im not trying to take out a huge loan,only for like 5000 to tide me over,they said they colud fax my employer for proof of employment,meaning filling out how long i worked there,how much i make and how long i will be at that job{i think thats what they do},theres is no way i can default on that small of loan,but my main question is do the banks know i dont work there,and when they said fax my employer what will he fill out for proof of employment.
2006-12-14 09:05:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Among other things your credit report will contain employment information. Banks might also ask to see tax returns or W-2 forms.
Banks don't like to be lied to and if you do so and they find out, you will immediately be in default and owe the full amount of the loan at once.
Your employer has no reason not to fill out the form if you work there. If necessary you can request that he does so. Most larger employers are used to receiving and answering these requests.
2006-12-14 09:23:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Usually, for proof of employment, the bank will ask YOU for your most recent paystub or wage statement.
If they state that they will contact your current employer, then usually they will ask for the name of your boss or supervisor, a contact phone number and usually how long you've worked there.
The longer you've worked at one place, the better your chances. They just want to make sure that you're not a transient or something.
If they send a fax, it usually contains the same information they want if they call by phone. Of course, if you don't work there, that will be determined quite quickly, and you can kiss the loan goodbye.
The bank just wants to make sure that you are good for paying back the money that they entrust to you.
2006-12-14 19:06:30 · answer #2 · answered by Ambassador Z 4 · 0⤊ 0⤋
I hope this is a joke...if not then first of all, what you are doing is illegal. By providing misleading and outright false information on a loan application you are committing fraud. Second of all you said "there is no way I can default".....really?...are you sure there is absolutely no possibility that you will default? Based on the fact that you are willing to lie on a loan application makes me believe that there is a very good chance the bank would never see their money again.
2006-12-14 19:03:09 · answer #3 · answered by SmittyJ 3 · 0⤊ 0⤋
Trust me, if you gave ME your full name and Social Security number, it would not be hard for me to find out exactly what you earn, how long you've had your current job, how well you are doing there, etc., etc.... The idea that you have any private information is an illusion.
The bank will suss out everything they can about you, they want to make money, not take risk. But the good news is that they do that with EVERYBODY, so as long as you aren't Jack the Ripper or Ronnie Biggs, you'll be fine!
Good luck.
2006-12-14 17:32:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
One of the things banks want to know is where you will be getting the money to repay the loan.
IF YOU GIVE THEM FALSE INFORMATION & THEY FIND OUT THEY WILL NOT GIVE YOU THE LOAN OR CALL IT IN WHEN THEY FIND OUT.
WHAT YOU WOULD BE A PARTY TO IS FRAUD & THAT IS CRIMINAL. DOES JAIL TIME RING A BELL.
2006-12-14 17:24:18 · answer #5 · answered by Floyd B 5 · 0⤊ 0⤋