Nowadays, personal loans are extremely common to avail from the financial market. And today, we have the entire process online with faster approval & disbursal. In the approval process, all the bank account details are required. So, how to trust your loan lender in the process? How do you know that your confidential details will not be played with? Take the first step to ask the right questions to your lender, secondly find out their reasons for taking your personal information to strengthen your trust. This will increase the safety & security which you need for your personal data.
It’s natural to freak out at the thought of sharing your bank details to online loan companies, calculating all the risks attached and then thinking of the worst scenarios. As they always say that its best to refrain from sharing your personal details to avoid fraudulent activities. However, that’s not doable. At some place or the other, you will have to share your account details to conduct financial transactions.
All loan companies need you to authenticate your bank account to be able to proceed with your personal loan application. So how to believe that your details will be kept securely?
Let’s ask ourselves the questions which the lending company will ask perhaps. The first question here would be why does the financial company need your details.
Why does Home Credit ask for Bank Details?
Gathering details of your income helps to ascertain the income capability of your job to receive a loan.
Also, a closer look at your old statements helps to form an opinion about your financial standing and monthly spending.
Also, assess your future prospects to pay back personal loan instalments when falling due.
Another aspect which lenders find important is whether you’re already repaying other instalments relevant to other lending institutions and how long will it take to get it fully repaid. Of course, if you’re paying another loan, then automatically your financial capacity gets deterred. This will leave you ineligible as a prospective candidate for a quick loan. This also includes making payments for credit cards within the stipulated time period.
Maybe supplying your account details is the most important part to confirm the transfer of loan money into your bank account. This is so because you already have past data to analyze a profile.
So by now, you understand the importance of your confidential data being scrutinized by insiders. However, that doesn’t mean that you forget your right to confidentiality & privacy. So don’t trust anyone with eyes closed, make a conscious effort to discover the security of your information provided.
After a lucid understanding, take preventive measures against frauds and scams. To make sure that it is easily done, take a look at our pointers below to consider before sharing your banking information for a loan!
How to protect your information against foul play?
Ensure that your loaning company is genuine & registered with the authorized body. It is not advisable to deal with illegitimate lending companies which may run away with your loan money.
The following can be considered to identify a fraudster:
Your browser shows up a message about an insecure or public webpage so rethink your decision to share confidential details.
A website URL which doesn’t start with https when you click.
The lending company asks for a fee before making a personal loan application
Whenever you’re asked for personal information, ask all the relevant questions to keep your safety intact.
Medium to use for sharing your banking information
Emails are usually used for all official communication to share bank details like account number, name, IFCS, etc. Anything confidential beyond what’s mentioned will be is a huge risk. So kindly avoid going overboard. Any sharing over messages or calls must be completely prohibited.
Home Credit India takes full charge of your data confidentiality & right to privacy. Take your preventive measures before sharing access to your data. So, keep your bank account free of threats & frauds.