Although it may seem like a lengthy process, online lenders can verify all of the above information rather quickly. After the individual's application is approved, they can get subsequent loans much faster as long as they maintain a good borrowing history with the lender. The built-up trust falls on both the borrower and the lender.
Overall, the small loan process in the United Kingdom is simple and straightforward. While cash advance applications are similar to traditional finance applications, installment loan paperwork only takes into consideration a few key pieces of information such as monthly income and valid banking accounts. As long as the lender feels the applicant can repay the loan, the applicant will be approved and supplied with much needed cash in a matter of hours.
Of course, there may be a few additional details that must be verified for those who are new applicants. Most 6-month loans will contact the applicant's employer to ensure the applicant actually works there. Although the majority of lenders do not request supporting documents, the verification process will take longer if they do ask for additional paperwork. However, once these papers are supplied, the applicant is usually instantly approved.
There is other information on an application that must be verified before a potential borrower is approved. First, the applicant will need photo identification to prove they are at least 18 years old. They will also need to provide their bank account information and many times, an attached cheque card is needed. The lender will also need to know how much money the applicant makes. There is usually a minimum income requirement.