Thinking of applying for installment plan? To ensure a hassle-free application process, here’s a rundown the three types of documents that you will need to submit for your application.
Applying for installment plan can indeed be a hassle. The process can be demanding and the requirements a little too hard to comply with.
Here in BillEase, our goal is to give you a safe, convenient, and hassle-free online shopping experience in partnership with Lazada. We try to achieve this by giving you a streamlined application process that is easy to follow and by asking for as few requirements as possible.
But what are those requirements?
Essentially, everyone can apply for a BillEase installment plan as long as they:
- Are 18 years-old and above
- Have a stable income
- Have a valid government-issued ID
As long as you meet these criteria, you are eligible to apply for a BillEase installment plan. However, when applying for installment plan, you will also be required to submit several supporting documents.
These documents are very essential. Not only do they serve as proof of your identity, they will also help us get to know you better!
So let’s discuss the three different supporting documents you’ll need when applying for installment plan.
PROOF OF INCOME
Let’s start with the arguably the most important document that you’ll have to submit when applying for installment plan – a proof of income.
Here’s the truth: any lending company worth their salt will always rely on your income when approving/rejecting your application. Because at the end of the day, all lending companies need to know that you will be able to pay for the money you’re asking to borrow. And that’s where your proof of income comes in.
Regardless of whether you are an employee, a freelancer, or a business owner, you will need to present a proof of income when applying for installment plan.
Below are several examples of proof of income that you can submit:
Payslips
For employees, regardless of whether you are full-time or part-time, your payslips are the best proof of income that you can submit. These will not only prove that you have a stable income but also lay down the amount of your salary to the lending company.
Again (and we cannot stress this enough), lending companies need to know that you are capable of paying for the money you’re borrowing from them. The better your income, the more attractive of a prospect you become!
Bank Transaction History
This proof of income is ideal for freelancers and business who are applying for installment plan. This is important, as a screenshot of your bank transactions will show lending companies that there is a stable flow of cash coming into your account.
Upwork Certificate of Employment/Earnings
For freelancers working through Upwork, you’d be glad to know that you can also generate a compiled report of all your earnings through the said channel and submit that report as your proof of income.
All you have to do is to log in to your Upwork account, go to “Reports” and select “Certificate of Earnings”. You can read more about generating your report here.
Paypal Transaction History
For freelancers (and for business owners who use the platform), you can also use your transaction history from Paypal as your proof of income. Luckily, Paypal allows its users to generate and download a comprehensive transaction report in short, easy steps.
PROOF OF BILLING
You might be wondering why proofs of billing are important. Well, guess what, you’re not alone. Plenty of people have wondered about the same thing since time immemorial. So why indeed is proof of billing so important?
Well, to answer that question: it isn’t. Not for you anyway.
But to lenders, proof of billing means the world. Through this, credit teams are able to verify that the address you registered upon applying for installment plan actually exists.
As your registered address is the one creditors will use to send you notices or reminders, knowing your real address is very significant in a credit team’s evaluation process.
Here are some good examples of proof of billing:
VALID GOVERNMENT ID
It is only natural that all lending companies would like to verify if you are really who you say you are. And what better way to verify this than by asking for a copy of a valid government ID?
There are two types of IDs that you can submit when applying for installment plan – primary and secondary ID. Below is a list of government IDs BillEase accepts:
While there are varying reasons why lending companies ask for these documents, the importance of these documents is very clear. Prepare them beforehand when applying for installment plan, and you are on your way to a convenient and hassle-free application process.
Happy shopping!