Payday loan companies are designed to offer short term loans to consumers. 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.
The final step in verifying a borrower's identity is through a bank account. A borrower who lives in the USA will need to provide a minimum of two current bank statements.
These bank statements will indicate to the payday company, whether or not, the potential borrower bounces checks and has an account in good standing. The payday company will use the phone number they have on file to call the bank, and verify the account is active.
The preceding for identity verification steps are designed to protect the loan company and the borrower from scam artists. Some potential payday loan customers feel the verification process is intrusive, but it is for their benefit.
When you apply online you will be asked to fill in the online application form. There you must mention the number of your identity card, driver license if you have one, SSN, job title, bank details etc. It is not required to upload any documents with your photo. But submitted information will be checked and you will have a notification if your loan application is processed. readmore=>
The final step in verifying a borrower's identity is through a bank account. A borrower who lives in the USA will need to provide a minimum of two current bank statements.
These bank statements will indicate to the payday company, whether or not, the potential borrower bounces checks and has an account in good standing. The payday company will use the phone number they have on file to call the bank, and verify the account is active.
The preceding for identity verification steps are designed to protect the loan company and the borrower from scam artists. Some potential payday loan customers feel the verification process is intrusive, but it is for their benefit.
When you apply online you will be asked to fill in the online application form. There you must mention the number of your identity card, driver license if you have one, SSN, job title, bank details etc. It is not required to upload any documents with your photo. But submitted information will be checked and you will have a notification if your loan application is processed. readmore=>
