IBV loans: understanding instant bank verification

Instant bank verification, or IBV, provides banking information with your consent so a lender can assess an application. The NovaCash process uses Flinks for this step. IBV is a verification step, not a loan approval.

NovaCash offers fast loans from $300 to $2,000 and describes an IBV assessment without a credit-bureau enquiry. That does not mean income, eligibility or repayment capacity go unchecked.

How does verification work?

1. Complete the online application, designed to take about five minutes.
2. The application is sent to FinX for assessment. Depending on the step completed in the form, you may be redirected to accept FinX terms.
3. Follow the bank-connection process provided through Flinks and review the requested information and permissions.
4. The application is assessed. The targeted 60-minute response applies to a complete file; it is not a promise of acceptance.
5. If you receive an offer, read its terms before deciding whether to accept or decline.

After acceptance, funds may be sent by Interac e-Transfer or direct deposit. Verification, the lending decision and the transfer are separate steps. The loan approval time guide explains why they should not be treated as one deadline.

What do FinX and Flinks do?

FinX receives the application and information needed to process it. Flinks provides the bank-verification process. The NovaCash privacy policy describes information transfers and the responsibilities of the parties involved. Read the consent notices as well as your financial institution's and verification provider's terms.

The advertised application process does not require documents to open the file because it uses IBV. This does not make the form's questions optional: identity, employment or income-source details and other requested information must be accurate.

Protect your information during IBV

• Start from the official website and check the page address before entering sensitive information.
• Never send a banking password or security code by email, text message or chat.
• Read what you are authorizing before continuing. If uncertain, stop and call (877) 431-4134.
• Avoid a shared device for the bank connection and sign out when finished.

You can choose not to continue with a bank connection. The application then remains incomplete in this process. Contact NovaCash to ask whether another approach is possible in your circumstances rather than sending bank documents without instructions.

IBV does not replace eligibility criteria

NovaCash's criteria include being at least 18, Canadian citizenship, at least $1,200 a month by direct deposit, employment for more than three months, no bankruptcy in progress and the ability to repay. Self-employment, child tax credits, retirement savings, student loans and social assistance are among the exclusions.

An income category in the form does not, on its own, establish eligibility. If your situation needs clarification, check with the team before submitting. Read the detailed eligibility guide and the explanation of assessment without a credit-bureau enquiry.

If the bank screen does not work

If you cannot find your institution or the connection does not finish, note the step where you stopped and call (877) 431-4134. Do not provide a password to get help, and avoid submitting multiple new applications to work around a connection problem.

Before accepting an offer

Check the offered amount, total borrowing cost, fees, payment frequency and due dates. Completing verification does not oblige you to accept an offer. The loan calculator guide explains the difference between an estimate and the final terms of a contract.

Frequently asked questions

Does IBV automatically approve the loan?

No. It provides information for assessment. An offer depends on eligibility and the review of the application.

Can I send PDF statements instead?

The advertised process uses IBV. Ask NovaCash what options are available before sending statements or other sensitive documents.

How much can I request?

Published amounts range from $300 to $2,000. A requested amount is not an offer or a guarantee of acceptance.