Providing documentation to Ratesetter

MarnieS

I made an application to Ratesetter earlier today. In the last hour I received a phone call asking me to send,via email a copy of my last bank statement. It can either be a link to an online statement or I can take a copy and send back. Is this normal practice? You hear so much these days about giving personal details out I want to be sure this is standard for ratesetter.

SeanG79

I don't know about ratesetter specifically, but often banks will request a copy of a bank statement to assess affordability.

grandplonker

Yes. This is perfectly normal. I've been asked for payslips, too. Send them a copy.

For a start, it gets past 'the computer says no' headaches of the credit crunch. The bank has more info to go on. Whereas 'maybe' would otherwise have to be 'no', your bank statements can make 'maybe' a yes.

Remember Ratesetter already consider you credit-worthy to even get this far. Peer-to-peer lenders will just say 'no' to 90% of applicants.