How is the customer's identity verified when borrowing online?

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Online lending is one of the customer service channels used by loan companies. Thanks to this, they can serve customers almost automatically, while incurring low costs of such operation. But how does a loan company know to whom it actually lends? How is the identity of the potential borrower verified in such cases?

Verification transfer

In most cases, online loan services verify the identity of people submitting loan applications using bank accounts. It is necessary for a potential borrower to make a verification transfer for a specific, usually symbolic amount of - PLN 0.01 or PLN 1. It may or may not be returned. The client's task is to make a transfer to the loan company's account from their bank account. The account must be registered for the same data as indicated in the online momentary request. If they are consistent and properly verified by the lender, the customer will be given a chance to receive the loan.

SMS confirming identity

Another way to confirm the identity of customers submitting loan applications online is to use a short text message (SMS) for this purpose. The loan company generates a short message sent to the customer's mobile phone provided at registration in the service, or to the e-mail address. Received code must be entered in the appropriate field on the loan service.

However, there is a danger that the fraudster will give his mobile phone number, but the application will contain data of a completely different person. Therefore, this mode of customer identity authorization is used extremely rarely and not in the case of the largest, most well-known and reputable non-bank lenders in Poland.

Authorisation systems

Some loan companies have their own systems for verifying the identity of borrowers. They may be based, for example, on the customer logging into the bank's transaction service. The connection, according to the lenders' assurances, is safe, but still controversial and not all customers will want to use such a system. It can also be done through popular social networks such as Facebook.

Standard verification

The traditional way of verifying the customer's identity may force the customer to sign a paper loan agreement in the presence of a courier sent by the loan company. This, however, increases the waiting time for the loan to be disbursed.

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