FAQ
What is IBV?
BV stands for “instant bank verification.” Lenders often need to verify the information provided on a payday loan application. To do so, they may request bank account details such as routing number, account number, debit card details, online banking details. These statements help them decide whether to approve or deny the applicant.
Over the years, the verification process has changed with the help of technology. In the past, lenders like CashLine would ask for bank statements via fax. Applicants could also send documents via text or email. This worked until online fraud became a concern. At a certain point, turning back to fax wasn’t possible. Customers rarely own or have access to a fax machine. All of these factors ushered in the need for a more convenient and secure option.
Instant bank verification became the solution. IBV offers higher security and makes the process even more simple than other methods.
At CashLine, we use IBV for new, existing, and returning customers. For example, we use it to verify any account changes requested by a customer. IBV is a snapshot of your bank statement that a lender has access to one time.
Why does CashLine need my bank login?
CashLine verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application. To this end, you'll have to provide login credentials for the bank account listed on your application.
Why you need my social number?
The bottom line is that lenders do need your SSN to verify your credit history and finances. lenders and credit companies have valid reasons for accessing your SSN, and you will be required to give it to them.
Anyone can refuse to disclose his or her number, but the requester can refuse its services if you do not give it. Businesses, banks, schools, private agencies, etc., are free to request someone's number and use it for any purpose that does not violate a federal or state.
What is automated bank verification, and why do you need it?
Automated bank verification is a quick and secure process that provides Cashline Financial llc with a read-only snapshot of your recent banking transactions to help us verify your identity and financial information.
By logging in with your online banking credentials, OppLoans is able to process your application faster, getting you a decision as quickly as possible. Your information is secured by industry-standard protections by our partners and OppLoans will never be able to view your login credentials.
