Why do website, lending platforms and online lending companies ask for the bank password for online bank access? Sometimes all you need to know before submitting a loan application is information. If you have heard about online loan sites, which do everything the fastest, then you need to undergo credit assessment and approval processes, except for the online lenders themselves, this conversation about asking the bank’s password will likely be negative.
One of the area that causes most concern when borrowing money is security, especially when online nature to make loans by phone and smartphone with applications is not as widespread as in countries in North America, Japan, Australia and the Euro Zone where this type of operation is more common among citizens.
The problem of trust, as I said, is information, so when you come across the request for the bank password to verify the bank statement and the bank transaction, the applicant is in a kind of trance and can no longer proceed with fear of being fraudulent. Think.. How will I be sure that my bank information will be kept safe? How do I know if the site I’m borrowing for is trustworthy and secure? How do I know if entering my password with the bank details will not be a problem? Look at the references and social signs of the company.
Why do lenders need my Internet banking details?
This little quick guide is intended to inform why creditors ask for this information (bank access password), what they do with their internet banking login, and how their financial details are kept safe during the process.
The online loan and lender websites that offer internet loan ask for your bank details simply because the system of analysis and approval needs to access if your banking information checks and also see your monthly movement. This is the most efficient and quick way that lenders are able to process your loan application much faster than private banks.
Instead of sending your bank statements in the last three months, you provide your passwords and the lender can access them instantly and in just seconds you know whether you are eligible or not – saving time and work, that is the goal.
Will online loan sites have full access to my bank account?
No, anyway! When you submit your passwords details, the online loan or lender site you are requesting credit through the form, will use only to access the transaction information and not to make transactions.
Popular companies that offer this type of service include Just Online and MoneyMan. This is done almost instantly and most importantly – with total security and privacy. The online lender will not have full access to your account (for this it is required). You will only be able to see the information you need to evaluate and approve your borrowed money order.
Is it safe to give my bank details and password on the Internet?
- Yes, the credit company (fintechs or marketplace) that you are requesting the loan will not have full access to make transactions with your bank account, it is only for reading your bank statements
- Your login details (banking access) on the Internet will not be stored in the browser or cached on any computer or network access
- The process is all done via encryption in the same secure template of online banking
- No information is passed on to third parties
Do I have another alternative to submit my bank details?
Most online lenders and online application sites through credit and loan applications may allow you to send copies of your statements per PDF file by email to be verified manually.
However, keep in mind that this process will generally lengthen the response time by 5 to 10 minutes for a few days, so the “fast response time” that is usually the purpose of the online loan will be lost.
However, if you are concerned about delivering your Internet banking login to make a personal loan, be aware that all government employees to have their approved applications need to report data such as a bank password and also sensitive data such as alimony passwords and access to the official portal of the paying agencies.
Knife of two peaks – the other side of the coin
Understand that the concern for security is not just the applicant. The lender, in the case the company that will grant the personal loan, also needs to keep their operation within an acceptable level, so this type of request is extremely necessary. Without talking about the default rate and increasing insolvency in bank and alternative credit, it is also mandatory to know if the applicant can fulfill the commitments he wants to make.
So when you find a website or company with an internet application or platform that asks for your password, it is not fraud but approval policy and credit analysis, do not be uninformed or ignorant to the point that you think the company is fraudulent only because of the dot.
Our advice is to get as much information about the lender, and only then create your conclusions. But if you are still not satisfied, look for another company that does not have this bureaucratic facilitator. Access the link to some secured loan companies, and over 12 reliable online loan companies.