The payday loans are designed to provide a short-term solution to consumers in case of emergency. A lot of people today are unable to obtain a loan from a traditional source of funding. The lenders will ask for some information from a potential customer to verify his/her identity. This verification process is developed to protect both the company and the borrower. Let’s find out more about how it happens.
No teletrack loans: all you need to know about the verification process
Firstly, a potential borrower should provide a valid identity card. The two most common forms accepted by online lenders are a driver’s license or an internal identification card.
Secondly, every individual who needs payday loans direct lenders only no teletrack should provide a paycheck stub. Most loan companies will require 2-3 recent stubs. They will use stubs as a way of verifying the identity of borrowers by matching the name on their paychecks with the name on a driver’s license. It is also used to verify an adequate amount of income.
Thirdly, another way payday loans direct lenders verify the identity of the borrower is the employment verification. All potential borrowers must complete an application form, indicating their place of work and the telephone number of their employer. This is necessary to ensure the borrowers are who they say they are, and they really have a job.
The process of getting direct lenders payday loans is safe and comfortable
The last step of the verification process is checking a bank account. The lenders will use the phone number they have on an application form for payday loans to call the bank and verify if the account is active.
These steps for identity verification are required to protect the lending company and the borrower.
When you apply online, you will be prompted to fill out the online application. You must indicate the number of your identity card, driving license, job title, bank details, etc. It is not necessary to upload all documents. But the information provided will be checked and you will be notified if you are approved for payday loans direct lenders only no teletrack.
You can apply for payday loans online or visit a loan store. The advantage of online lenders is that you can apply 24/7 staying at a time and place that suits you. If you choose an online option, you will usually receive an approval notice immediately after you submitted your application, and you can even sign your loan agreement online with a digital signature. The funds will then be transferred into your bank account in a few hours or the next day, depending on when you applied for no teletrack payday loans.