There are a number of ways that a payday lender can verify your employment and depending on which method your chosen provider utilises, the speed of you obtaining a loan can differ greatly. The most common methods used to verify employment are:
To request payslips and proof of income
This is quite an antiquated method, but effective none the less. However, the posting or faxing of these documents can often take considerable time and is not the most suitable process for payday loans where speed is important. This method is still widely used for products such as credit cards and personal loans but less so for payday loans
To request copies of bank statements
Again, this is a more traditional method used for confirming your residency postal address, as well as the deployment of regular funds into your account. The same problem here with speed, as this system is rather slow
Contact your employer directly
This is the most time effective method utilised by payday lenders. The company will contact your employer directly, usually to the payroll officer or department. This allows for them to confirm your income, your employment and your residency information all in the one place. This can be as quick as a few minutes on the phone, far more time effective than the document sending alternatives.
This process does require that your payroll department are aware that the call will be coming, as unless authorised by you to provide this information, most such requests would normally be declined as per data protection law.
SaveMyBacon.co.nz are a friendly and reliable payday loan service with no confusion and no hassles. We lend to only employed New Zealanders. You can apply for our loans on the calculator below. Why not see what we do and review the following links if you would like to find out more about us and how our service works.
Other related questions:
* Subject to Save My Bacon Ltd's right to request required information via fax, scanner or other paper means.