Payday Loan Application Step by Step
It is a good idea to get some help before borrowing and go through the payday loan application step by step. Applying for a loan is not a complicated process, especially when it comes to personal loans. In the case of a mortgage, the process is slightly longer and requires more documents. Whatever type of loan you take, the basic requirements must always be met. Only a person who has reached the age of 18, has a registered Hungarian address, and has a declared, permanent income can receive a loan . The age requirement may vary from bank to bank, and there may be a minimum age of 22-24 years, but for sure, the borrower must be over the age of 18, and no one can apply for a loan in 18 years.
In any case, it is worthwhile to get acquainted with the banks and credit facilities before taking a loan. It does not matter where you borrow, because interest and APRs greatly influence your choice. There are many ways you can find out where to take credit. You can go to financial institutions in person, the downside is that it takes a long time. You can also calculate with credit calculators, such as Thomas Bigger’s credit calculator. This will save you time and easily find the best loan offer.
- payday loan application form (usually downloaded from the credit institution’s website)
- Identity documents: Identity card, driving license, valid travel document and official identity card
- Income Certification Documents (form and related information can be downloaded from our website)
- Purchase agreement received by the Land Registry (if the loan is related to the purchase of real estate)
- Documents of the collateral property (s): ownership sheet; scaled (hand-drawn) layout of the property (s); site plan / copy of a map when offering a detached, semi-detached or terraced house as collateral
Submitting a payday loan application
The payday loan application can only be submitted in person, even if you have done a preliminary calculation.
Valuation of hedging property
Hedged real estate is real estate accepted by the bank as collateral for the loan. A lien and a prohibition on alienation and encumbrance are recorded on the title deed.
- The appraiser will negotiate with you.
- At the agreed time, the valuer will conduct an on-site inspection and take photographs of the property.
- The appraiser sends the bank a completed expert opinion, which includes the real estate value and collateral value of the property. These affect the amount of credit that can be financed.
The credit assessment will only commence if documentation is submitted in full and you will be informed by phone and / or letter.
You will have a few days to sign the contract before signing. The contracts are then signed at the branch. In the case of a mortgage loan, the loan agreement must be recorded in a notarial deed. Usually the contract is concluded at a pre-agreed time.
Collection, verification, disbursement of disbursement conditions
The terms of the disbursement are included in the loan agreement.
- notarial deed
- property insurance (home insurance)
- registration of a lien
- ownership sheet
If the conditions for disbursement are met, the transfer will be made. In the case of a personal loan, a transfer is made to your bank account and, in the case of buying real estate, to the account number in the sales contract.