Personal documents are the basic way of customer verification. Regardless of whether it is about “Payday loan”, cash loan or mortgage bank will ask the applicant for documents confirming his identity. Most often you only need to prepare a scan of your ID card. If the borrower intends to take out a small loan, the so-called “Payday loan without formalities”, it may turn out that the document confirming identity alone is enough to receive financing. There are several companies on the market that offer loans for ID cards.
However, if this is not a payday loan, the next necessary document will be the loan application. In most cases, you can download it from the borrower’s website or ask for a copy at the branch.
In applications for financing, there is usually a field in which information on sources of income of the borrower and their amount should be completed. Another package of documents that may be required by banks are acts that confirm this data.
Documents confirming income
Income certificates are a requirement of most lenders. These documents are necessary for the financial institution to assess the applicant’s creditworthiness. In this way, banks check whether a given client will be able to afford financing repayment – taking into account his earnings as well as expenses. Some lenders may also consider the borrower’s other financial obligations.
Banks assist in assessing creditworthiness by BIK scoring – about what scoring is, how banks use it, and finally, how to improve it, you can learn from the short video guide:
The loan applicant should prepare all certificates that can confirm the income he receives.
Depending on whether the borrower is a full-time employee, entrepreneur or maybe a pensioner, these documents will be different.
The most common income confirmation documents are:
- Employment contract, mandate contract, contract for specific work
- Information on the source of income from business activity (most often PIT from the previous year or two years)
- Certificate regarding the amount of a pension, old-age pension or social benefits;
In some cases, the applicant may also be asked to certify the spouse’s income.
It is worth remembering that the income also includes not only funds from remuneration, but also income such as alimony or money received for renting an apartment. The borrower should collect all documentable sources of income, thanks to which he will be even more credible in the eyes of the bank.
The number of formalities is an individual matter
Income sources are not treated the same in every bank. One company may recognize maintenance or overtime as income, while another financial institution may refuse such certification. It is worth remembering that the number of formalities is also an internal matter of a financial institution. Some banks require more documents, others slightly less – it is an individual matter.
If you are a doctor running a business and you care about the minimum number of formalities, the loan is the solution. It does not require income proofs. Thousands of doctors in Poland have already used the loan offer of up to 350 thousand. PLN, thanks to which they implemented their plans without breaking the budget.