One of the most important advantages of non-bank loans compared to traditional bank loans is minimum formalities. This directly translates into the speed of providing financial support to clients. The documents needed to obtain a loan are very easy to complete because they are really few. What documents are needed to get a loan? What personal data should be provided in the loan application?
What documents are needed to get a loan?
The documents that the loan company can request are intended to confirm the identity of the borrower and the amount of his earnings. Despite the fact that formalities have been cut to a minimum, the lender must be sure that the client is reliable and has the appropriate means to pay the debt. In other words, the documents are to secure the interests of the loan company.
PERSONAL PROOF – documents needed to get a loan
The basic document that is necessary to grant a loan is an ID card . Thanks to it it is possible to confirm the customer’s identity. Due to the fact that only a person with Polish citizenship can apply for a loan, an ID card is necessary. It confirms not only citizenship, but also all personal data entered in the loan application.
INCOME STATEMENT – documents needed to get a loan
The loan company may also ask for a document confirming the amount of income . Sometimes, all you need is a declaration of earnings, which is in the form of a statement. Other times you will need to attach your income certificate.
The borrower’s statement can be verified by the lender with the employer. That is why providing the real amount is so important. It is not worth overstating the amount of income, because loan companies have the right to check the correctness of the declared amount.
An income certificate is an official document from your employer. Each company must issue them at the employee’s request. Such a certificate should include, among others: employee and employer data, information on the amount of remuneration received and the most important information about employment, for example employment duration, duration of the contract or position held.
On the basis of information on the amount of income, the loan company is able to determine whether a given client will be able to pay the liability. Earnings allow you to assess your creditworthiness. Even before submitting the loan application, the customer should consider for himself the maximum amount of the installment he can afford to easily settle payments on time and on schedule.
EXTRACT FROM BANK ACCOUNT – documents needed to get a loan
Sometimes a loan applicant may be asked for a bank statement . Based on the transaction history, the loan company is able to assess the customer’s creditworthiness.
In some cases, lenders also offer secured loans, e.g. of a car. Then it is necessary to show documents that certify ownership .
It is also worth mentioning that loan companies check potential borrowers in information databases, including KRD, BIG or BIK. In this way, they can find out if the customer is indebted, in what amount and whether to regularly pay off previous liabilities. An unfavorable credit history can effectively cross out the chances of getting a loan.
What personal information should I provide to get a loan?
When applying for a non-bank loan, you must complete the appropriate application.
In the questionnaire, customers are asked to provide the following personal data:
- first name and last name
- registered address
- residential address – if different from the registered address
- ID number and series
- PESEL number
- as well as: telephone number or e-mail address
What sources of income do loan companies accept?
The loan company may accept different sources of income. These may include:
- employment contract for an indefinite or definite period
- work contract or commission contract
- retirement or disability pension
- own business
- rental income
- maternity leave
- seasonal work
A contract of indefinite duration is the form of employment most desired by lenders. It confirms that throughout the entire duration of the contract the borrower will have something to repay subsequent installments.
A fixed-term employment contract is credible for the lender if its duration is not shorter than the loan repayment time. The loan company is not certain that after the contract has expired, the borrower will take up another job and will have the financial means to settle the liability.
Contrary to appearances, people working on a specific work contract or mandate contract can apply for a non-bank loan. It all depends on what income the borrower receives from this. Usually, an invoice indicating the amount of income received is attached to civil law contracts after each settlement period.
The retirement benefit is paid indefinitely, which is why its credibility can be compared to an indefinite employment contract. On the other hand, the pension is granted for a definite period, which should be longer than the repayment time. Revenue certification in this case can be an impact on your bank account or episode from the postman.
Own business is a reliable source of income if the income is regular and stable. The borrower may be asked to show a PIT. Sometimes, however, lenders willingly grant loans to new companies, e.g. for start and / or business development.
The rental income is full-fledged if the renting of the premises has been reported to the tax office. The basis is a lease agreement.
Loan companies have slightly lower requirements for documents confirming income than banks. Typically, for the latter financial institutions, you can take out a loan under an indefinite employment contract, a retirement pension or stable income from your own business.