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Everything you should know about same day personal usecured loans in LA, US

Ways the Payday Loans Companies Verify your Identity

Turning to payday loans companies working online, the bulk of their clients prefer to keep it in secret. Especially when it goes about their employers. A lot of online payday loan services offer credits without faxing. It is fast, convenient, and sounds very attractive.

However, your identity still needs to be verified. The question about how they are going to do this without any documents comes to the mind first. To tell you the truth, their methods may a bit different, yet in general, these companies work exactly the same. Here are the basic things an online payday loan company would do to verify your identity.

Collecting the data

One of the peculiarities of borrowing money online is that you are obliged to fill in an application form. There you mention a lot of your personal information. For example:

  • Your full name;
  • Date of birth;
  • Telephone number;
  • Social security number;
  • Home address.

You’ll also have to mention the data concerning your job, including your position and the employer’s phone number. Besides, you need to submit the information about your bank account.

Ways of verifying your identity

Based on all the data received from your application form, the lender can verify your identity in several ways:

  1. Having applied for a loan, you get a telephone call from a representative of the company. He will talk with you over the details of the loan and confirm the information you’ve provided.
  2. A payday loan company contacts your employer to check if you work there.
  3. You will be asked that your bank faxed the payday loan company one or two of your recent bank statements.

The first method of identity verification is used most often. Faxes are usually requested if the payday loan company failed to verify your identity via the phone. Yet, such cases are extremely rare and the whole process of verification doesn’t take more than an hour.