How to check income for payday loans?

It is necessary to check income for payday loans when applying for some types of loans in financial institutions. In this article you can learn how to perform this verification.

What is checking income for payday loans?

Proof of income is a procedure in which you demonstrate the origin of your income. You also allow to establish your current income capacity, which is essential to value yourself as a candidate for a loan. It is a very simple procedure, since it only consists of delivering a series of pre-established documents.

Requirements to verify income for payday loans

Requirements to verify income for personal loans

The SAT Tax Administration Service by its acronym, has established five categories of income. Financial institutions use these categories when requesting the documents required for income distribution. So to determine which documents you must submit, you must first locate the category of income that corresponds to you.

According to the respective category, you will need the following documents to support income for payday loans (mortgage loans, credit cards, cash loans, among others)

Rentiers

  • Annual affidavit of the Income Tax, of the last or last two years (varies with the institution).
  • Payment receipt for SAT lease.
  • Current rental agreements.

Capitalists

Capitalists

  • Annual affidavit of the Income Tax, of the last or last two years (varies with the institution).
  • Monthly affidavit of the Income Tax, of the last three months.
  • Proof of current income.

Company shareholder

Company shareholder

  • Annual affidavit of Personal Income Tax, of the last or last two years (varies with the institution).
  • Annual affidavit of the Income Tax of the company, of the last or last two years (varies with the institution).
  • Testimony of incorporation of the company.
  • Last modification of capital increase.
  • Tax payment receipts to the company’s SAT in the last 3 months.

Independent professionals

  • Annual affidavit of Personal Income Tax, of the last or last two years (varies with the institution).
  • Sworn monthly income tax return of the last three months or more (varies with the institution).
  • Receipts for professional fees, corresponding to the last three months of professional practice.
  • Service location contracts, which is optional or required, depending on the institution.

Salaried or dependent

Salaried or dependent

  • Copy of payment slip, of the last three months for fixed income, or last six months for variables.
  • Pension Fund account statement or Afore account statement.
  • Certificate of retention of the last year.

 

 

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