Many people are under the belief that they can use fake pay stubs to purchase a car. However, you should know that you will be subjected to illegal activity if you are caught doing the same.
Faking your income to get a residential or auto loan is illegal. If you ever try doing so, not only will you be subjected to legal action by the company but also by the loan company. Many people often consider using a fake pay stub generator to get their hands on pay stubs. Well, these are just fake pay stubs and it may eventually land you in trouble for the same.
As soon as you file a fake pay stub, you will eventually be caught for it. Hence, it is advisable to not follow these. Nonetheless, there are different ways through which you can easily obtain a pay stub. People with low income too can apply for an auto loan. However, one should consider following all legal ways for filing for an auto loan.
What will happen if I do false reporting?
Many people believe that filing a file pay stub will help them get away. However, it is necessary to note that the institutions are pretty smart and if you try to file illegal pay stubs, you can land in great trouble for it. While using an online pay stub generator is nothing illegal, if you’re using it for the wrong purpose you may be penalized.
Filing a fake pay stub gets you in the category of false reporting. Hence, it is necessary to consider the small aspects of filing pay stubs. When you create a fake pay stub, you tend to commit fraud activity. Thus, committing any fraudulent activity is bound to land you in trouble.
Some of the common consequences of filing a false pay stub include the following
- Consumer Fraud
- Government Fraud
- Fraudulent activities against a governmental body
How you will be penalized completely depends on the severity of the action. It is extremely crucial to understand the basics and avoid penalization.
Can institutions track my fraud? How?
Well, most people believe that they can easily get away with a fake pay stub. They can’t. These governmental and non-governmental bodies have experts who do the calculations and easily spot if the pay stub is fake or genuine.
- Bank Statements
As a matter of confirmation, many institutions consider checking the bank statement of the individual after checking their pay stubs. This is mostly because they are aware that most people might fake it. The bank account statement can be legit proof of the particular person’s income. Furthermore, it helps to determine if the person is eligible for an auto loan or not.
Most fake stubs have inconsistent calculations. This acts as huge proof for stating that the particular pay stub is fake. There’s a huge difference in numbers and mistakes in calculations that act as indicators.
When it comes to auto loans, it is all about the lender that you choose. According to experts, you can easily get an auto loan without faking a pay stub. However, you’d need to be careful.