A payday loan request is usually made in writing, at online payday loan companies via an online form.
The payday loan request is non-binding for both parties and free of charge for the potential borrower. Serious lenders refrain from charging a fee for processing a pure payday loan request.
Reasons for taking a payday loan
The reasons why payday loans are taken are very diverse. Many payday loan customers want to invest the payday loan amount in their future and buy with it, for example, a paid education, a home or a car. Other payday loan customers are thinking short-term and would like to use the payday loan amount, for example, to allow status symbols, such as expensive smartphones, branded clothing or travel.
Every year, more payday loans are in demand and taken up in Germany. In 2016 alone, around 7.7 million installment payday loans were granted.
The difference between a payday loan request and a payday loan application
There is an important difference between a payday loan application and a payday loan application. The payday loan request is always made by the bank to a payday loan agency. As part of this, the economic situation is controlled.
When payday loan seekers apply for a payday loan offer, the prospective lender should be instructed to start the payday loan process. During this process, the potential lender checks the payday loanworthiness. There may already be a payday loan request during this review.
How does the condition request relate to the payday loan request?
A condition request is non-binding compared to the payday loan request. The condition request can not generally be denied because the borrower is not trying to take out a payday loan. Thus, a condition request can also have no negative impact on the payday loan rating and thus also the chances of obtaining payday loans in the future.
Interested borrowers always make a request for a condition, if they inform about the payday loan conditions of one or more banks without obligation and want to compare the offers.
A condition request can be made online as well as in a personal conversation with a bank consultant.
During the consultation it should be pointed out that only non-verbal information is requested. Otherwise, there is a risk that a binding payday loan request will be made by mistake.
The procedure of lending
After a potential borrower has submitted a payday loan request to a bank or online payday loan company, the prospective lender will seek information on the payday loanworthiness of the prospective payday loan client. Most payday loan companies use the largest German payday loan reference agency. It is important that every payday loan inquiry influences the payday loan rating.
If potential borrowers have previously tried unsuccessfully to borrow many times, the odds of finding a lender tend to go down as the previous payday loan requests are saved by and other payday loan bureaus.
For this reason, a payday loan request should never be frivolous or just to compare payday loan offers.
Step 1 – Get offers
As a first step, potential borrowers should closely compare the offers of banks and payday loan companies. As the interest rates are sometimes very different, the payday loan offers can be quite different. Experience has shown that potential borrowers with a good payday loan rating receive much more attractive payday loan offers with lower interest rates.
In order to compare payday loan offers well with each other, online comparison portals can be used. It is also advisable to have a personal consultation with the house bank, which can normally also grant payday loans.
Step 2 – Interest rate comparison according to individual payday loanworthiness
In a second step, the individual debit interest rate is determined, which depends on one’s own payday loanworthiness. For this purpose, personal payday loan-related information, for example, the monthly income must be made. Subsequently, potential lenders submit an individual payday loan offer taking into account the requested payday loan amount. As part of this, the potential lenders send a condition request to the .
Step 3 – Apply for payday loan
Should potential borrowers choose the offer of the potential lender, the payday loan must be requested in writing. Most lenders offer forms and forms for download on their websites. The document must be completed, printed and signed along with proofs of income and assets and, if applicable, proof of payment obligations sent to the potential lender.
Step 4 – Proof of identity
In order to receive the payday loan, the applicant must send the payday loan application together with further supporting documents by post to the lender. The identity check can be carried out in the post office by a post office worker. For this purpose, most post offices use the so-called “Postidendent procedure”.
In this procedure, the claimant submits his / her payday loan application, sealed in an envelope, together with the printed Postident Form and identifies himself with an official identification document (for example, a passport, identity card or driver’s license).
The post employee examines the submitted documents and confirms their accuracy in writing. The Postident form can be pre-downloaded and printed on the Deutsche Post website.
Many payday loan companies now also offer an online identity check. For this, customers need a computer, a webcam and a stable internet connection.
Applicants must keep their payday loan application and valid ID document on the webcam while the payday loan company makes the identity verification online.
payday loan request also possible for payday loans without
Instant payday loans or pure online payday loans are often given to customers with a bad score. This mostly however to comparatively unattractive conditions. As a rule, borrowers have to pay much higher interest rates for a payday loan without . Since many potential borrowers tend to rate their payday loanworthiness worse than it actually is, it is often worthwhile obtaining advance self-assessment from the .
It makes no sense to assume directly that your own payday loan rating is so bad that it is only possible to ask for payday loans without .
Should customers find errors in their self-assessment regarding their data deposited with , a correction may be required. Thus, one’s own score can often be improved.
However, -free payday loans offer some advantages: For example, the demand for a debt-free payday loan does not worsen your own payday loan rating, as there is no notification of the payday loan request from . In addition, interested payday loan customers can benefit from a large number of different payday loan offerings in the non- sector.
The processing of the payday loan application can usually be done completely online, so that payday loan customers can save time-consuming consultation appointments and long travel distances.
What happens after the payday loan application is received by the lender?
Once the potential lender has received the payday loan application in writing, it will again collect information on the possible borrower from or another payday loan agency. In this case, the payday loan company explicitly indicates that a payday loan application has been made. This payday loan application is kept for one year at the payday loan bureau.
Subsequently, the potential lender checks the payday loanworthiness of the prospective payday loan customer exactly. If the payday loan rating is positive and in accordance with the value calculated by the bank with the help of the self-report, the payday loan application will be accepted. As an alternative, the bank can still reject the payday loan application or work out an alternative offer and submit it to the interested borrower.
If the borrower receives a payday loan cancellation after the payday loan request has been deposited with or another payday loan agency, its payday loan score will deteriorate. In the future, the prospect will then find it even harder to take out a payday loan.
Possible alternatives would be in principle only the inclusion of a payday loan with relatively unattractive framework conditions (some very high interest rates), a foreign payday loan or the waiver of the receipt of a payday loan.