Insanity and Stupidity in the business of loans

[Me+Me]

Personally I have no need for, nor any desire to get, any kind of loan however reading the following article I was shocked at this:

https://www.stuff.co.nz/business/1275512...k-password

It's insane for them to say it's 100% secure.  Not that they care because if your bank account is compromised because you gave out your password the bank is gonna say "Tough".  WTF next ???

[Magoo]

for a car loan? id have said no way too.
who needs it that bad to put yourself thru that humiliation?
bank statements will only show what you let them see.
i get cash out at an atm once a week to cover incidentals and that weeks groceries etc.
and money gets moved in and out of that account to other banks and accounts.
how much time do you have? which account do you want to see?
and no, you cant see all of them, pick one.

[Me+Me]

Its nothing to do with any humiliation due to them looking at what/when/where you spend it's entirely to do with the security issue of giving anyone your bank passwords. That's a HUGE no- no. Theres NO WAY I'd do that. And the banks say if you do that and your money disappears then tough shit.

[Magoo]

oh i see, the security thing.
yes, theres that too

[Oh_hunnihunni]

There have always been dodgy dealings in the car loan business. I know, I used to be one of the lenders. The reason the car dealers are using this gizusyerpasswrd service is to sign deals up on the spot so the buyer doesn't go away and think about the deal, and perhaps decide not to buy. It replaces and saves getting a credit check, and has very little to do with changes to the law which are designed to prevent salesmen signing buyers up to deals they might regret.

[Magoo]

buyers remorse.
in america they call it the 'cold feet' law.
youve got 24 hours to change your mind

[an amniote]

buyers remorse.
in america they call it the 'cold feet' law.
youve got 24 hours to change your mind

I think it's seven days here. Not helpful, of course, if they already have your bank password.

[king1]

Personally I have no need for, nor any desire to get, any kind of loan however reading the following article I was shocked at this:

https://www.stuff.co.nz/business/1275512...k-password

It's insane for them to say it's 100% secure.  Not that they care because if your bank account is compromised because you gave out your password the bank is gonna say "Tough".  WTF next ???

no way, banks don't even like POLI.  Can't imagine this will sit well, especially when it is easy enough just to provide PDFs

[Oh_hunnihunni]

buyers remorse.
in america they call it the 'cold feet' law.
youve got 24 hours to change your mind

I think it's seven days here. Not helpful, of course, if they already have your bank password.

Exactly.

Oh! Sorry but we already processed those documents...

[girlgeorgina]

i wouldnt even share my email password, never mind one connected to my banking!