Online Bank Statements: Your questions answered
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Ensuring you feel 100% safe and secure when you submit your bank statements online, is a responsibility we take very seriously.
And as a leading Fintech business, it’s important that we support you with as much helpful and accurate information about this online technology, so you can apply with complete confidence.
When applying for a personal loan, all customers, whether new or returning, are required to use our secure bank statement retrieval service through illion bank statements so their loan can be assessed.
This requirement evokes regular security questions, which we completely understand.
To help, we’d like to answer these questions, so you can be confident in our technology and processes.
Why do I have to provide bank statements to obtain a loan?
As a responsible lender, we need to verify that you have enough money coming in to make your loan payments once all of your current and ongoing expenses have been accounted for.
Why do I have to use the online bank statement service?
As a Fintech business, our online loan process has been designed so all loans can be processed using tech-smarts that are quick and secure.
Our online bank statement service enables the immediate and secure retrieval of your required bank statements, from your bank directly to us and it’s kept encrypted at all times.
Data Encryption means that your information is translated into a secret code which can only be decrypted by using a decryption key. This is the most effective way to achieve data security.
Can’t I email you my bank statements instead?
No. As mentioned earlier, we are a responsible lender who upholds data security and are vigilant in protecting our customers from identity and financial fraud.
Emailing your statements is not secure because they are not encrypted.
By receiving your bank statements directly from your bank, this secure process protects your information, validates the accuracy of the information and confirms your identity.
If someone managed to steal a copy of your bank statements from your mailbox or computer, and tried to apply for a loan by emailing them to us, we would not accept them, ultimately protecting your identity.
When I apply, what can I expect to see? How does it work?
When you apply for a loan with us, you will apply either as a new customer (using our online application form) or a returning customer (using our express form in our customer portal.)
During both online forms, there is a section called “Bank Statements” where we provide our secure online service.
You firstly select your bank from a drop down list, and then enter your online Banking details so your bank statements can be securely retrieved. Exactly like the Banks, your data is protected with 256-bit encryption, secured by 2048-bit keys.
Do you store or gain access to my bank login details?
No. Your login credentials are never stored. They are securely discarded once they have been encrypted and passed to the bank.
Your bank statements are also provided in read-only format, which means your account cannot be accessed in anyway.
How many other lenders use this type of service?
This service is Australian owned and its technology is being used by thousands of lenders and brokers throughout Australia and New Zealand.
Millions of people are using this service to securely provide their bank statements.
We hope this information has been helpful and provides you with the knowledge that our online bank statement retrieval service has the highest levels of data protection and security.
If you have any other questions, please do not hesitate to contact us.
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