Why do I have to link my bank account ?

Here’s why connecting your bank account is not just beneficial, but essential, for a smooth and streamlined lending experience.

When you link your bank account to Kravings, you’re enabling a secure and instantaneous financial verification process. This step helps verify your income, spending habits, and overall financial health without the need to gather physical documents or statements. Traditionally, loan applications required paper statements, pay stubs, and tax returns, which could take days or even weeks to process. With bank account linkage, Kravings simplifies this process to a matter of minutes, ensuring a faster response and more accurate decision-making.

Loan applications can sometimes drag on due to verification and approval delays. By connecting your bank account, Kravings can assess your financial history almost instantly. This process allows the app to evaluate factors like your income stability, spending habits, and debt-to-income ratio, which are essential in determining your loan eligibility. As a result, the wait time is significantly reduced, and you get a quicker decision on your loan, allowing you to access funds when you need them most.

Once your loan is approved, linking your bank account helps to ensure the funds are credited to your account as soon as possible. By using the linked bank account for Direct Debit payments, Kravings can automatically deduct the agreed-upon instalment amount on each due date. This ensures a hassle-free experience where you don’t need to remember to make manual payments every month.

Kravings takes the security and privacy of its users seriously. When you link your bank account, the app uses read-only and industry-standard security protocols to ensure your data is protected. Unlike traditional methods where sensitive documents might be stored or handled by multiple parties, linking your bank account keeps everything digital, encrypted, and accessible only by you and the necessary authorised systems within Kravings. This approach significantly reduces the risk of data breaches or unauthorised access, giving you peace of mind when applying for the loan.

For those who may consider applying for additional loans down the line, linking your bank account simplifies the reapplication process. Since Kravings already has your verified financial data, you won’t need to go through the same steps every time you apply. This convenience saves you time and energy, allowing you to focus on the things that matter while enjoying quick access to the funds you need.

Linking your bank account to Kravings is not only about simplifying your loan experience but also about enhancing it. From instant verification and faster approval times to better loan terms and secure, automated repayments, the benefits are clear. Taking a few minutes to connect your bank account ensures a seamless, efficient, and secure lending process, making Kravings a valuable partner in achieving your financial goals.