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When you take out any form of credit, it is important to know the full ins and outs of what you are signing up for. A part of that knowledge, is understanding what your lender can and can’t do, what is normal procedure and what is unacceptable.
When it comes to Payday Loans, your provider can and will contact your bank, but they can and should only do so for the same reason and in the same way as any other credit provider would do.
When a Payday lender will contact your bank:
To set up your direct debit, where that is your agreed form of repayment
To collect your direct debit payment
These are the only two usual and normal reasons that a payday lender should contact your bank.
When a Payday Lender should not normally contact your bank:
• To confirm personal information out with the bounds of the data protection law
• To take unauthorised payment
A payday lender should never have any reason to call your bank. Any direct debit should be set up in writing or via electronic instruction, not over the phone between your lender and your bank. Data Protection law prevents many companies you are associated with from sharing sensitive or personal information about you, unless explicitly instructed and authorised to do so. If approached by phone to provide any information about you, your bank should decline to share unless authorised by the respective data protection officer. The only such cases where this may be applicable would be in a police or criminal investigation and not normal procedure for any respective lender.
To confirm your personal, income and employment details, rather than contacting your bank, a payday lender will often contact your employer, but your employer should still be authorised by yourself to provide this information to help speed up the identity and income check and prevent any hold up in the request for authorisation.
Save My Bacon provide fast and reliable payday loan service with no faxing required. Just quick and easy money in your account. 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: Do payday loans affect your credit score?
* Subject to Save My Bacon Ltd's right to request required information via fax, scanner or other paper means.
