Taking out a loan is a financially sensible strategy to increase your financial power. This may be a useful source of funding for a business or investment, as well as a good way to save money for the future. Loans are accessible from a variety of banks and credit institutions, some of which are even available online. Access to new cash is practically at your fingers in today’s world. However, before you begin your application, ensure that you have these items on hand to ensure a smooth application procedure.
When applying for a loan, the first thing you will need is a valid ID. This aids FlashCredit in identifying the individual to whom they are ready to give money. FlashCredit requires an ID in order to conduct background checks on all of its applicants.
You may only need one valid ID for FlashCredit, but make sure the ID card you have is one of the following:
- Driver’s license
- Passport
- Professional Regulation Commission (PRC) ID
- Social Security System (SSS) ID
- Unified Multipurpose ID (UMID)
- Postal ID
- COMELEC Voter’s ID Card
Proof of Income
The income verification is one of the most crucial aspects of your loan application. This is done so that the bank can analyze your ability to pay as well as the dangers that come with lending money to you.
When applying for a Personal Loan online, you will be required to provide certain papers, which may vary depending on whether you are employed or self-employed.
Prepare at least one of the following papers for employed applicants:
- Certificate of Employment
- BIR Form 2316
- Most recent 1 month pay stub (W2)
Make sure you have the following documents ready for self-employed applicants:
- Your company’s DTI registration
- Your company should be registered with the Securities and Exchange Commission (SEC).
A stable internet connection
When applying for a loan online, you will need a strong internet connection. This is to avoid any extra delays in uploading your needs, which might result in problems. Before you begin the loan application procedure, be sure you have a solid internet connection.
Good lighting
Some services, such as the FlashCredit app, may ask you to authenticate your identity through a selfie check now that you may apply for a loan digitally. It is simpler for the system to detect your face characteristics and compare them to the ID you gave if you have decent lighting. Locate a location near a window or in a room with sufficient light to snap a clear shot.
Furthermore, photographing and uploading your income papers in a well-lit environment ensures that you can capture clear photos and texts of all the information FlashCredit need for validating your source of income.
A disbursement account
Finally, make sure you have a bank account set up where you will be able to receive the funds from your loan. Keep in mind that certain banks may levy disbursement costs, which vary based on the bank or credit facility from which you ask for a loan.
