The so-called online banking has an objective, and it is fulfilling it a lot: to lose as much as possible the requirements for access to its credits. In this article, the analysis of how this has been applied to the necessary documentation for the granting of an online loan.
Online loan documentation
You must be clear that the necessary documentation for the granting of an online loan is not the same in all companies. Some institutions request all types of documentation and others a smaller number of documents. However, the generality is the following:
DNI, NIE or Passport
You will be required to scan it, send a photo that clearly distinguishes all fields and with a minimum quality and in some cases send it by email or attach it to the company’s account, in pdf or jpg format. This document must be valid at the time you apply for your loan. If you are a foreigner and you have NIE, perhaps your passport is also required, it will always depend on the company that grants the credit.
Take high quality photographs and make sure there are no difficulties to read the data. If the document does not have a good quality, many requests for credits can be rejected.
Keys to your online bank account
In many companies you must provide access to your bank account (login and password) so they can check that the economic data you have declared is true and can verify your financial solvency, but do not be scared, the data is treated confidentially and in no way if they are saved, they are only used for consultation purposes: The objective of the entities that lend money online is to check the veracity of the information declared and see if you have the financial capacity to repay the loan. You will never get erroneous charges and there is no possibility of operating in the accounts provided as it would require an express consent and have other types of keys that serve to make transfers and payments, and most banks protect with double checks against mobile any type of operation through an online account. All these queries are made in secure environments and with encrypted data, so you can rest easy.
The most recent payrolls are not necessary
The advantage of an online loan is that it is not always essential to have a working job to receive the loan. Therefore, instead of payroll, you can have another type of recurring income or maintain an account balance high enough to have credit worthiness and be able to repay the loan in the terms of your contract. Collecting unemployment benefits or retirement can be more than enough to access credit. It is not at all necessary to have the recent and scanned payrolls, like the DNI, is a process closer to the past than the present because the documentation in the digital era is easy to access and greatly simplifies all procedures and makes most effective all processes.
If the whole process is online, how to verify that the account number is correct? How to know if who requests it is who they say they are? Simple: you will have to document the ownership of your bank account. This has two purposes: deposit the requested money and charge it later. Few companies allow the management of different bank accounts in their applications to prevent some users from using “trap” accounts in which they have no balance and therefore can not return the money.
In many cases it will be necessary to scan the first page of the book and that it coincides with the ID or NIE of the loan applicant. It is the best way to avoid “identity theft” and guarantee that the money will go to the right person and will be returned from the same account or through other means of payment such as cards or bank transfers, among others.
Online loan documentation if you are self-employed
If you are self-employed, you will have to submit the following fast loan documentation:
Declarations of VAT payment (normally two quarters)
Company tax declaration
Personal ID (in addition to the CIF)
Bank account certificate
Demonstrate financial strength
There are companies that indicate that you do not need to verify income in your personal loan documentation, but it is because they offer microcredits or mini-loans, whose amounts and terms do not merit such a requirement.
To demonstrate financial strength, they can request you – in addition to your payroll – the banking movements of the last weeks or months. This, in order to check that you have regular income to face the payment of the requested amount.
Normally in personal loans of more than € 5,000.
How do companies that do not request any documentation for quick loans?
First of all, you should know that by law a minimum loan documentation is required: in this case, DNI and little else. But the key tool is Instantor, a technology that allows all financial companies to securely share their customers’ basic data.
For example, if you have an X bank account, it is obvious that the bank has certified your identity and knows if you have regular income via payroll, subsidy or pension. Also know your address.
What do all the banks do? They ask you if you have a bank account, they ask for your data, and permission to access them remotely. Instantor compares them with the background you have now contributed, and if they are true, the process goes ahead. Thus, they can process requests in a matter of minutes.
If you plan to request a credit online , you already know what documentation you need to apply for the personal loan you need, in order to speed up the process and prepare it in advance.