How they qualify for a Personal Payday Loan Application

Are you a candidate for a payday loan from Malipayon Lender? We tell you how they qualify a personal payday loan application on the P2P platform.

Malipayon Lender is a model in which no company is involved, there are only people who decide to lend and others who require financing.

Requirements that qualify a credit application:

payday loan

  1. Have a bank account
  2. Proof of income, whether payroll receipts or statements
  3. Have an excellent credit history

Upon verification of requirements, only applications that meet all points are allowed access to the funding stage; figure that amounts to 6 percent of total applications. Based on your credit history, Malipayon Lender uses an intelligent algorithm that will grant you a rating, which derives in the rate that will be granted to you.

Aspects that are reviewed to see if applicants are credit subjects:

payday loan

  • The status of your accounts: credit cards, mortgage loans, auto loans, among others.
  • Years you have reported to the Credit Bureau
  • Credit score prepared by the Credit Bureau
  • Borrowing capacity
  • Verified income and expense verification

Being a good payer or at least keeping up with your payments, without living to the limit, is an excellent start to get a payday loan through this platform.

Remember that all people who have applied for a formal credit, such as an auto loan, have a credit card, or have applied for a personal payday loan, are automatically registered with the credit bureau.

The Credit Information Companies, the formal name of the credit bureaus, are responsible for recording the way in which you have paid your financing. Being in the credit bureau is not bad, on the contrary, it opens the doors of credit, what you should take care of is the way you are in it.

The credit report is your story as a payer in the financial system

credit score

In which you will find a series of pigeons when you pay correctly, and cross out when you have delays or have definitely stopped paying. This document is consulted by credit grantors to meet you, at least financially, and depending on this and other factors such as your ability to pay, they will decide whether or not to lend you.

That is why verification is so important because it allows the institutions that consult it to see if you still have the ability to pay, while for grantors it is a way of knowing who they are financing.