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P2P Delights
Topic Started: 17 Aug 2015, 05:42 PM (1,359 Views)
Terry
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Interesting little twist in today's business discussions. Some P2P platforms are using some interesting checks in their vetting of lenders:

1. The platform requires borrowers to upload an image of their driver licence. The photo is verified against passport scans, which is based on similar technology used at airports.

2. Another platform's process requires borrowers to enter online banking passwords so that the borrower can log into bank accounts to download current statements. It's a good method of preventing any confusion about borrowers' income and expenses.
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Trollie
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Terry
17 Aug 2015, 05:42 PM

2. Another platform's process requires borrowers to enter online banking passwords so that the borrower can log into bank accounts to download current statements. It's a good method of preventing any confusion about borrowers' income and expenses.
Post the link please. This would be a clear violation of banks term and conditions of use for their online banking.
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Terry
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Trollie
28 Aug 2015, 02:22 PM
Post the link please. This would be a clear violation of banks term and conditions of use for their online banking.
No it is not. My information belongs to me. I am allowed to share with whoever I please.
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Trollie
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Terry
28 Aug 2015, 02:25 PM
No it is not. My information belongs to me. I am allowed to share with whoever I please.
It's not your information it's the banks. Also, you wave the right to be compensated by contributing to the loss if your account is raided.

You no how when you sign up for internet banking it clearly states "DO NOT SHARE YOUR PASSWORD AND ACCOUNT DETAILS"...
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Terry
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Trollie
28 Aug 2015, 02:32 PM
It's not your information it's the banks. Also, you wave the right to be compensated by contributing to the loss if your account is raided.

You no how when you sign up for internet banking it clearly states "DO NOT SHARE YOUR PASSWORD AND ACCOUNT DETAILS"...
Nonsense
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Trollie
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Terry
28 Aug 2015, 02:33 PM
Nonsense
Pick a bank, lets see what their T&C's says and we will see who's nonsense.
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Rastus2
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Terry
17 Aug 2015, 05:42 PM
Interesting little twist in today's business discussions. Some P2P platforms are using some interesting checks in their vetting of lenders:

1. The platform requires borrowers to upload an image of their driver licence. The photo is verified against passport scans, which is based on similar technology used at airports.

2. Another platform's process requires borrowers to enter online banking passwords so that the borrower can log into bank accounts to download current statements. It's a good method of preventing any confusion about borrowers' income and expenses.
I seriously doubt that any reputable lender would demand the passwords of a potential client to another bank to be handed over... if someone is stupid enough to do so, they really need to reconsider borrowing money in the 1st place.

The driver's licence, I can believe... it's part of the ID Points... I would still be cautious about doing so however.... the more images of your drivers lic on the net, the more likely you will have your ID stoen by someone.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Trollie
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Rastus2
28 Aug 2015, 03:04 PM
I seriously doubt that any reputable lender would demand the passwords of a potential client to another bank to be handed over... if someone is stupid enough to do so, they really need to reconsider borrowing money in the 1st place.

The driver's licence, I can believe... it's part of the ID Points... I would still be cautious about doing so however.... the more images of your drivers lic on the net, the more likely you will have your ID stoen by someone.
No it's worse than that Rastus, terry the fool is claiming LENDERS are being asked to hand over their bank details, not borrowers.
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Terry
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Trollie
28 Aug 2015, 03:09 PM
No it's worse than that Rastus, terry the fool is claiming LENDERS are being asked to hand over their bank details, not borrowers.
Nonsense
Rastus2
28 Aug 2015, 03:04 PM
I seriously doubt that any reputable lender would demand the passwords of a potential client to another bank to be handed over... if someone is stupid enough to do so, they really need to reconsider borrowing money in the 1st place.

The driver's licence, I can believe... it's part of the ID Points... I would still be cautious about doing so however.... the more images of your drivers lic on the net, the more likely you will have your ID stoen by someone.
Lenders never got to see borrowers' information. The platform does. P2P platforms cannot post borrowers' or lenders' private details on the internet.

So yes, very poorly expressed.

Another platform process requires borrowers to enter online banking passwords so that the platform can log into bank accounts to download current statements. It's a good method of preventing any confusion about borrowers' income and expenses.
Edited by Terry, 28 Aug 2015, 03:15 PM.
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Trollie
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Terry
28 Aug 2015, 03:10 PM

Another platform process requires borrowers to enter online banking passwords so that the platform can log into bank accounts to download current statements. It's a good method of preventing any confusion about borrowers' income and expenses.
It's still a violation of pretty much any banks T&C's. Post the link Terry or are you too full of shit to even give it a go?
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