Employment details on loan applications

Purplefly_2

Hello,

I am planning to apply for a loan and would like to know if anyone knows why you are required to give your employer's contact details, as I wouldn't want my employers to know my financial situation. Are your employers contacted or is it just for information to 'prove' that you are actually in employment?

Thanks you

Rafter

Check your employment contract. If you work in financial services or another regulated profession then your financial situation may jeopardise your employment.

Otherwise your employer would be breaching your confidentiality if the HR department did anything other than respond to an enquiry from the loan company just to confirm your start date and salary.

If your financial situation is difficult are you sure that a loan is what you need right now? There may be better options? It may be worth getting some advice from an organisation like cccs?

Good luck.

R.

Butlers1982

All they want to know off your employer is:

Your annual salary
If your perm/temp
How long you have worked there.

They MAY contact your employer if your wage slips arent adequate but will not give them any details on how much you want to borrow or why you are doing so.

Purplefly_2

Thanks for your replies, I have now found out what I wanted to know.

By my 'financial situation' I just meant, would the bank be giving my employer any details about the loan,which it seems they can't so that great.

Thanks again

Butlers1982

Thanks for your replies, I have now found out what I wanted to know.

Press-a the Thanks Button for us all then!!

Purplefly_2

Butlers1982 wrote: »

Press-a the Thanks Button for us all then!!

What does this mean?

Purplefly_2

I get it now:o. I've pressed the thanks button.