to Self-employed: share business info get a loan?

Discussion in 'Business Operations' started by lawncuttinfoo, Oct 14, 2009.

  1. lawncuttinfoo

    lawncuttinfoo LawnSite Bronze Member
    Posts: 1,010

    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.
     
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

  3. lawncuttinfoo

    lawncuttinfoo LawnSite Bronze Member
    Posts: 1,010

    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?
     
  4. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    You shouldn't have to,they should only need to know your gross or projected.
     
  5. lawncuttinfoo

    lawncuttinfoo LawnSite Bronze Member
    Posts: 1,010

    Regardless if you should have to, would you?
     
  6. they have no business knowing that but they have the money and you want the money, their rules.
     
  7. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    I didn't see the one part. Are you using your business to get a personal loan?
     
  8. lawncuttinfoo

    lawncuttinfoo LawnSite Bronze Member
    Posts: 1,010

    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: Oct 14, 2009
  9. PROCUT1

    PROCUT1 LawnSite Platinum Member
    from TN
    Posts: 4,909

    The bank can ask for whatever they want. Its their money. Well "taxpayers" money...lol But thats a different topic.
     
  10. ted putnam

    ted putnam LawnSite Platinum Member
    Posts: 4,539

    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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