Can One Obtain PayDay Loan Online Without Identity Document?

According to a 2014 Federal Reserve study, nearly half of respondents stated they would not have enough cash on hand to cover a $400 emergency expense. Most of these people said they would likely have to use a credit card, get a bank loan, or ask family or friends for help, with two percent explicitly opting for a payday loan. Indeed, this is a fast way to access sums ranging from a hundred to a few thousand dollars, with relatively little bureaucratic hassle when compared to borrowing from a bank. Online payday loans simplify the process even further with the client needing to fill in an online form providing all the required information and wait for its approval by the lending company. Once this happens, the money is transferred to the bank account indicated by the client.

The great advantage is that you are able to take a loan despite poor credit history or despite being unemployed – most creditors require a certain minimum income threshold, while others might, for instance, need to witness your payments for the last three months, but it is often enough to show any other alternative source of stable income. On the other hand, if you have a good credit history but just need to borrow a small amount of money for a short term and through a simple procedure, this will almost certainly increase the speed and chances of approval.

Types Of Identifying Information You Need To Provide

Regardless of what many lending companies choose to display in their advertisements, creditors do need identifying information (if it is the first time you are borrowing from them), as they expose themselves to some obvious risks. The way you might be asked to provide identifying information as part of an online application might differ (e.g. by fax), but keep in mind that the U.S. Government’s Consumer Financial Protection Bureau informs that one must possess valid identification documents to apply for a payday loan. In order to reliably verify that you are the person who you claim to be, you need to prove that you have one of the following:

  • state ID card,
  • driver’s license card,
  • military ID card (might not apply in all cases),
  • passport,
  • in case you have no driver’s license or state ID number, the social security number or the passport number might do (depends on the lender).

Note that these identification documents also serve to prove that you are more than 18 years old and hence, legally entitled to participate in this operation. You might be also required to provide other documentation in order to confirm your residence (a bill usually is enough), proof of an active bank account or checking account with a minimum of 30 days of banking history (money market accounts or saving accounts are often also suitable), a working phone number that might be verified. Although all these are not explicitly identifying documents, they do also serve as additional measures of identification the lender undertakes.

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