Verification transfers are increasingly not a mandatory element of applying for an express loan. Sometimes doubts, transfers per penny are replaced by verification through a special application. This is good news for all those who do not want or cannot make a transfer confirming their credibility.
Until recently, making a verification transfer was one of the conditions for considering the request for payday pay. All because of paying a symbolic penny or USD to the loan company’s account, it had the opportunity to confirm the authenticity of the data presented in the application.
Optional transfer already?
Posting a transfer from the applicant’s bank account was a reliable source of information about his basic personal data (name and surname and address of registration). Considering the fact that the funds from the loan are usually transferred to the borrower’s bank account, the verification transfer also allowed to make sure that the account number was correct. After all, nobody would like to be in a situation where the cash obtained under the loan would fall into the wrong hands.
However, the need to perform a verification transfer could sometimes arouse mixed feelings among customers. Hearing every day about fraudulent bank fraud attempts, people are becoming more cautious about ordering any symbolic fees. On the other hand, the applicant for the payday loan also took such measures well because he had no free financial resources. How would it make even the smallest transfer in such a situation?
To meet the expectations of some customers, loan companies began to look for alternative solutions for verifying the data provided by the customer. The solution to the situation turned out to be applications enabling confirmation of basic information about the applicant without having to make any financial transactions.
How does the application work?
The rules of the application are very simple. Depending on its variant, it is necessary (or not) to install it on your computer.
Then logging in to the bank account via it is enough for the loan company to receive all the customer information necessary for verification. Thanks to this solution, tens of seconds are enough for the lender to find out that the application provided true data.
A loan without a penny transfer, but with the Good Credit application
The first of the applications enabling skipping the execution of the verification transfer in the process of applying for the payday loan is Good Credit. It does not require you to install anything on your computer because you can use it from the lender’s website. After submitting the loan application, in which the borrower provides all necessary personal data, he is redirected to the Good Credit application page.
The next step is to choose the bank where you have the account and log in to it. When logging in, the application sends the main customer data to the lender. The application does not interfere in any way with the list of payments made or information about the inflows to the account . The whole process takes several minutes (due to the need to complete the application carefully).
The Good Credit application is currently used by Good Finance. The application supports 23 banks, thanks to which a wide range of loan companies’ clients can use it.
A loan without a transfer for 1 penny secure?
Of course, the use of an additional application when logging into a bank account can also be a matter of concern. However, the developers of the above applications have ensured high security of their clients’ data . First of all, the connection while logging into the account is encrypted.
The application has access only to the basic customer data ( without viewing his account history ), and login details are not stored anywhere. Therefore, customers using them can be confident about the security of their data or funds accumulated on the account.