You started your loan process with Camino Financial: Congratulations! But at some point, you have been asked to allow us access to your bank account through a third party application called PLAID. What is this about?
You feel skeptical about this step: is it secure to use such a tool to provide Camino access to the last 6 months of your businesses banking transactions?
We understand you may feel hesitant. You are not alone. In fact, many of our members had never seen an application like the one in PLAID before when starting their loan process with us. But once they went through the process, they found that giving us access to their bank account through PLAID was very safe and simple.
We want to give you the same peace of mind our current customers have. The following article will answer any questions you may have about this part of the loan process and will ease your mind, knowing that PLAID is completely safe to use, secure and confidential.
But first things first:
What is PLAID?
PLAID is a service provider company that we use to gather the bank data we need to review your file. PLAID works with more than 10,000 banks (including yours). By using PLAID we can verify your identity and view and download instantly your bank statements, all in a completely secure way. This allows us to make a fast and accurate decision on your loan. PLAID is an alternative to old methods such as faxing your bank statement or calling your bank to get the information you need. It is fast, private, secure and convenient to use.
5 Reasons Why Camino Financial Uses PLAID
There is no way we would be asking you to use a third-party application if it wasn’t safe or if it would not help us to provide you the best support. Here are some of the reasons why PLAID plays an important role in our process:
- It serves us to verify your identity. PLAID helps us confirm your identity and compare it with what’s on file at the bank. This reduces the chances of fraud by false information involving name, phone number, address, and email.
- It serves to verify the cash flows of your business and your business income. After electronically downloading the last six months of your bank transactions, PLAID provides us with a report with your balance and transaction information, thus facilitating the approval of your loan.
- It provides us security. Camino Financial does not require collateral. Lending you the funds you need for your business involves great risk for us. That’s why we need to ensure that we source and review accurate and up-to-date banking transactions of your business. This allows us to provide you with a final loan amount that you can comfortably pay back without straining your cash flows.
- It allows us to raise your loan capital from our investors. They also need to feel confident about lending to your business. With PLAID we can offer you a competitive term loan with competitive rates.
- It allows us to simply review your loan application 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 like Merchant Cash Advances or Payday Loans that may be fast solutions to get cash but come at a very high price.
How Does PLAID Benefit You?
At the end of the day, we want you to feel comfortable working with us and make things easier for you. You might be wondering how can you benefit from using PLAID:
- Simplicity and quickness: Without PLAID you would have to gather all your income information, account balances and asset history manually. Let’s be honest: that’s a tedious and time-consuming activity. With PLAID you go through a simpler process from the comfort of your home and your information gets shared instantly with us, therefore speeding your loan process.
- Match with the best funding option: Thanks to all the information that is shared with us, we can offer you the funding option that benefits you the most regarding amount, terms and conditions.
- Privacy and security: PLAID is a safe tool that will take care of your information. If it wasn’t like that, there wouldn’t be 10,000 banks trusting them, including big names in the industry like American Express and Citi Bank.
Other Frequent Questions
How do I know this is completely safe?
The system was carefully designed to enhance your privacy and security, meaning that it operates at bank level security using the same encryption as your bank. Delicate information such as usernames and passwords are never displayed, viewed or stored.
How do I know this is not a scam to get my personal information?
As mentioned before, PLAID is a platform with a worldwide reputation that works with over 10,000 financial institutions with one of the safest data security systems used by banks as well. Additionally, the website is monitored and verified by Verisign, the highest level of online site security.
Are you going to be logging into my bank or accesing my money?
Absolutely not. We never have access to your login information (user ID and password) nor we ever have the option to “login” to your account. This system allows you to securely and privately submit an online read-only copy of your bank statement.
I’d rather e-mail or fax my information, can I do it?
Unfortunately, it is not possible. Our credit policy requires third-party authorization to verify your identity and protect Camino Financial from fraud. Furthermore, it’s the only way we deliver our promise of a simple, secure and quick application process.
Still Not Convinced?
These resources may definitely convince you using PLAID is the best option to proceed with your loan application:
- Learn more about PLAID and about their growing customer base
- Our commitment to providing a secure loan process has earned us a bank partnership in California. Learn about Camino Financial’s partnership with Commercial Bank of California
- Many other small business owners just like you have already used PLAID and gone through the same process. After getting their loans with Camino Financial, their businesses have grown and thrived. You can read their Success Stories here to get the inspiration and confidence you need.
- See what our members are saying about working with Camino Financial: check our reviews on Facebook & Google
- Our efforts and contributions to the community have been featured in renown publications like La Opinión. Read this article highlighting the fact that we are honest and trustworthy lenders always wiling to help small business owners achieve their goals.
We hope we’ve helped you understand why we use PLAID as part of your loan application. At Camino 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 your loan application, just let us know. Our mission is to leave no business behind.