Online bank account permissioning is usually done through the online application process, or on request by the lender. Here you will be asked to enter your username and password (your Credentials) in the same way that you would access your online bank accounts. This might seem uncomfortable, but the back-end processes are robust, and security measures are as strong as any Australian banking institution. In fact, the security measures that are taken to protect your information throughout the process is the same technology used by the big banks right here in Australia. This secure online process has passed the scrutiny of regulatory authorities and has been widely accepted across the finance industry as being best practice in Australia for many years.
The main reasons for us wanting this access is to save you time and ensure the accuracy of our loan assessments. Once upon a time, getting a loan meant spending 6-8 weeks filling in forms and then waiting around for banks to approve you. New technologies have helped professional Lenders like UME Loans improve our processes, allowing us to deliver a fast and painless solution. This means that you don’t have to spend weeks drowning in paperwork in order to apply. When you give access to your bank data, we are able to take a quick snapshot of all the information required to provide a quick and efficient assessment meaning you get your pre-approval faster!
To put things in perspective, linking your bank transaction feed takes less than 15 seconds to complete, which is light years faster than you scanning bank statements or downloading PDF documents from your online banking portal. In addition, our assessment systems are now set up to read and analyse electronic bank transactions in a matter of seconds, helping us make a lending decision in a matter of minutes.
Alternatively, when you provide PDFs of bank statements, our system’s efficiency is substituted for human eyeballs which results in the decision-making process being drastically slowed down, plus it is then subject to human error and misunderstanding.
On top of this, due to new smart technologies hitting the market in recent years, we have seen an increase in the amount of fraud attempts by unscrupulous fraudsters who steal and edit PDF bank statements before trying to pose as someone else for the loan application. For this reason, and us wanting to protect Australian consumers, we have decided as a Lender that unless the applicant is willing to use our secure link to provide bank statements to us, we are not in a position to help as the risk of fraud is just too great.
It speeds up and streamlines the loan pre-approval process. This means less paperwork for you, less fuss, and a quicker loan decision. We do this using very secure technology that retrieves your bank statement data and sends it directly to us for fast and secure assessment.
As part of duty of care and tighter government regulation for borrowing money, most consumer loans require bank statement data as part of the loan evaluation. As part of consumer law here in Australia, lenders are required to take reasonable steps to verify the applicant’s capacity and ability to pay back the loan. Bank statements are an important part of this process.
An example of something that we will see on your bank statements will be your income. This helps us prove that you are regularly paid wages. Another item we confirm is other loan commitments that you are making on a regular basis along with your general living expenses. These factors help determine serviceability, meaning that you can afford to pay back the new loan that you are applying for right now.
The most common requirement from us here at UME Loans is for 90 days or 3 months of bank statement data, this happens automatically when using our secure link. Sometimes we do require more, sometimes up to 6 months. We will advise you of this at the time of request.
You do. We will not receive your bank statements without your permission. As part of this process, only you maintain access to your online bank account and login details. This is not shared with us, or even the company that helps the banks provide the bank statements securely to us. We are only receive a version of your bank statement data directly from the bank after you complete the secure 1-minute online process.
We use them for our assessment process in order to get your loan pre-approval. As part of this process, your statements are stored in highly secure online systems where only UME Loans can access them for your loan assessment purpose only.
For our customers, it is a completely free, convenient service to you if you are applying via our UME Loans link.
Security is our highest priority. All data sent through their server is encrypted with 256-bit encryption, secured by 2048-bit keys. This is the same level of encryption that all banks are required to use.
If you have further questions, or would like to discuss your next bad credit loan, give us a call today on (07)5443 3863, or apply online.
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Tim comes to UME Loans with a wealth of experience across the Finance, Automotive Management and Sales sectors. Tim has a people first approach and strives for successful outcomes for both his team and the clients they assist on a daily basis.
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