When you are applying for a payday loan you need to submit some personal and sensitive information like your bank details which includes the Bank number, ABA Routing number etc. You may also have to write your Social Security number etc.
Some lenders ask for a lot of personal information, some less but they do ask for these information. Many people are not comfortable in revealing their personal details. And rightly so, but unfortunately there are good reasons why this information is required by the payday loan lenders. We will discuss shortly.
When you are applying for a cash loan the lenders must know where to send the cash. They can’t send the cash through courier or postal mail. That’s illegal. The only way they can send cash is through bank to bank electronic transfer (wire transfer). Well they can also send a check. But a check will take a lot of time to reach you. Further it will take more time to get cleared in your bank. Almost a week will pass before you receive the money by check. Therefore the only quick way to send you cash is through a wire transfer. For this they may need some information about your bank account number and your banks’ details. To get your cash you should fill these details correctly.
As far as social security is concerned, the lenders need it to know more about your financial status and they can’t know that with your name. They need your Social Security Number.
Other personal information if any is required to verify your identity. Lenders must be sure that it’s you and no one else who is trying to get a loan using your personal information.
Once the deal is over you can also mail your lender to delete your sensitive information in their database. Most lenders will delete your information upon your request.
Thank you for visiting our website. Hope we helped you get a loan.