When you apply for short term loans online, you would be prompted to provide all your details in a digital format. You need to have scanned copies of your identity proof, you must have a soft copy of your pay slip or a bank statement that shows your income and its regularity, you must provide any other proof you may need and you should also furnish your banking information. These are personal details.
Whether it is your bank information including the account number or your identity proof, these details can be used against you. Websites can sell your data to third parties and you have no way of knowing how the data is stored, managed and used. Websites can misuse your data. From identity theft to being ripped off of your hard earned money, the consequences can be dire. The least harmful but irritating enough is having your data shared with all the telemarketers in the country and beyond. The constant calls offering everything under the sun can be off-putting, especially when you simply want a loan to attend to your financial obligation.