Your Facebook friends could potentially stop you from getting a loan.
You may have already experienced how difficult it can be to get a loan if your credit isn’t the best, but now your friends on social media could go against you too!
Even if your credit is on top form, if your friends on Facebooks aren’t, then the banks could refuse to give you cash.
The risk comes as Facebook has bought a patent allowing it to sell your friends lists to banks, which could in turn land you in trouble. If your online mates happen to be big spenders, then that could mark you to banks as a dodgy loan risk. This new technology allows banks the opportunity to judge whether or not you are likely to pay loans back based on who you are friends with on Facebook.
The Mirror reports: ‘When the banks have access to your profile, they will be able to decide if they want to be your lender based on your FRIENDS’ credit history. Mark Zuckerberg’s tech behemoth bought patents for just over £26 million, including the right to sell on friends lists to financial providers, according to Quartz.’
The report says that the impact of this is not yet known, but it could affect bank, career or student loans.
Facebook haven’t made any comment on the patent as of yet!