The instantaneous payday, which is available completely online, must be based not only on a quick but also on an extremely uncomplicated procedure. A person who is applying for a loan does not have an employee of the company who would help fill out the document. For this reason, the application must be intuitive and not very extensive. Time is also important – filling out the application should not take more than a few minutes, so that the whole can be closed in the 15 minutes promised by many companies. After all, it is worth getting acquainted with their specifics, construction and what information they may require. This will avoid errors and thus expose you to a refusal to grant a loan (see: Rejected loan application. What are the most common reasons?).
Submission of an application only after registration
Few lenders allow you to take out a loan without first creating a personal customer profile on the website. This is not a point actually required only for non-standard loans: mortgages or car collateral. With the first free payday loan (but also with the first installment loan) this is a necessity and ultimately it will facilitate the management of the loan already granted, check the payment status or repayment schedule. There will also be all information about the borrower, which will make taking another loan even faster and easier – all you have to do is enter the loan amount and the repayment period.
What data must be provided when registering an account on the site?
The registration form, which must be completed in the first step of applying for a loan, is extremely simple, although there is quite a variety here. Most often, however, you will need to provide your name, number and series of ID card, PESEL number, telephone number and email address. Some forms are more elaborate and require address details to be provided, leaving only information on the bank account and creditworthiness at the application stage.
The prevailing practice of loan companies is also the ability to set a login password. Just enter them twice to take effect. Sometimes, however, the account will be activated using an SMS code, which must be copied to the right place.
WARNING! Sometimes registration and application is one form, and you will be able to log into your account after sending the application and verifying.
The first part of the application – personal data
The application is usually supplemented partly with data that the borrower provided in the registration form. Depending on its complexity, be prepared to provide the following information:
- name and surname – mandatory field;
- ID card number and series – mandatory field;
- PESEL number – mandatory field;
- parents’ names – often this field does not appear at all, sometimes only the father’s name may appear;
- marital status – occurs very often, but not always;
- education – you won’t find it in all applications, but it is quite a common field; sometimes it may appear in the creditworthiness module.
Place of residence – needed for any claims
When applying for a loan, you should know that we usually don’t borrow if we do not have a permanent registered address in Poland. However, considering the registration requirement, there should be no problem with this, especially since it is also possible to enter a separate residence address. This is necessary for the lender to know exactly where to direct the prompts and any requests for payment in case the borrower defaults.
However, not all lenders are sufficient to provide this information and may require more details. These will not be strictly address details, but will help to determine the applicant’s property status and, as a consequence, determine whether he has adequate creditworthiness. Therefore, sometimes you will be asked about:
- type of premises in which one lives – block of flats, terraced houses, detached house;
- legal title to the premises – ownership, joint ownership, cooperative or communal flat;
- possible rental;
- running your own household or living with your parents;
- number of people who live in the premises;
- amount of rent;
- the time you live at this address.
Creditworthiness – the most important part of the application
Part of the information that will help determine the real possibility of repayment is already included in the previous modules of the application (e.g. education indicates the chances of staying on the labor market). The most important, however, is how we earn and what is the monthly amount of income. The most common questions are:
- employment status (employed on the basis of an employment contract, mandate contract, contract for specific work, own business, no employment);
- other income generated (disability pension, old-age pension, social benefits, alimony, rental income);
- the amount of monthly commitments (sometimes also their type).
Sometimes it is possible to meet questions regarding:
- employer’s details;
- the time from which you work in one place.
Additional information about the borrower
The basic application consists, as we have presented above, of three modules. Sometimes (and in some cases often) you will also be asked for additional information. They will be:
- bank account number – this is not always necessary, as the lender will obtain the account number through a verification transfer or a quick application such as Instantor or Kontomatik;
- purpose of the loan – this question appears rather rarely and is used only for statistical purposes, and not to settle the borrower’s money spent;
- preferred form of payment – appears only for loans that allow the possibility of paying the obligation, e.g. by GIRO check (loana, Batka, Sakto Finance), by means of the Blue Cash express transfer or via the Blue Media instant payments platform.