Most people have a valid photo ID in the form of a driver’s license, passport or residence permit. However, there may be cases where for some reason you do not possess it.
Does this mean anything for one’s ability to take out a loan? We give you an overview of the possibilities of taking out a loan without a photo ID.
Borrowing Loans Without Image ID
When applying for an online loan, there are quite a few requirements. The application can be completed in a very short time by filling in information about yourself, your desired loan amount and your finances. However, there must be some form of identification so that the provider can be sure that you are actually the one you are publishing. Here, many people first and foremost think of image ID. If you have a driver’s license or passport, you automatically have a valid photo ID. A residence permit can also easily be used.
If for some reason you do not have these documents, or you just do not want to use them for your application, then it is actually no problem. There is plenty of opportunity to take out a loan without a photo ID. However, it assumes that you can identify yourself in a different way. Here, Easy ID is quite obvious as it functions as an online identification method that is both secure, easy and fast.
You can approve and sign your agreement with Easy ID, thus eliminating the need to use image ID. However, this is only possible with very few providers.
What documents are required?
As I said, it requires a Easy ID if you need to be able to take out a loan without showing a picture. What other documents are needed depends a bit on the provider and how much you need.
Usually, it works like you have to submit paychecks or annual statements when you submit your application online. In this way, the provider can create an overview of your finances and make a so-called credit rating.
However, it is also possible to borrow without documentation, which means that you do not have to submit paychecks, budget or annual statement. However, this only applies to amounts under USD 50,000. If you need to spend more than USD 50,000, the provider will at least require your most recent paycheck. Either way, your Easy ID is always needed if you want to take out a loan without a photo ID – even if you choose to apply without documentation.
How much can you borrow?
In principle, you can borrow exactly what you want with a loan without a photo ID. There is no limitation when you simply identify yourself with Easy ID. It is the most normal way to sign your agreement and therefore all options are open to you. In general, you can borrow anything between USD 5,000 and 400,000 when you take out an online consumer loan in Denmark. There are other solutions where you can get smaller amounts, as well as the possibility of larger amounts if you talk to your bank. But this is the prevailing range when we talk about online consumer loans.
It is not impossible to make a loan without showing a picture. You just need a CPR number and citizenship, and then you can be approved by several providers on the market (if you meet the other criteria).