Payday loans are designed by loan companies to offer short-term loans to consumers who are employed. The loans are meant to help a consumer out in an emergency. The bulk of payday loan customers are unable to obtain a loan from a traditional funding source. Payday loan companies will require a great deal of information from a potential borrower to verify their identity. This verification process is designed to protect both the payday company and the borrower.
- Picture Identification. One of the first thing a borrower need is to produce a valid identification card. The two most common forms accepted by a payday loan company are a driver’s license or a government-issued identification card.
- Paycheck proof or Payslip. Anyone applying for a payday loan will have to bring a paycheck proof with them. Most payday companies will require a minimum of two current paycheck proof. They will use the paycheck proof as a means to verify the borrower’s identification card matches the name on their paycheck. The stub is also used to verify sufficient income.
- Employment Verification. Another way, payday loan companies verify a borrower’s identity is through employment verification. The potential borrower is required to fill out an application, stating their place of employment and the phone number of their employer. The payday loan company will double check to verify the employment phone number in their database matches the one provided by the potential borrower. This is done to guarantee the borrower is who they say they are, and that they truly work at that location.
This procedure of identity verification steps are designed to protect the loan company and the borrower from scammers or person with fake identities Some potential payday loan customers feel the verification process is intrusive, but it is for their benefit.
Submitting the application together with these requirements simply states that you wish for one of payday agents to approve and contact you to discuss your payday loan options. You may ask any questions, and withdraw your request if you so choose. If you are ready to proceed, you may confirm your information and officially agree to terms with one of loan company representatives. Typically, your application will be processed within or less than 24 hours upon received. Once they approved your application, your cash will be collected the next business day then licensed money lender singapore will provide you with repayment schedule which was agreed within the application process.