The world today runs on technology and social media. The people in every age group are connected to the rest of the world with the help of social media. No matter if it is a shared post, status, connections, or shared image, social media helps in framing your virtual personality which is shared with almost everyone who has an internet connection. The social media has become a part of our lives.
The primary advantage of being active on social media is that you will be kept apprised of the current events of the day. Whether it is staying in touch with your colleagues on LinkedIn, your favorite celebrities on Twitter, your near and dear ones on Facebook or Instagram, all your connections and networks will know your recent activities and vice versa.
So while trying to be active on social media by connecting and keeping yourself apprised about the happenings of your surroundings, have you ever wondered that someone might be going through your social profile to gauge your eligibility?
Yes, it’s true! As it comes to the surprise of many social media users, it is inevitable that there are at least two entities that keep an eye on your social profiles before they give you a green signal. These two entities are: your employer and your lender.
In this tech-savvy generation, lenders have begun using technology to ascertain the loan eligibility particularly when it comes to a personal loan. Personal loans are deemed as unsecured loans as there is no security held as a collateral, there is always a risk factor indulged at the lender’s end. Thus, the lender has to stay alert and keep himself apprised that the loan doesn’t turn out to be an NPA. In order to reduce the risk of defaulting, lenders these days have started inspecting social media profiles of the applicant where he stays active.
This is where preferably most of the applicants stay active. They look out if the profile is genuine, and does not pose any kind of abnormal behavior on his timeline. Lenders also look out for his connections whether they were his previous/current borrower. The repayment habits of those people too help in checking the creditworthiness of the inspected borrower.
This is where the entire employment history of the applicant lies. No matter the size of the fast installment loans, the lender has to ascertain whether the applicant is capable of paying off the loan or not. This profile also helps as verification to employment document.
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