What is a driver’s license?
A driver's license is a legal authorization, or the official document confirming such an authorization, for a specific individual to operate one or more types of motorized vehicles—such as motorcycles, cars, trucks, or buses —on a public road. Such licenses are often plastic and the size of a credit card.
What is a commercial driver's license?
A commercial driver's license (CDL) is a driver's license required to operate large, heavy, or placarded hazardous material vehicles in commerce, including trucks, buses, and trailers.
Why Do Banks Need a Driver's License/CDL for a Loan?
A bank will not lend funds to a person if the bank cannot properly establish the identity of the customer. A birth certificate is not sufficient to comply with identity verification, as identification with a picture is required. Other picture forms that are acceptable are military identification cards and passports. If a person does not have a driver’s license, the financial institution will inform the customer as to what alternate forms of identification the institution will accept.
Things to consider when submitting a DL/CDL:
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The photograph on your driver’s license has to be as clear as possible to show your facial features and everything on your face.
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Your credentials should be clear and not tampered.
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The ID needs to be active and not expired.
