What documents do I need to take out a personal loan in New Jersey?

To submit a loan application, in most cases you will need only your ID card, an active phone number and an unpaid account in a American bank. Only a few lenders can apply for information on employment or earnings – so it is worth investigating this issue in a telephone interview with a consultant. It’s worth remembering that no honest lender ever asks for bank account credentials or any other sensitive information.

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Considering the standard amount of loans online, delays in their payment can be quite costly and even up to several dozen percent of the amount we borrowed. So expensive are above all the charges for the costs of re-ordering payment, i.e. prompt. In addition, the loan companies also charge fees related to the actions aimed at reimbursing the borrower and to recover the loan in court. The total cost of delay in payment of installments also includes additional interest for late payment, which includes statutory interest and interest determined in the contract with the loan company. The enforcement of the payment in court usually takes place after 30 days from the set date. However, before this happens, the loan companies send a few reminders, the cost of which can be as much as $200 – of course, the borrower pays for everything.

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To receive a cash loan, most companies require a source of income. It is often the case that it may be optional, not necessarily a contract of employment. For example, it can be a document confirming the receipt of a pension, pension or other benefit, which confirms that someone who takes a loan will have something to pay it off. The lack of such confirmation in the majority of companies results in the rejection of the application because granting the loan may involve too much risk of not paying it back.

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In the case of a loan for a person caring for a child, the rules are the same. It must have a confirmation of the source of income, eg the care allowance being paid, etc. The income is also significant, which may be different in each of the companies independently defining its threshold and decide on the maximum loan amount.

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High popularity of fast loans with short repayment date, so-called Thanks to the short-time period, various institutions have begun to be interested in the companies providing them. These are certainly the Office of Competition and Consumer Protection, but recently, and the Ministry of Finance of United States of America has much to say on this subject. The Ministry speaks clearly – we propose a revolution on the payday market. What would it consist in?

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This is the third proposal for changes in the short-term loans market, which the Ministry wants to introduce. However, this may cause the disappearance of up to 30% from the market. payday agents, including the largest and best known. The problems would be felt, for example, by Opploans, NetCredit and CashNetUSA. The reason is the planned changes regarding the reduction of costs and the methods of calculating them, which are demanded by the Ministry of Finance.

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According to the government, the cost of loans not derived from interest can only be 25%, and after each year a maximum of 30%. loan amount. Throughout the duration of the commitment, however, the maximum cost of the loan will not be higher than 100% of the amount paid.

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There is also a proposal to add loan costs within 120 days – in practice, this means that extending a 30-day loan for the same period will continue to be treated as the cost of one loan. Such action will certainly hit the payday market, because the planned changes are a kind of denial of these loans – they are granted for a short period, and then possibly extended, and this is followed by a specific income for the lender.

The intention is to prevent customers from “combining” loan companies – they will not be able to set additional charges that are not seemingly related to the loan, such as the SMS fee, but also to provide cash for home or life insurance.

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Tempts for loan companies are already mentioned by UOKiK – it is under its wings that a new register of loan companies will operate. This institution has so far dealt with the resolution of disputes between consumers and entrepreneurs, but it has never supervised the entire industry. The creation of such a register at the Office of Competition and Consumer Protection would probably save the next duties of the American Financial Supervision Authority, which has had its hands full so far in recent years.