Asking for cvv number

mickginty

So I’m looking to get a loan but the company I am trying to apply with is asking for my cvv number. Is it safe to give them it? I’m worried it might be some sort of scam, it’s lending stream I am applying with 

[Deleted User]

If you want a load, why would you need to provide a credit card number - sounds very dubious

MorningcoffeeIV

Yes. They collect payment through a CPA, rather than DD. 

mickginty

MorningcoffeeIV said:

Yes. They collect payment through a CPA, rather than DD. 

Sorry but what exactly does that mean?

DailyHail

The take the payment using your debit card details rather than you bank account.

It’s a legit company (although you should avoid payday loans like the plague).

if you want the loan, you’ll have to give them the CVV.

DailyHail

Deleted_User said:

If you want a load, why would you need to provide a credit card number - sounds very dubious

It’s clear to me now that you really dont understand what a CVV number is.

it’s the 3 digits on the back of the card… commonly called security number.
it’s not the full card number.

molerat

mickginty said:

MorningcoffeeIV said:

Yes. They collect payment through a CPA, rather than DD. 

Sorry but what exactly does that mean?

They collect loan repayments from your card so need the cvv to set up the continuous payment authority.

Brie

I would check with the credit card company to see how they will deal with this sort of payment being made.  If it's considered a purchase that would be fine but they might think a payment to a loan is a money transfer of some sort that may come with very high interest rates starting on the date the payment leaves your CC account.  Don't ask the loan company as they will say whatever they want to get your business and might end up costing you a lot of money.

MorningcoffeeIV

Brie said:

I would check with the credit card company to see how they will deal with this sort of payment being made.  If it's considered a purchase that would be fine but they might think a payment to a loan is a money transfer of some sort that may come with very high interest rates starting on the date the payment leaves your CC account.  Don't ask the loan company as they will say whatever they want to get your business and might end up costing you a lot of money.

Payment is from a debit card,. Not credit card.

Ebe_Scrooge

Brie said:

I would check with the credit card company to see how they will deal with this sort of payment being made.  If it's considered a purchase that would be fine but they might think a payment to a loan is a money transfer of some sort that may come with very high interest rates starting on the date the payment leaves your CC account.

This is true if the OP is considering using a credit card.  In fact, if they are using a credit card then it will absolutely be treated as cash, with associated fees and interest (if the loan company even accepts payment by CC, most won't).

But I was assuming the OP is going to use a debit card (which still has a CVV number on the back), in which case it's fine.

Well, fine-ish.  OP, you are aware of the eye-watering interest rates they charge, right?  Are you absolutely sure you need/want this loan?

[Deleted User]

You commented on their other thread @Ebe_Scrooge .... looks like this is their chosen route now 😞