Can a loan company see your bank account?

Can a loan company see your bank account?


Typically, during an application process, when you’re taking on financing, a loan company, lender, or bank, will look at your bank statements to understand your financial history, how responsible you are as a consumer, and to understand their risk level with you as the borrower.

They use that to determine whether they’re going to qualify you for a loan or not, and also what type of price range and interest rate your loan is going to work out to be.

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.