How Does Paperless IBV Make Cash Loans Convenient?

An online fast cash loan is where the applicant gets the funds within a few hours of application. In this process, you receive the funds directly in your bank account to cover your immediate expenses. Many online lenders in Canada offer fast cash loans to people to help them in times of emergency. They offer faster service than traditional banks and assist you at the time you need it the most. 

However, online lenders have introduced the term instant bank verification (IBV) to make your loan application more convenient and secure. In addition, IBV saves you from the hassle of the documentation process. 

What is paperless IBV? 

When you apply for a loan, you’re required to submit your bank details to the lender. The bank details help the lender assess your repayment ability. Previously, you had to submit your detailed documents through fax and then images and emails. But now, when lenders have introduced the paperless IBV fast cash loans facility, you don’t have to worry about gathering your bank details and then sending them to the lender. 

Instead, you can visit the lender’s website and fill your loan application. Then, you have to fill in your bank details in their IBV section. With this process, the lender gets direct access to your bank account and checks its transaction details. 

Is it safe to give your bank access to the lender? 

Yes, it’s safe. It’s because the lenders only can see your bank activities through IBV. They can’t interfere with your transactions and can’t make any changes to your bank account. The process of IBV is introduced to make your loan application more accessible. It saves you from the documentation process. It makes your online loan application even faster and easier.