What You Need to Know About Keeping Your Data Safe When Applying For a Personal or Car Loan Online

Applying for a loan online is usually quick and relatively straightforward. In fact, you could have a completed application on your lunch break with just a few clicks¹.

And while the days of scouring filing cabinets for old bank statements, rent receipts, and paper payslips are behind us, you do still need to provide important documentation to your lender when applying for a loan.

Knowing what personal information to share online – and feeling confident it will be kept safe – is more important than ever. With phishing emails landing in inboxes at alarming rates, privacy and security are front of mind for many people. To help you feel in control when applying online, we’ve outlined what information you’ll need, what to look for before you upload it and practical tips to make sure your data stays protected when you hit ‘apply’.

What You'll Need

When applying for an online loan, you’ll need to securely upload a range of personal information such as

• Proof of identity and address: This can include a driver’s licence, passport or Medicare card, and a utility bill or similar to confirm your place of residence.
• Bank statements: A lender will want to see the types of transactions that go through your account and reconcile this with the data you’ve entered in your application. At Jacaranda Finance, we assess the last 12 months of bank transactions, and the data is secured with 256-bit SSL encryption to ensure it’s safe and protected. This is standard procedure for loan applications across the industry. We use safe and secure third-party Open Banking service providers to make this quick and easy for you.
• Proof of income: Most lenders will ask for at least two payslips, to confirm your income and your ability to service a loan. At Jacaranda Finance, we use your bank statement data to verify your income and to ensure that it matches what you declared in your application. We need to see at least one month’s worth of consistent income being deposited into your account.

Staying Safe

• Don’t pass on your password: In fact, give it all your attention. Having a strong, unique password and regularly updating your passwords across your online banking apps and profiles is a highly effective way to keep your data safe. Using a password manager will help you keep across breaches, securely store them and provide you with peace of mind.
• Make sure your web is secure: Before uploading any documents, check the URL starts with https:// and has a padlock icon in the browser bar. This ensures data is encrypted.
• Keep your device safe: Make sure your devices have up-to-date antivirus software running and that you are not using public wi-fi when uploading your personal documents online.
• Be wary and check before responding: Keep an eye out for scammers! Look for spelling errors in communications such as emails, texts or social media messaging and remember, trusted financial institutions like Jacaranda Finance will never message or call you from social media or personal phone numbers for anything related to obtaining personal information. Keep an eye out for phishing emails or suspicious emails while you’re applying online for a loan, and if you’re unsure, do not click on them. If you are called, hang up, search for the relevant company’s phone number online, and call back to check if the issue is legitimate.
• Use a reputable lender: Choosing a licensed, reputable lender helps minimise stress and risk when applying for a loan. At Jacaranda Finance, we’re committed to more than just getting you approved – we also prioritise keeping your information secure. A good way to check if a lender is trustworthy is to read customer reviews. Sites like ProductReview and Google Reviews can give you a quick sense of their reliability and service.
  

We take your security as seriously as you do. That’s why our website is secured, encrypted and scanned daily to safeguard against identity theft, credit card fraud, spam and malicious software.

You can learn more about data safety, how to spot common scams and where to find support when applying for a loan online here.