Exceptions And Documentation Needed For Cash Loans
Cash loans are becoming more and more popular nowadays. From a wide variety of lenders up to the numerous online loaning companies, the demand for immediate financial assistance increases over time.
In South Africa, people tend to seek for such companies in order to assist them from urgent necessities such as emergencies, medications, or due bills. Nevertheless, there are some qualifications that they must meet first in order for their applications to be approved. Otherwise, their applications will just be a waste of both time and effort.
Aside from the application form, every borrower must show some documentation in order for them to prove that they meet the qualifications such as citizenship, employment, and age. The documents that every borrower must provide are the following:
- Green Bar Coded ID
- Bank Statement
Basically, if borrowers will take cash loans from a private company, a photocopy of the green bar coded ID is a must. On the contrary, an electronic copy of it is required if the loan will be taken from an online loaning company. This kind of ID is provided to every South African citizen since it serves as a proof of address.
The borrowers must ensure that the paycheck that they have brought during application is the latest one. Otherwise, the process might take a little longer than expected. With regards to the bank statements, the borrowers must secure a copy of every statement for the last 3 months. With all these at hand, the application is near on its approval.
If an applicant is not qualified for a loan, it does not necessarily mean that there is no hope for him or her. There are some exceptions that loaning companies are considering. If the borrower is not qualified, yet, has an outstanding loan history or was given an under debt review, then, he or she might still qualify for cash loans.