getting a loan from the bank..
When you go in to get a loan and the person asks for your most recent paystubs, do they enter the information into the computer or do they just look at the stubs for a personal reference so they can approve it or how does it work exactly...like i got a job and i have already had a few loans, im just curious as to how it works?
Update:so do they just need to see them or do they actually have to enter the info from the stubs into the computer?
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They need to see them, make copies of them to keep on file, and they also have to enter some of the information off of them onto a computer. The person at the bank who didn't ask you for your stubs just screwed up and forgot.
From what I understand, the reason they ask for the most recent stubs is to ensure that you are still working and that you did not lie on the application about your income, employment, identity, etc. I am sure this is required by laws somewhere.