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?
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:
- 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.
- 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.
- 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.
- 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.
- 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?
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.