How do you know for sure sharing your bank details with a loaning company is safe? You find out their reasons for asking for your personal information, and make sure the institute you are giving access to your account can be trusted by asking them questions regarding the safety of said information.
Most of us balk at the thought of giving away our bank details when instant loan websites/apps ask for them, calculating all the risks we are running of getting swindled in our mind and coming up with several worst-case scenarios. For one thing, the best way to avoid chances of scams is indeed to not share your personal information.
But that’s not very reasonable, is it?
What do you do when authenticating your bank account is a mandatory procedure for getting approved for a loan?
Well, the first question on your mind would probably be why exactly the credit lending company is asking for your details, so, let’s find that out first!
Why Do Loan Companies Like EarlySalary Ask for Bank Details?
- It lets us see your total income every month, which is what your suitability to receive a loan relies on.
- A look through your past banking statements gives us a notion of your financial status so that we can form an idea of your average monthly spending and saving ratio and consider your capability of paying the personal loan installments within the specified time.
- Another thing we look for is whether you’re already making monthly payments to any other organization or not and if you are, how long until your due is fulfilled. You see, if you’re also paying out another loan, it naturally decreases your capacity for payments and might make you an ineligible candidate for a loan. We also check if you have paid off the dues on your credit card on time.
- Perhaps most importantly – it allows us to approve your loan instantly since we get data to analyze.
So now you have an idea of our reasons for requiring your account details. But scams still happen to people who trust blindly. So should you continue questioning the safety of your information? Absolutely!
The next logical step is to find out how to give yourself maximum protection against frauds. To make that easier for you, here’s a checklist that rounds up a few things you should be absolutely sure about before considering sharing your banking information for a loan!
How to Ensure Your Information is as Safe as Possible?
- Confirm if the Loaning Organization You Are Sharing Your Banking Info with is Legitimate or Not
This should always be your first step, whichever loaning institute you might be sharing your details with. A few things that help you root out a fraudster:
- Your browser is giving a warning that the page you’re about to share your details on is insecure or not private.
- You find the website URL doesn’t begin with https when you click on it.
- The company asks you to pay a fee before applying for a loan.
As you may notice, with EarlySalary, none of these red flags will ever pop up.
- Ask Questions Before You Share Your Details and Check Out the FAQs listed on the Website
When a loaning company asks for personal information, you as a client have every right to ask questions regarding the safety they are providing that information. For EarlySalary, some primary and common questions most of our customers usually have in mind are answered on our FAQs (frequently answered questions) page, but if you don’t find them on there or have any other enquiries, do not hesitate to contact us.
- Previous Use Cases
This might seem an obvious one, but noting their customer count till date and the number and sorts of loans they have given out so far is going to give you some confidence in your decision to trust a certain company. EarlySalary boasts a customer base of 4 lakh+ customers till date and has given out 2000 cr+ in loans so far, which proves us to be a company that hopefully you can trust too.
- The Medium You are Using to Share Your Banking Details
As emails are our preferred mode for official communication, it might seem okay to share your bank details over them. But unless this information is just your bank account number of the account name, anything confidential is a huge risk to be shared with any individual, let alone via any medium. So two words: avoid them.
Similarly, with phone calls or text messages, it’s best not to share information that might be used to scam you via them. Keep in mind that a legit company won’t ask you for details over a call or text.
EarlySalary’s secure website and the app never auto-saves your information or passwords, which offers maximum security and is always the best mode of sharing personal details. We also offer you two different and quick options to share your bank details. You can choose the one you are more comfortable with between them and get approved for loans instantly!
With EarlySalary, we recommend you go by any of these 2 options:
There you have it, things to keep in mind before comfortably letting any loaning company have access to your data.
So, is your bank account 100% free of threats of fraud now?
Honestly, no. There will always be at least a little chance of getting scammed, so you have to know whom you are allowing to handle your information, be sure you’re okay with sharing your bank details with that particular loaning company, and keep an eye on your bank account so that nothing gets past you; because at the end of the day. It falls on you to ensure the protection of your account.
Stay assured, though. At EarlySalary, we go the extra mile to ensure your security.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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Download the EarlySalary app here, or simply log in to our website and be a part of the #OneInAMillion experience.