Rapid verification process – how is it done?

 February 13, 2017 Borrowers are increasingly aware of the decisions they make when they apply for financial support. More and more of them use websites to become familiar with the accompanying procedures. The question of the potential customer verification process often comes back. Many of them wonder how it works and whether it requires sharing data and documents. Our financial stability plays an important role here, as it may affect the refusal or acceptance of an application. It is therefore worth ensuring a positive credit history before you want to complete the form. 

Confirmation of identity is necessary

Confirmation of identity is necessary

Online loan applications are accompanied by specific procedures that cannot be missed. As you know, loan companies check their clients, which should not surprise anyone. Each non-banking institution wants to know who it is working with before making its final decision. This practice is very understandable, given that none of us wants to be cheated.

Where do loan companies get the information they need for verification? As it turns out, the data needed to apply for an installment loan or payday loan is enough for that. An identity card and bank account is all that is needed to confirm your identity. It is very important that we do not have to share any other documents. Thanks to this, we save our time, which we would have to devote to completing additional formalities.

What is the borrower’s verification?

What is the borrower

The first source of information important for non-banking institutions is data from our ID card. A scan of the data it contains is the first way to verify borrowers. This process is more complex, but its starting point is the basic data about us. Next, we should usually make a verification transfer. It is a symbolic amount that will allow us to confirm the authenticity of our data. This allows you to exclude the possibility of applying for a loan through someone else’s account.

Secure bank account scan

Secure bank account scan

Another option is to use one of the alternative tools to check the authenticity of customer data. We are talking about verification systems, which is done by logging in to our bank account once. Such a process is completely secure and serves to check our credibility. Data analysis allows you to quickly prepare a report that relates to our settlements from the last 12 months. This way, the loan company knows the financial condition of the person who made the application.

Obligations repaid on time, and hence, a positive credit history will certainly be conducive to getting the answer we care about. The advantage of using this verification method is undoubtedly that the confidentiality of the data is maintained. The checking process itself then takes place with greater time savings. Importantly, this type of verification is possible both for non-bank loans for companies and individual clients who do not have their own business. It is always worth remembering when submitting our application.

Checking clients in debtors’ registers

Checking clients in debtors

The verification process is intended to be short-lived. However, contrary to appearances, the few minutes that pass from the moment when we fill out the form via the client’s panel, are enough to assess the client’s financial situation. During this time, the authenticity of the information provided by us is not only confirmed. In addition, they check us for whether we are entered in one of the debtors’ registers. There are several of them and an insight into the databases they run allows non-banking institutions to get additional information about potential clients.

How to check if we are in BIG Infomonitor or some other register of this type? We can do this through the website that each of these systems has. We must then submit an account there, which will be verified on the basis of the evidence. It is there that we can check whether we have not been entered as debtors. This allows us to control our situation, which can be helpful in building a positive credit history.

The most common reasons for rejecting an application

If you are wondering what are the most common reasons for rejecting a loan application, then debtor status is undoubtedly one of them. An entry in one of these databases can be decisive when applying for a non-bank loan. However, this should not be approached emotionally, because we do not have to be permanently inscribed there. In order to stop appearing there, we should pay all our debt. If we do this, we will be able to regain our financial stability, and thus, we will gain in the eyes of potential lenders. By improving your credit standing, we increase the chances of getting the support you need. That is why it is always worth taking care of your financial condition.

Verification is important

Verification is important

The verification process ends when we obtain a decision on the acceptance or rejection of our application. Even if it’s not 15 minutes, it won’t last too long. However, it is worth remembering that a lot depends on our financial situation. That is why it is worth taking care of our finances. It will be so if we choose our loan adequate to its repayment possibilities. Where to find offers? We will definitely find them in the latest rankings of payday loans. There are proposals of loan companies that present themselves the most favorably in a given month and thus receive positive marks from experts as well as people who use such services.

“It’s worth remembering that the verification process can take place in several ways. Traditional transfer is a kind of standard, but it’s worth remembering that there is still the option of using verification systems. They save time, in addition, we can count on the security of our data. They will not be used without our knowledge and consent, thanks to which we will avoid the risks that accompany borrowing from unverified lenders.

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