Is It Illegal To Make Fake Pay Stubs?
Pay stubs are essential when you are looking to get a loan approval but you should be wary of breaking the law in the naming of getting the loan. People do desperate things when they are looking for a loan but remember that whatever emergency or trouble you think you are in will be made worse if you have fake pay stubs made for you. Most of the people who get into such frauds are looking for a loan to buy a car. The people committing the fraud are usually people who are paid in cash which means they do not have a payslip to confirm that they earn what they say they or they are receiving tips which hike their earning. Those who have lost their employment or have just started working will face a pay stub problem too which can send them to the extreme edge.
No matter what you have read of being told to convince you that what you are doing is right, fake pay stubs are actually illegal. In the generation of the pay stub, the people doing the work will change details of your education and the grades, your place of work, how long you have held the position you are in and even the amount of money you are getting. You may be thinking about the financial gains you will get at the time you are paying for that but remember that if caught your relationship with the lender will be ruined. Getting a loan is not usually a one-time thing and if you want to qualify for an even bigger amount in the future, it is good to maintain a good relationship. The loan application contract requires the borrower to be forthcoming about the information asked for and submitting a forged pay stub goes against the agreement which means the lending institution can sue you for that.
You are not the only person who will be affected by this because even middlemen were involved like loan brokers, rental management companies, and even car dealerships, this will reflect badly on them in the eyes of the lender because it will mean they did not do a great job in vetting you and it is not right to destroy someone else’s dream no matter what you are going through. You will not just have a felony to worry about if you are sued but with the information made public, the other lenders will be wary of dealing with you because your reputation as far as loan application is concerned will already be tainted. Not every lender will sue you and some will just deny you the financial aid you were seeking.