A bank statement is a summary of transactions over a given period that includes the account owner’s name and account number. It also reflects balances, charges, deposits, withdrawals—any changes made to accounts during that timeframe.
What is a bank statement?
A bank statement lists all of the transactions that occur month after month and provides a summary of an account holder’s finances. Investors, debtors, lenders—everyone from companies’ managers to credit institutions need this information in order establish one’s financial credibility.
Credit card companies and banks require account statements as proof of income when they evaluate applications, while mortgage lenders need this information to determine how much money a potential borrower can afford.
Organizations require bank statements to gain insight into an individual’s financial behaviors and patterns, as well as for proof of identification. Bank statements are an acceptable form of identification, since they contain personal information that can be verified when used with other types of ID.
Why does flypay require your bank statements?
Financial institutions like flypay require your account statements to ascertain your salary eligibility and creditworthiness. Flypay solutions, such as Instant Cash Loans, Travel Loans, Wedding Loans and Medical loans require applicants to submit bank statements during the loan application process.
You can get Instant Cash Loans from flypay through our completely digital and get your loan processed in 15 minutes.