The documents required for an online personal loan are usually the RG (or equivalent document), CPF, proof of residence and income. This list may change slightly depending on where the loan is negotiated with. Companies are going to use these documents to prove the identity of the borrower and his ability to pay the agreed installments.
List of documents required for an online personal loan
There may be some kind of change in the list of documents required by the institutions and in the way they are going to be presented, for example, in person or over the internet. Usually the list with the most requested items is listed by Guiabolso:
If you do not have an ID, all banks and finance companies accept the replacement with another official document with photo: CNH (National Driver’s License), passport, work card, such as professional identification cards, those of the National or regional Councils of your job (OAB, CRM). If you are a foreigner you will need the RNE (National Alien Registration).
This cannot be replaced by an equivalent document.
- Proof of address
A recent electricity, water, gas or telephone bill is used to check where you live alone or with people in your family. Institutions generally consider accounts up to three months ago to be recent. Ideally, they should be in the name of the person who applied for the loan, otherwise, it will be necessary to add a new document to the list: the marriage certificate or the RG itself, all of this to prove the family bond with the spouse or parents.
- Proof of income
It is more common to verify monthly earnings with a simple bank account statement. A copy of the income tax or work permit is also an option. Other proof of employment may also be accepted, such as employment or social contract of the company (if it is the owner or partner), identification of Individual Microentrepreneur (MEI) or proof of income received as self-employed.
And what do companies do with them?
Usually the documents are used by the company for 3 fundamental reasons:
- prove the identity of the person applying for the personal loan
- know where you can find the customer in case of a problem
- check the economic condition and the real possibility of paying the value of the parcels closed at the time of the order
The deadline for analyzing credit and documents and approving a personal loan application usually takes a few days between the country’s main financial institutions. In addition to these three steps, it is still common to make another type of consultation.
Checking the reputation of the borrower
The list of documents also serves for the company that made the credit offer check on the reputation of the future customer in the market. For this, it can use its own information or surveys from specialized places, such as Serasa and Boa Vista.
The two institutions usually inform the so-called credit score. The higher it is, easier The higher it is, to get personal credit and the better the payment terms and conditions will be.
However, anyone who thinks it is impossible to get a loan even with a low score or a negative name is mistaken. The only difference is that the interest rate should be higher and the payment term may not be that long.
Other precautions before separating the required documents in an online personal loan
The credit offer analysis must also include a comparison between the amount requested and the total returned at the end of the contract. That is why it is very important to simulate the values and make a comparison between the competitors.
By projecting how much the installment will be and for how many months you will have to pay it, it is possible to find out what interest rate will be charged and to know if the institution is being transparent and revealing the Total Effective Cost of the loan or only the rate his nominal.
And comparing competitors makes it easier to find the best price and the most favorable available conditions, even for those who have already taken out a loan. It is always time to negotiate and even ask for the loan portability if a better offer is not covered.