Verification is where we confirm your identity. This is a process which enables us to maintain a safe environment for both borrowers and lenders here on Fat Llama. Your request is only passed to Lenders if we verify you, so it’s an important step that we try to make as simple as possible!
Verification is a two-step process
Step 1: You upload documents
Depending on the particular rental request, we may ask you for some/all of the following information:
- ID (Passport or Driver’s License)
- A video selfie reading out the 4 digit security code displayed on the screen (if you are hearing impaired, you can sign the numbers with your fingers if you need to, or write down the numbers and display it to the camera)
- A proof of address (Bank statement, Utility Bill or Council Letter) dated in the last 3 months
- A proof of employment (payslip or invoice) dated in the last 3 months
- A Personal and/or professional website or social media link
- Credit/debit card details
We'll let you which of the above documents you need to upload when you make your rental request.
We store your documents on file, so you don’t have to re-upload the same documents again the next time you rent.
Step 2: We make a verification assessment
Once you send in your documents, as well as being viewed by our verifications team to make sure it’s really you, they also go through our verification system. Our algorithms factor in multiple data points, including the ID you’ve submitted to determine a user's ability to rent on Fat Llama.
Whilst our Verification algorithm is incredibly effective, being verified is not an endorsement of any borrower or lender or a guarantee of their identity. If at any stage you're uncomfortable accepting a rental from someone (even if the transaction has been verified) please contact us at email@example.com or the support chat triage to discuss your concerns.
How long does Verification take?
On average we take around 30 minutes to review the request and process your rental (though many of our transactions are processed automatically). In exceptional cases, we might take up to 24 hours. Regular borrowers who have been verified before are more likely to have a smooth experience in the verification stage.
The time it takes for a rental to be approved depends on:
- How quickly you're able to upload the required documents
- Whether you're a first time or repeat borrower
- The type of rental you are requesting - higher value rental requests require more rigorous Verification assessments.
The progress of your rental through the Verification process can be tracked by going here.