Why do lenders look at Social Media?
When we send the loan application, the information we enter will be thoroughly verified to confirm that it is true. In addition, they serve to check how we deal with handling financial obligations. Thanks to the access to the credit history at the Credit Information Bureau and the databases of business information offices, loan companies can estimate the high risk associated with granting us a loan. Another form of ensuring that there is no attempt to extort money is a transfer with a verification fee made from the bank account of which we are the owner. All these activities help to protect the client against excessive debt and the company against losses resulting from non-repayment. However, some lenders go further to get to know the potential borrower better. Profile analysis on a social networking site is becoming a new standard for verifying requesters. The best source of information in this field is Social Media.
Social Media loan
Eicredit was the first on the Polish non-banking market to check people applying for a loan through a popular social network. The whole procedure is that instead of filling out the application on the lender’s website, we register via a Social Media account . To do this, we must log in to your profile. Thanks to this, some data will be automatically completed, which will significantly reduce time for formalities. At the same time, we agree to let the company have full access to the content of our public account (information indicated by us as available to everyone). Everything is analyzed – from keywords, through photos, number of friends to consumer behavior. When sharing a profile, we’ll receive a PLN 25 rebate on the loan. The solution is optional, i.e. we have no obligation to give the lender’s consent to x-ray Social Media. Cryptobank pays slightly less, i.e. PLN 10, for confirming personal data through this portal. Hypocredit has also introduced the option of faster and more convenient registration and data control without the need for a verification transfer. All loan companies ensure that the shared data is completely secure and is not transferred to anyone else, e.g. marketers, etc.