MonthJune 2019

Why does Devins Financial use PLAID as part of its loan process?

You have started your loan process with Devins Financial: congratulations! However, at one time you have been asked to allow us to access your bank account through an application from an external provider called PLAID. Where is this?

It is normal for you to be somewhat skeptical about this step: is it safe to use this tool to provide Devins with access to the last 6 months of bank transactions in your business?

We understand you have your doubts. You are not the only one. In fact, many of our members had never seen an application like PLAID’s before starting their loan process with us. But once they went through the process, they realized that giving us access to their bank account through PLAID was both safe and simple.

We want to offer you the same peace of mind that our current customers enjoy. This article will answer any questions you may have about this part of the loan process. It will comfort you to know that PLAID is completely safe to use and completely confidential.

But first things first:

What is PLAID?

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PLAID is a service provider that we use to collect the bank details we need to review your case. PLAID works with more than 10,000 banks (including yours). By using PLAID we can verify your identity, as well as instantly view and download your bank statements, all in a completely secure way. This allows us to make a quick and accurate decision about your loan. PLAID is an alternative to old methods, such as faxing your bank statements or calling your bank to get the information you need. It is fast, private, safe and easy to use.

We would never ask you to use an application external to our own company if we did not know that it is completely safe and that it helps us provide you with the best assistance. These are some of the reasons why PLAID plays an important role in our process:

  1. It helps us to verify your identity. PLAID helps us confirm your identity and compare it with the information registered in your bank. This reduces the chances of fraud because of false information in the name, phone number, address and email.
  2. It helps us to verify the cash flows of your business and the income of your business. After electronically downloading the last six months of your bank transactions, PLAID provides us with a report with your balance and information about your transactions, which facilitates the approval of your loan.
  3. It gives us security. Devins Financial does not require a guarantee or guarantee from you. For us, lending you the funds you need for your business involves a great risk. That is why we must ensure that we obtain and review the accurate and updated banking transactions of your business. This also allows us to offer you a final loan amount that you can comfortably pay without forcing your company’s cash flows.
  4. Let our investors increase the final amount of your loan. They, like us, also need to feel safe when providing a loan. With PLAID we can offer you a loan with comfortable terms and competitive rates.
  5. It allows us to review your loan application easily through the electronic connection, and give you access to capital quickly and safely. Our goal is that you don’t have to rely on other financing alternatives, such as merchant cash advances or payday loans, which can be quick solutions to get cash but at a very high price.

How does PLAID benefit you?

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First of all, we want you to feel comfortable working with us and our intention is to make things easier for you. So how can PLAID benefit you?

  • It gives you simplicity and speed in the process: without PLAID, you would have to gather all the information about your income, your account balances and your asset history manually. Doing so is tedious and slow. With PLAID the process is much simpler and you can do it from the comfort of your home. Your information comes to us immediately, which speeds up the process of your loan.
  • It guarantees you the best financing option: thanks to all the information we collect, we can offer you the financing option that best suits what you are looking for in terms of quantity, terms and conditions.
  • It guarantees privacy and security: PLAID is a secure tool that protects your information . If not, there would not be 10,000 banks that use and trust this service, including big names in the industry such as American Express and Citi Bank.  

Other frequently asked questions

How do I know this is completely safe?

The system was carefully designed to improve your privacy and security, which means it works at the security level of a bank using the same encryption system. Delicate information, such as usernames and passwords, is never displayed, viewed or stored.

How do I know that this is not a scam to get my personal information?

As we have mentioned, PLAID is a world-renowned platform that works with more than 10,000 financial institutions with one of the most secure data security systems used by banks. In addition, the website is monitored and verified by Verisign , the highest level of online website security.

Will they be able to get into my bank account and access my money?

Absolutely not. We never have access to your login information (your username and password) nor do we have the option to “log in” to your account. This system allows you to securely and privately send an online copy of your bank statement with the option to read it only.

I prefer to send my information by email or fax, can I do it?

Unfortunately, it is not possible. Our credit policy requires the authorization of third parties to verify your identity and protect Devins Financial against fraud. In addition, it is the only way to fulfill our promise of a simple, safe and fast application process.

Still not convinced?

  • These resources can definitely convince you that using PLAID is the best option to continue your loan application:
  • Learn more about PLAID and its growing customer base .
  • Our commitment to provide a secure loan process has earned us the banking association in California. Learn how Devins Financial has partnered with Commercial Bank of California .
  • Many other small business owners like you have already used PLAID and have gone through the same process. After obtaining their loans with Devins Financial, their businesses have grown and prospered. You can read their success stories here to get the inspiration and confidence you need.
  • Read what our members say about Devins Financial: see our reviews on Facebook and Google
  • Our efforts and contributions to the community have been highlighted in renowned publications such as La Opinion. Read this article that clearly shows that we are honest and reliable lenders and that we are always willing to help small business owners achieve their goals.

We hope we have helped you understand why we use PLAID as part of your loan application. At Devins Financial, we strive to make the loan process as clear as possible, and PLAID is the right tool for this purpose. If after reviewing this information you decide to continue with your loan application, contact us . Our mission is not to close the doors to any business.

Private loans VS Bank loans

To make this evaluation and check what are the differences of particular loans vs. bank loans let’s see what happens when we first turn to a bank; To start this bank, do an analysis on the borrower. You will be asked to demonstrate in a real and clear way that you have certain job stability, which is also working in a company that has solvency in its sector. And added to all this they will periodically review our work activity and verify that we are effectively continuing in our job and things have not changed much; We also refer to our economic activity, how our finances are and how our savings and solvency capacity has evolved.

Demonstrate our economic capacity

Demonstrate our economic capacity

As we can see, it is not enough to demonstrate our economic capacity, we can also be “monitored” so that the financial institution itself feels safe after having granted the loan. In summary, if we are trustworthy clients in a bank, we will obtain the credit if we are not, most likely they will deny it to us. And this is one of the peculiarities that we find when making the comparison between private loans vs. bank loans The bank will also take into account the loan repayment fee we have requested, it will never exceed 40% of our income and of course, under no circumstances should we appear on the Financial Credit Institutions lists.

Purpose of the money

Purpose of the money

An important issue around private loans vs. Bank loans is that in the case of bank loans we will always have to give explanations about what is the purpose of the money we are asking for. Around this matter the bank will decide whether or not to grant the loan.

It is an awkward situation for the client that will have to give so many explanations, especially since these justifications are in some way inferred in our private life.

We continue to analyze private loans vs. bank loans; In the case of private loans, this is an excellent alternative to be able to get the money and not have to go through the whole process that we mentioned above.

In the case of the private lenders company we will never be asked for data that has to do with the purpose of the money we are asking for or any kind of justifications, apart from that it is also possible to request credits are in the financial credit institutions lists or without having of a monthly payroll.

You don’t have to present a payroll

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Given the fact that we don’t have to present a payroll and we don’t have to worry about being on a list of delinquents, new expectations are opened for obtaining the necessary liquidity. The only thing that is going to be required of us is that we have a property that will be the guarantee of the loan that we request. In this company of private lenders we can put as collateral almost any object of value, from real estate, vehicles, art collections, etc. We will be granted an amount of money that will be limited to 20% of the value of the guarantee.

When in doubt about private loans bank loans, private loans are gaining in speed and requirements, not in interest, where the bank still has lower interest rates.

Given the urgency of the needs of people who are in special situations, time is an important factor and being able to obtain cash in less than 72 hours we can consider it almost a luxury.