What is Instant Bank Verification (IBV)?
If you are currently looking for a quick cash loan, you may not have the time to gather and send all the documents required by many financial institutions that provide personal loans.
To help you avoid this tedious process, many private lenders now use Instant Bank Verification (IBV) to make it easier for their customers to access credit.
In this article, find out how this solution saves you precious time when applying for a loan, without putting your personal data security at risk.
IBV: a verification solution designed for lenders and borrowers
Lenders routinely verify the accuracy of information provided by borrowers by requesting bank statements. This helps lenders base their decision whether or not to grant the loan on hard data and objective admissibility criteria. However, this practice is changing with the advent of Instant Bank Verification!
A faster way to get information about loan applicants
In the past, lenders received bank statements by fax or through photos sent by SMS or e-mail. While this method worked for a few years, the increase in online fraud has made this option less attractive to consumers. In addition, the likelihood of an applicant owning or having easy access to a fax machine has been declining.
Instant Bank Verification services have therefore started to be used by lenders to simplify and secure the process. They allow them to confirm the identity of applicants and detect potential fraud. Secondly, viewing bank statements gives lenders the opportunity to obtain more detailed banking information.
With such credible information at their disposal in a matter of minutes, lenders are more inclined to grant a quick loan to the applicant, without even having to do a credit check.
Applicants’ confidential information is protected
When using IBV, the lender obtains a brief summary of the activity in the applicant’s bank account, which allows the lender to verify the applicant’s ability to repay the loan requested. This is a one-time snapshot and the lender will not have access to any of the applicant’s financial information, such as the applicant’s username or password.
Furthermore, all information transmitted via Instant Bank Verification is encrypted with the same level of security as an online bank account.
DMO Credit uses IBV to offer even faster approval times
In short, Instant Bank Verification is an advanced technology that lets you apply for a 100% online loan. It also offers undeniable advantages in terms of processing times, fraud elimination and protection of personal information. In short, the IBV is redefining the private loan sector!
At DMO Credit, we are committed to taking all the necessary steps to approve your loan application as quickly as possible, and the IBV is one of them! With us, you can get a $300 to $1,000 loan without a credit check in 30 minutes. Apply now!