02
Dec
2009
Why Do Payday Loan Lenders Need your Social Security Number?
Posted by : JasonSmith
Why Do Payday Loan Lenders Need your Social Security Number?
By Jason Smith for Money Now! USA
When you apply for a payday loan over the internet, your application will go though a few different verification processes. Your Social Security number is required so lenders can make credit decisions on whether to grant you a loan. Your SSN is used to identify who your are, and how you handle alternative credit products like payday loans.
Lenders will not grant a loan without a social security number because they need to verify who you are, and take a look at your credit history. This is all done in just mirco-seconds though automated processes.
Most lenders do not run a traditional credit reports using the big 3 credit agencies. Instead, Payday Advance Lenders use special smaller credit agencies like Teletrack,CL verify, Datax and others.
Websites like www.MoneyNowUSA.com will take your application and “ping” (Quick Electronic Look with just a few key parts of your loan request ) to many different lenders. These lenders will make approval choices in REAL TIME based on a set of business rules in their loan portfolio. If they like the look of your application you will be re-directed to sign the loan documents on the lenders page.