There are a variety of different ways that lenders may authenticate your identity and your income. Some carry out a credit check and some don’t. Some request and contact referees and some don’t. There are some that still require a certain amount of paperwork to be electronically sent/scanned, back and forth to confirm your details. There are those however, that prefer to contact your employer for a variety of reasons.
Why a Payday lender may contact your employer;
• Removes the need for paperwork to authenticate which can cause delay
• One-stop shop for checking identity, residency, work and income
• Removes need for credit check to confirm identity if lender is not concerned about financial history
• Can greatly improve speed of application and acceptance process.
Those that choose to contact your employer do so with one goal in mind and that is to speed up the application process. Your employer are still bound by the Data Protection laws and can only share information that they are authorised to do so and no sensitive information unless explicitly authorised.
It is vital therefore, to ensure that you let your employer know when a payday lender may be calling, so that information that they require is authorised to be shared. Otherwise there may be a delay as a lender will not be able to process your loan until the required information is confirmed.
The information a payday lender will look for is nothing that they would not be able to obtain from proof of residency such as a utility bill, proof of identity, bank statements and payslips, but the point here is that they are trying to speed up the process by removing the need to send these documents back and forth.
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 loan providers contact your references?
* Subject to Save My Bacon Ltd's right to request required information via fax, scanner or other paper means.