Banks checking loan applicant's capacity to repay on Facebook, LinkedIn
If you want to increase your creditworthiness with banks, interestingly, you would have to increase your 'worth' on social media!
Zee Media Bureau
New Delhi: If you want to increase your creditworthiness with banks, interestingly, you would have to increase your 'worth' on social media!
In short, making the right contacts on LinkedIn and upwardly mobile friends on Facebook would help in quicker processing of your loan application.
So strive for the right contacts on social media not only to be socially popular, but also to have better credit worthiness with banks and financial institutions.
Loan disbursing companies, have started scanning the social media profile of loan applicants before procession their loan application for assessing the risk of defaulting on payment.
The companies try to asses one's capacity to repay on the basis of one's social media connections, personal details and bank statements.
The trend is, though, mostly applicable in the case of first time borrowers, and young applicants, who hardly have any credit history available.