Verification transfer - everything you need to know
If you are going to apply for a loan online, you must be aware that the lender will want to confirm your identity. It may not require a positive credit history or income certificates from you, and will ask you to make a verification transfer. What is a verification transfer? Check it out!
The lender may ask you to confirm your identity by one of the possible ways: Instantor, Kontomatik or a verification transfer. In this article, we would like to discuss the latter - verification transfer. Check what you need to know about him!
What is a verification transfer?
A verification transfer is one of the forms of identity confirmation most often required by loan companies. How to do it? It's very simple - you transfer money in the same way as usual, only this time the recipient of the transfer will be a loan company. Remember that you need to have access to online banking - you cannot make such a transfer by paying at the post office, and be the owner of the account from which you make the transaction.
The lender will ask you to transfer a small amount (usually it is a symbolic one penny or zloty) to his account, and in return, he will receive your data. Thanks to this, he will be able to check whether the details of the person applying for the loan coincide with what he received through the verification transfer. Therefore, when making a verification transfer, you must use your own account. This is a protection against fraudsters who try to extort a loan for other people's data.
When is a verification transfer required?
At the end of applying for an online loan, you may be asked to confirm your identity by transferring a symbolic amount. However, this only applies to those situations when you apply for a loan for the first time - it means that you have never been a client of a given loan company and it does not have your data.
When will you get a loan on your account?
As soon as the lender receives your transfer and confirms the consistency of your data, and the decision to grant the loan is positive, you will be paid cash.
Depending on which bank you have an account in and in which bank the lender has an account, the time of posting the transfer may differ. Certainly, the fastest transfer will be made when you have an account in the same bank as the lender or if you use a quick transfer.
Is the verification transfer safe?
You certainly have many doubts as to whether a verification transfer is a safe form of identity confirmation. Remember - before you decide to put a "penny" on the lender's accounts, check this company carefully. Look for it on the web, make sure of its truth and existence. Fraudsters are getting more and more creative when it comes to extortion, so you can never be too careful! :) Once you are sure that the company is real, you don't need to worry. The lender only needs your data for verification purposes, they will not use them in any other way or pass them on.
Can I confirm my identity in any other way?
Yes! :) There are other methods that allow the lender to verify your identity - we wrote about it here: what is Instantor, Kontomatik and a verification transfer .Return