Is It Safe to Share Bank Details to Get a Loan?

Personal Loans


23 February 2022

Is It Safe to Share Bank Details to Get a Loan?

If you’re not using online banking yet, you are a part of a club that’s only getting smaller. An increasingly large part of our country accesses their bank accounts online or through their mobile device, and for a good reason. Gone are the days of visiting a branch to pay bills, deposit checks securely, and transfer money. Mobile and online banking make managing finances easy and convenient.  At EarlySalary, you can complete all financial activities with a few taps on your phone.

How do you know for sure sharing your bank details with a loaning company is safe? You find out their reasons for asking for your personal information, and make sure the institute you are giving access to your account can be trusted by asking them questions regarding the safety of said information.

Most of us balk at the thought of giving away our bank details when instant loan websites/apps ask for them, calculating all the risks we are running of getting swindled in our mind, and coming up with several worst-case scenarios. For one thing, the best way to avoid the chances of scams is indeed to not share your personal information. 

How do bank statements help?

  • Review your bank statement monthly to gauge and measure your expense limit.
  • Track your savings over a month or a quarter. Take note of how much you’re garnering.
  • Monitor and reduce overdraft fees by ensuring you always have enough to pay for bills and ATM transactions.
  • Review your statements regularly to keep yourself from identity fraud. Contact your bank immediately should you find any fraudulent transactions.
  • It helps you look out for mistakes and make sure your bank account is free of errors, duplicate charges, and discrepancies.
  • Whether it’s a personal loan or mortgage, you may have to provide bank statements to your lender when applying for a loan.
  • You may need to reference your bank statement when you file your tax returns.
  • Keep your statements safe in case you need them in the future. E-copy comes in handy for maintaining records.

Steps To Follow For A Secure Experience While Banking

Learn how your data is being used

  • Discover how to examine and modify the data that the service is accessing.
  • Learn what data the service stores and for how long.
  • Check to see if the data you are sharing can be shared with third parties.
  • Make sure you understand how to advise the service to cease accessing your accounts entirely, as well as how to remove the data you’ve given, if appropriate.
  • It is critical to ensure that the website or service you are visiting does not automatically keep your information or passwords.

At EarlySalary, we never auto-save your information or passwords and we provide utmost security. We also provide you with two quick and easy ways to transmit your bank information. You can select the one that best suits your needs and be authorised for loans immediately.

Option 1: Make use of online banking

  1. Log in to your salary stub bank account.
  2. Ensure that your past three months’ pay has been credited.
  3. Obtain fast loan approval.

Option 2: Submit Bank Statements 

  1. Check that the bank statement is for your salary account.
  2. Ensure that your past three months’ pay has been credited.
  3. It must be in the original PDF format.

Both alternatives are really simple, quick, and secure!

Concluding Words

There are many ways that other people can gain access to your bank account. You must stay on top of your information game, use strong passwords, and be on guard when accessing your bills online. 

While new technology is excellent and offers convenience, it can also give scammers and thieves more opportunities to access your hard-earned money. Always be alert.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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