At Lendbuzz, we know that applying for a car loan can seem complicated and stressful, so we’ve done everything we can to make the process easier. That includes using Plaid—an app that links your bank account and financial apps (like Lendbuzz.) Plaid encrypts your financial data, then provides it to the application through a secure connection. Plaid also obscures your login data, only sharing the information that you choose.
Plaid saves time by simply and safely automating two critical steps:
- Verifying your bank information with your banking institution; you do not need to provide any paper bank statements, and there’s no need for you to log in to your bank account and download PDFs or other files.
- Verifying your employment with your current employer; you do not have to provide a W2 or physical pay stubs.
Plaid connects to your bank account to securely link your financial institution with the applications that need financial information. The Plaid connection accesses only the data your financial applications need (like account balance, or account numbers needed for deposit or withdrawal,) while still protecting your sensitive information.
Security and Privacy
Plaid relies on the following to maintain tight security:
- Advanced Encryption Standard (AES) is used for any stored data, and Transport Layer Security (TLS) protects any data that is in transit between applications.
- Plaid’s cloud infrastructure utilizes security technologies that have developed over decades to provide flexible and responsive protection.
- Multi-factor authentication (MFA) protects your identity, preventing unauthorized logins to your account.
- 24/7 monitoring for instant support.
- Plaid uses outside testing and a bug bounty program to keep their platform secure.
You can control every detail of what personal information is shared through Plaid, including:
- Account and routing numbers
- Balances & Transactions
- Investment holdings
- Credit card balance & interest rates
- Student loans
- Account profile information
Who Uses Plaid?
ApplePay, Zell, Venmo, and thousands of other companies use Plaid to connect and verify financial information.
Are you Applying for a Lendbuzz Loan?
If the dealership you're working with has submitted your application for a Lendbuzz loan, be on the lookout for an SMS/text message from Plaid shortly. If you're looking for more info about Lendbuzz loans, please click here.
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