Could your 'Friends' affect your lending options? Yes. - New York News

Could your 'Friends' affect your lending options? Yes.

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Could the 'social' company you keep determine the loan amount you qualify for? For some newer, start-up lending companies, the answer is "Yes."

They're going to an applicant's Facebook and Twitter pages and reviewing their Friends list in order to assess the applicant's potential lending risks. In some cases, the lending company will check whether the applicant is a Friend with a person who has defaulted on one of its loans.

Other lending companies will use an applicant's Facebook or Twitter profile to fact check the information provided in a loan application.

Click here to read more about this report at FOXBusiness.com.

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