The loan with just one pay slip was a matter of course in the past. Today the offers can be searched with the literal magnifying glass, which actually only require a pay slip for the lending. At least in the case of larger loans, extensive checks are carried out. The article takes a closer look at the security requirements for lending.
The loan with just one pay slip – what has changed?
The loan with just one pay slip still exists, but the offers have become rarer. The credit line is also often severely limited. The background to this development can be found in the decisions of the foreign ministers from Basel. As part of the banking crisis and the resulting euro crisis, the banks in the state have been “chained”. Today you have to check much more intensively whether a loan can be granted at all. One of the “firewalls” in the Basel contracts is the obligation of the banks to provide additional security for their investments.
The annoying consequence is that more paper has to be rolled. The statements of the current account are often to be attached to the applications. Three consecutive statements are requested and in some cases even a copy of the employment contract. In terms of all the effort, it is even easier to recognize defaulters than was previously possible. Whining doesn’t help either. The tightening applies to the whole of the state and even the otherwise reserved people have followed suit.
How can the effort be kept within limits?
On the one hand, the cost of lending by the house bank is limited. In addition, the direct banks have also left unbureaucratic channels open. The house bank has access to the current account data anyway and therefore does not require copies of the statements. With the direct banks, the view has at least partially prevailed that a pay slip is sufficient if the account statements are available.
In addition, the loan is possible even more frequently with just one pay slip for small loans. For comparatively small loan amounts, the effort of a comprehensive review is often not worthwhile and a simplified procedure is used. The credit institutions that issue department store loans work in a similar way. Again, the credit line is comparatively small and the simplified credit check procedure is ideal.
Credit card companies should be mentioned as the last large group. Often, only a basic proof of income is required in the card application. A single pay slip is usually sufficient for this.