Know what the creditor can and cannot do with your personal loan application

When you make a personal loan application make sure that you only provide to the lender what is necessary. Sometimes we answer whatever we are asked because we are not aware of our rights. There is some information that is frankly none of their business. Here is what to watch for when filling out your personal loan application.

There is federal legislation that ensures that you are not discriminated against to obtain credit. Watch the questions on the personal loan application. Creditors cannot ask for the sex, race, religion or nationality origin of the applicant. But they are able to inquire if you have permanent residency or not. They can ask about how many dependents you have but not if you have plans to start a family. If you receive alimony or child support, it is your choice whether you want to disclose this information. It might be of benefit to disclose if you want to show that as an income source but otherwise you can keep that fact to yourself.

On your personal loan application creditors are allowed to ask about your marital status if you requesting a joint account or you rely on the income from your spouse. They can ask if you have previously received credit under another name and if you actually are paying alimony or child support. Knowing your rights will help you feel confident when filling out any information.

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About The Author:

Sharon Preston is a successful author and regular contributor to http://www.need-to-know-finances.com. A one-stop resource for all your personal loan needs featuring articles and tips about online refinance, low interest rates and much more.