When you apply for short term loans online, you would be prompted to provide all your details in a digital format. You need to have scanned copies of your identity proof, you must have a soft copy of your pay slip or a bank statement that shows your income and its regularity, you must provide any other proof you may need and you should also furnish your banking information. These are personal details.
Whether it is your bank information including the account number or your identity proof, these details can be used against you. Websites can sell your data to third parties and you have no way of knowing how the data is stored, managed and used. Websites can misuse your data. From identity theft to being ripped off of your hard earned money, the consequences can be dire. The least harmful but irritating enough is having your data shared with all the telemarketers in the country and beyond. The constant calls offering everything under the sun can be off-putting, especially when you simply want a loan to attend to your financial obligation.
As you check out the websites of lenders and those facilitating short term loans, you ought to check their security standards. Read the privacy policy, how they use the data you provide or how they manage it. Only deal with those websites that make it explicitly clear your data would not be shared with anyone. It is only you who can authorise how and if your data should be used in any way. No lender or broker is authorised to use your personal details in any form or for any purpose other than what you have intended or made apparent by offering the details. Should there be any prompts or declarations you need to agree with while applying for short term loans, read them and be sure that such provisions don?t compromise your security or privacy.