Non-bank loans are used to accomplish really different purposes. These are no longer typical for payday loans, current expenses or securing funds for survival “for payment”. It is also the purchase of household appliances, a car or a holiday trip. So it’s not just a few hundred zlotys, but even a few or several thousand. Therefore, we are often worried that with larger amounts of loans, and even more so with long-term commitments, we may encounter more formalities, more thorough verification in the BIK database and debtors’ registers, and even potential contact of the loan company with the employer. We are the most afraid of the latter, mainly because we do not want our boss to learn about applying for a loan. Where can we borrow it without this unpleasant necessity?
When should you expect to call your employer?
Most online loans are called loans for the statement. This means, no less, no more that the lender determines the creditworthiness of the person applying for the loan based on the income declaration which he entered in the application. Therefore, if the applicant declares that he works under an employment contract, is employed by employer X and earns there e.g. $ 4,000 net, the loan company assumes that this is the case and adopts such parameters to calculate its actual loan repayment capacity.
This is an easier task – it limits the time of analyzing the application, and thus also the time in which the loan money will be on the client’s account. However, the borrower must remember that lying and overstating income can increase the lender’s vigilance. If he can prove that we lied in the application, he can report this fact to the police or prosecutor’s office as a phishing loan. Such conduct is punishable by a fine or even imprisonment of up to 3 years.
Lenders want to keep the procedure as fast and comfortable as possible for borrowers, so calling the employer will be rather impractical. This does not mean, however, that this will not occur at all. There are several factors that may or may not provoke contact with the borrower’s place of employment. It can be assumed that these will be the following situations:
- very high loan amount;
- long repayment period;
- negative information in the registers of debtors or in BIK with simultaneous high financial efficiency;
- very high earnings entered in the application;
- doubts about the identity of the applicant;
- the appearance of contact details for the lender in the application – but this will not always happen in this case, it is only a kind of security used, among others, by the Fast Cash brand.
In fact, we don’t have to worry about employer phone calls in companies such as Vivus, Via SMS, Wonga, Net Credit, Easy Credit.
Phone to the employer if in doubt
Loan companies reserve the right to present documents confirming the applicant’s creditworthiness. However, due to the number of new applications received every day, it would be impossible to grant loans without interruption if they were to apply this procedure to each client. Therefore, most often this step will be carried out only if the analytical team becomes doubtful either about the identity of the person submitting the application or about the veracity of the income statement.
These doubts can be caused by the factors mentioned in the previous paragraph. So if the lender asks you to send a scan of the document confirming employment, he will also probably contact our boss.
Phone call to the lender only on the first loan?
We have already established that a phone call to the lender is actually a last resort and only serves to dispel doubts and eliminate potential fraud, identity theft or fraud. Such procedures will usually only be maintained when the customer applies for a loan for a given company for the first time. A free payday loan is a great comfort for the borrower, but the lender in this case knows nothing about his future client. Therefore, he must verify his financial capacity and diligence in all ways. Therefore, he will most certainly check the BIK and BIG registers and, with a greater or lesser probability, will call the employer.
With a second loan – payday loan or in installments – such formalities are no longer necessary and if the second loan was taken out in a short period of time, this information will probably not be checked again. So if we have already obtained a loan from a company and our employer doesn’t know anything, we can confidently apply for another one.
Verification by Instantor – these companies do not call the employer
The Instantor application is used not only to confirm the account holder information with the information that was entered in the application. The so-called screen scraping also allows you to access your transaction history. It will probably show the transfer from the workplace, so the employer and income will be confirmed. Therefore, you do not need to provide certificates or confirm income directly with your employer. The Kontomatik application also has a similar effect. Companies such as LendUp, Extras, Happimen, Moloan, Wellow Finance and Saplo use these two types of software.