered.
Online payday loan: Why must we provide supporting materials?
The law requires the lender to verify that the person applying for a payday loan is solvent. These checks protect the borrower against any risk of over-indebtedness. They also protect the lending institution against non-repayment of the borrower.
When applying for a payday loan online, the lending institution also checks the national file of the Fancia bank. This file makes it possible to know if the borrower has experienced payment incidents during previous credits.
Online payday loan: Identity supporters
The borrower must provide a photocopy front and back of the identity card or passport. This is to ensure that he is the person he claims to be, this to avoid possible identity theft. If there is a co-borrower (in the case of a couple for example), photocopying of the co-signer’s identity card or passport is also necessary. If the borrower is not a French citizen, a residence card or a residence permit can serve as proof of identity.
Online payday loan: Domestic rationale
Several documents can be used as proof of address:
- a copy of a recent landline bill (less than 6 months)
- a receipt of electricity or gas
- The mobile phone bill is also accepted if it is a subscription.
This proof allows the lender to verify that the borrower lives in the address he provided when applying for an online loan. In case of accommodation by a third party, a declaration on the honor of the person hosting the borrower and a proof of address will be requested. In addition, a tenant must provide the last 3 rent receipts of less than 3 months. For the owner, it is the title deed and / or the property tax that must be inserted in the file.
Online payday loan: Banking supporting materials
The borrower must compile his last 3 bank statements. These elements provide the lending institution with a view of the management of its accounts. The bank account statement (RIB) is essential to the lending institution. It allows to set up the automatic deductions linked to the deadlines of the payday loan. The canceled check is not always requested. This is an uncompleted bank check on which the borrower is marked “canceled”. The lender must ensure the lender’s history: if it is not prohibited banking for example. Providing a canceled check proves that he has a means of payment.
Online payday loan: Revenue rationale
Employees will provide their last three payslips, retirees their latest retirement bulletin, the liberal professions and tradesmen craftsmen their latest package sedra. All borrowers must also attach their latest tax notice. If applicable, the pension and / or family benefits slips are also to be attached. If there is a co-borrower, he will also have to send the elements of the latter to the lending institution. When applying for an online loan, these proofs are essential for the lender to measure the creditworthiness of the borrower: they serve to verify that the announced income is real.
Assigned payday loan: The rationale for the utility of the funds
For a car loan: the applicant must provide the purchase order for the new vehicle. In the case of a second-hand vehicle, it will be sufficient to send a photocopy of the unmarked certificate of registration.
For a credit works: the estimate of the craftsman dated and signed.
For other projects: an estimate and / or purchase order mentioning the product or service.
Other supporting matters when requesting an online loan
Following a request for a payday loan online, the lender may need additional supporting documents. Most often he will ask:
- A copy of the employment contract (if the borrower has recently changed jobs);
- A copy of the amortization plan for an on-going consumer credit;
- A judgment of divorce (to ensure that there is no spouse).
You can also send any proof that seems relevant to your situation.