LOAN APPLICATIONS..Do they check out employment details initially or ONLY if you DEFAULT on payments?

Question

I have good credit rating, everything in my favour really, but have a problem proving income( i'm NOT self-employed). Do they check out employment details initially or only if you DEFAULT on payments. I would really appreciate genuine answers to this one, thanks guys, H.N.Y

Answer 1

Why a problem proving income? Do you need to declare more than you actually earn to prove your ability to service the loan? If you are worried that they may check you out, then you are clearly telling porkies ... don't lie on an application, it is an offence called 'pecuniary advantage' ..... but most important here .. if you intend to repay without exception, then the ball is in your court whatever you declare on paper .... so, whatever you state, just be happy that you will repay the loan and no one will show the slightest concern.

Answer 2

I surely have a student own loan too. i'm distinctly confident it somewhat is way better than your friends $one hundred forty,000, or $250,000 through the time it somewhat is paid off. they gained't give up finding for you, it somewhat is not significant if s/he quits or ever use the preparation. they'll take it out of earnings tax REFUNDS. i do no longer have confidence they take it out of your paycheck, yet they're going to wreck your credit so which you could not purchase a house or motor vehicle on credit. you could not declare bankrupcy for a student own loan. they're going to have computers call your pal as quickly as each and every week. when I first found out all this, i grew to become into scared to dying, yet permit me inform you something you should no longer understand- they're going to provide you 30 years to pay it off- I initially concept it grew to become into 10. Plus, there are as much as 5 years (60 months) of deferment- meaning you could delay the commencing up of the value in case you have some variety of financial worry. even however, in case you initiate paying and shop paying, they decrease the activity. in the journey that your pal can, end college, and communicate over with the student own loan human beings- there's a asserting: once you owe the financial business enterprise $5,000, you have a issue- once you owe the financial business enterprise $50,000, the financial business enterprise has a issue. good success.

Answer 3

Lenders for mortgages usually ask you for your last two tax returns verifying income.

Don't fret! I moved to a new state a few years ago and was able to buy a home without a job! I have excellent credit and that was enough at the time. Good credit means you meet your obligations, so even if you don't make a lot, you are better to a lender than someone who makes a lot more but manages their money poorly and pays everything late.

Answer 4

As a lender I can tell you that we do employment verifications prior to approving a loan and we obtain check stubs as well. Periodically during the course of the loan we may reverify as well should cause present itself.

If your intention is to mislead & claim greater income than you have, it seems that you are trying to obtain the loan under false pretentions to begin with - not a good way to start a lender - borrower relationship.

Answer 5

They are very likely to contact your declared employer for a reference. They won't always, I'm sure, but as a manager I have done a lot of these for employees.

Answer 6

It depends on what company you use i know the AA don't check my friend had a loan from them she said she worked when she didn't have a job

Answer 7

yes, they check your employment before they dot another i. they won't lend money to some deadbeat that doest have a stable work and or income history. would you?

Answer 8

ive had bank loans and theyve just taken my word for it theyve never checked up at work