Undisclosed Requirements While Getting Payday Loans | Finance ...

Getting payday loans in a fast and hassle free is the primary concern of the borrower. Many will just overlook the interest rates and the exorbitant cost in the favour of faster service. The amount of documents required to get a payday loan processed is a good indicator of how detailed their process is and the amount of time that they will take to sanction a loan. This is the reason many lenders will mislead you by saying ?Minimal or no documentation? when in reality there will be a lot of documentation involved revealed to you at some hidden stage. Here is more about the documentation:

Social Security Number: Many payday lenders ask for a social security number. Although, this should not be a mandatory requirement for you to receive the loan, this is often the case. Ideally, any form of government issued identification should suffice. Since we are aware of the fact that giving out this number entails a risk of identity theft, it should be avoided. The best way is to ask the lender upfront if this will be required.

Reference: Many times lenders will ask you to provide a reference of someone that you know will vouch for your creditworthiness. Ensure that you clarify any such requirements with the lender before beginning the process.

Photocopy Of Identification: Many lenders will require a photocopy of your identification proof duly signed by you. This once again involves identity issues as well as chances that your documents maybe used for making other loan applications. Hence, sign and write the purpose on the documents.

Source: http://www.financeenquiry.com/-undisclosed-requirements-while-getting-payday-loans

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