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  #1  
Old 10-14-2009, 09:43 PM
lawncuttinfoo lawncuttinfoo is offline
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to Self-employed: share business info get a loan?

Do you think a bank has the right to any and all of your business info to verify your self employment?

Even so much as your customer list? This seems a bit unethical to give the bank your customers information which they trusted you with.
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Old 10-14-2009, 09:46 PM
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grandview (2006) grandview (2006) is online now
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Tell us more,please.
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Old 10-14-2009, 09:51 PM
lawncuttinfoo lawncuttinfoo is offline
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It's just a question.
Do you think it is ethical to give your customers personal information to a bank to get a personal loan for yourself?
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Old 10-14-2009, 09:52 PM
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grandview (2006) grandview (2006) is online now
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You shouldn't have to,they should only need to know your gross or projected.
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Old 10-14-2009, 10:12 PM
lawncuttinfoo lawncuttinfoo is offline
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Quote:
Originally Posted by grandview (2006) View Post
You shouldn't have to,they should only need to know your gross or projected.
Regardless if you should have to, would you?
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  #6  
Old 10-14-2009, 10:15 PM
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they have no business knowing that but they have the money and you want the money, their rules.
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Old 10-14-2009, 10:18 PM
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grandview (2006) grandview (2006) is online now
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I didn't see the one part. Are you using your business to get a personal loan?
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Old 10-14-2009, 10:24 PM
lawncuttinfoo lawncuttinfoo is offline
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I am not 'using' it. The bank is verifying employment, I happen to be self empolyed.

Personally I am shocked to hear this request from the bank.

I guess I should not be so surprised I'm sure sears/target/home depot are giving out our info all the time.

Last edited by lawncuttinfoo; 10-14-2009 at 10:29 PM.
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Old 10-14-2009, 10:49 PM
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The bank can ask for whatever they want. Its their money. Well "taxpayers" money...lol But thats a different topic.
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Old 10-14-2009, 11:24 PM
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ted putnam ted putnam is offline
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Quote:
Originally Posted by PROCUT1 View Post
The bank can ask for whatever they want. Its their money. Well "taxpayers" money...lol But thats a different topic.
You hit the nail on the head...well...kinda. He's a taxpayer. The only thing they need to have to verify self-employment is a copy of his last years tax return. They're going to ask for that anyway so they can figure his debt to income ratio to determine whether he is a viable credit risk. There shouldn't be anything else they need (to determine self employment) unless he's just become self employed in the last few weeks or something. If that's the case you may have to wait and you probably should have tried to get the loan before becoming self-employed. To answer your question of whether I would give my customer list out to them. The answer is NO. If they ask for it you need to deal with another bank. JMO
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