What do lenders check first? How to increase the chance of getting a loan? Maybe the approval of the application or the refusal to issue a loan is influenced by the information that a person disseminates about himself through social networks?
There are many myths about the impact of a person’s social media accounts on loan refusals. At the same time, there are specialists who can reveal the true state of affairs. In our article, we will look at the most popular myths, and also try to describe the real picture.
Myths about which social media users are often denied loans by banks
Some financial analysts claim that the social media of potential borrowers gives lenders very important information. The activity in social networks of people with low income is especially carefully studied. The logic here is this: if a person has a solid income, then he will be given a loan in any case. But if this is an ordinary person with a small salary, then financiers are forced to collect additional data about him, including from his social networks.
What information should be on a person’s personal page “VKontakte” or Facebook in order for the bank to approve a loan for him? And, conversely, what nuances should there not be in any case?
Firstly, according to “some experts”, the personal page should not contain posts for which a person can be arrested… In particular, there should be no extremist statements on political or religious topics. After all, if a person is arrested or awarded a large fine, then he will have problems with the payment of the loan. In this regard, “analysts” even fear that in the future there will be a “generation of hamsters who, for fear of being denied a bank loan, will tolerate anything.”
Also, according to some experts, you should not post on your page too many vacation photos… For example, a photo of trips to nature with eating kebabs and drinking alcoholic beverages. So lenders may think that a person does not devote enough time to work, and for this reason he may have problems with money.
But if among the “friends” potential borrower is “respected people” (for example, deputies State Duma), then this is a sure sign that a loan can be allocated to him without fear.
What information banks actually check on social media
The myths that, for example, photographs from vacations lead to a refusal to issue a loan, experts debunk. This is stated, in particular, by one of the financial journalists. This woman on duty often has to communicate with bank employees. Including on the topic of how potential borrowers are checked for solvency.
According to her, when issuing a loan for a small amount (less than 1 million rubles) bank security officers rarely look for additional information about clients… Scoring (checking of solvency) in most cases is carried out automatically. The main attention is paid to the size of a person’s income and his credit history (whether there is an increased debt load, whether payments on existing loans are accurately made). Also, bankers may be interested in the presence of a person’s debt for utility services or for the payment of alimony, whether lawsuits have been filed against him. All this information is provided by government agencies.
If the amount of the requested loan is large, the potential client can additionally be checked “manually”. At this stage, the bank’s security officers can visit the person’s page in one of the social networks.
What do the “security guards” look at first of all? Bank employees can only be confused by the presence of clearly inadequate posts. These posts include extremist speech (do not confuse them with criticism), photographs from places of detention, increased interest in the activities of anti-collectors and bankruptcy firms… If such publications, which go beyond the usual, are not found, then the potential borrower is given a “credit”. It is considered to have passed the test successfully.
What if a person barely maintains their account? Or if, instead of a real photo, an avatar from the Internet flaunts on his account? How will this affect the issuance of a loan?
If a citizen is trying to get a quick microloan in the amount of up to 5,000 rubles, then without an active account on social networks with a real photo, creditors may refuse him. The presence of an active life on the Internet testifies: a real person who needs financial assistance turns to a credit company. If a citizen is hiding behind an abstract avatar, and his account was created just a week ago, then he may be a fraud. Perhaps he is pursuing the goal of collecting several microcredits in different organizations, and not returning them.
But if a citizen applied to a bank for a serious loan, then financiers, first of all, will study other data. They will be interested in the size of the salary of a potential borrower and his credit history… Does he actively maintain an account on Instagram and what is his avatar – this information will not even be of secondary importance, but of the tenth degree of importance.
So what will happen if:
- you do not have State Duma deputies among your “friends”;
- you post a lot of vacation photos;
- you unflatteringly spoke about low salaries of state employees?
Don’t be afraid. This will not be the reason why you will be denied a loan. Your qualifications, salary level, real credit history – these are the most major factors, on the basis of which bank employees make decisions.
If you are interested in a bank with the most favorable loan conditions, you can find the required organization on this page.