Instant Financial Verification Terms of Service

INSTANT FINANCIAL VERIFICATION TERMS OF SERVICE

By entering and submitting your banking information on the Instant Financial Verification page, you agree to these Terms of Service and authorize Bismarck Industries, Inc. d/b/a Smart Pay Loans (“we,” “our,” or “Smart Pay Loans”) to access secure Instant Financial Verification (“IFV”) reports of your banking data for this application and future applications.

Purpose

We ask you to verify your authority and access to external financial accounts, confirm your ability to access those accounts, and verify your financial information as part of the application process (“Instant Financial Verification”). Proceeding with Instant Financial Verification constitutes your acceptance of these terms and conditions.

Bank Account Verification Methods

We may verify your bank account using one of the following methods:

1. Instant Financial Verification (IFV)

You may verify your bank account quickly and securely through our automated IFV process. If you choose this method:

  • You will provide your online banking credentials to our third-party IFV processing partners (“Processing Partners”)
  • By entering your online banking information, you authorize our Processing Partners to use your credentials for this application and any future applications you submit for financial products on the Smart Pay Loans website
  • You authorize Smart Pay Loans to access secure, read-only reports of your banking data (“IFV Reports”) from the Processing Partners to complete your credit applications and verify your eligibility for financial products
  • Smart Pay Loans does not store your user ID, password, or any other online banking credentials
  • This service is only available during the application process through the Smart Pay Loans website
  • If you are unable to complete the IFV process or choose not to use it, you may be required to verify your bank account using Standard Bank Account Verification, which may delay completion of your application

2. Standard Bank Account Verification

If you are unable to use or choose not to use the IFV system, you will be required to securely upload bank documentation via the Smart Pay Loans borrower portal for your loan application. Failure to provide the required documentation will delay your application and leave it incomplete.

Important Information

  • All applicants must verify their bank account information using one of the above methods to be eligible for a loan through Smart Pay Loans
  • Providing your bank account information does not represent or imply that your loan application has been or will be approved
  • Smart Pay Loans may periodically use our Processing Partners to confirm that your provided bank account is open and active

Questions?

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