Why We Ask For Bank Statements?

11.10.23 01:31 PM By Responsive Lending Test

Why we ask for bank statements

What do lenders typically look for on bank statements?

Bank credit lenders require bank statements for bad credit loans as they use the statements to assess the loan. It's an important tool for them to analyse your financial behaviour.

It may vary from lender to lender, but here are some common things they usually consider:

  • Are there any undisclosed loans?
  • Does your income match what you stated in the application?
  • Is there any overdrawing on the account?
  • Are there any dishonours to other finance companies or obligations?
  • Is there any cash remaining at the end of the week?

How can l submit my banking statements?

Responsive Lending has partnered with Proviso to provide a fast and secure method for submitting bank statements. If you have recently applied for a loan through us, you should have received an email containing a personalised link to submit your bank statements.

Are there any alternative options?

Certainly! If you're not comfortable using our online system, you can send your bank statements as a PDF attachment to your loan officer.