Online loans – why do we perform a verification transfer?


We take the security of our data online increasingly seriously. This is the result of fraud and fraud that aims to extort information about us. For this reason, clients of loan companies are often afraid of a verification transfer. Why is a non-banking company asking us to do such a transaction? This is a standard security procedure that is intended to exclude the possibility of taking a loan on someone else’s personal data.


The verification transfer is to protect customers

online loan

Simplified procedures in loan companies mean that now to receive a small amount of online loan, we basically need an ID card. This, of course, poses a great threat to us when we lose a document or if it is stolen. Therefore, for online loans , a verification transfer is required that allows you to check whether the person making the loan is using his or her data. The purpose of such a transfer is therefore to protect customers.


How to make a verification transfer correctly?


A large number of loan companies currently allow several methods to verify data. For this purpose, you can use a special mobile application. Nevertheless, the vast majority of customers still choose a verification transfer . We are asked to transfer a small amount (usually $ 0.01 or $ 1) to the lender’s bank account. Of course, the transfer must be made from your account so that the holder details are the same as the information we provided in the application! Otherwise the transaction will be rejected.

Thanks to transactional platforms enabling instant online payments, the verification transfer will be completed within a few minutes. The system will automatically compare personal data on the transfer with those in the application. If they match, our application will be successfully accepted by the loan company and the amount of the verification transfer will be refunded to our account. Within a few minutes from this moment, a decision will be made about granting us the loan we are applying for.