Some cash advance lenders only use an online application. People who need a cash advance complete the application by providing personal, financial, and banking details. Included in the required information are name, address, birth date, driver’s license number and state, Social Security number, bank account number, income figure, and possibly a personal reference.
As is the case with most online transactions, security should be a concern. Applicants should ensure that the lender will not disclose information to another party, except as permitted by law. They should also verify that the company restricts access to the information within its own establishment and has safeguards in place to protect the information.
This includes procedures and physical and electronic controls.
The Web site should include 256 bit SSL encryption. This level of encryption prevents another party from intercepting or decoding transactions that involve personal data. Lenders should provide the recommended course of action should a consumer have questions or concerns regarding personal information or the payday loan process.
It is recommended that the loan application be completed from a personal computer behind a firewall, not a publicly networked computer. When a public computer is used, passwords and other private information can sometimes be pulled up by another user.
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