What if I don't have online banking?
If you have selected 'Connect a Bank' as an ID verification option, you should go back and connect with PayPal.
However, if we have specifically asked you to link your bank account, you must be able to connect to one in order to continue your application.
Why does Zip need me to connect to my bank account?
Zip uses information related to your bank account to make a fast lending decision by verifying the information you've provided. This includes your income, rent or mortgage payments.
Zip's Instant Verification Service is powered by BankStatements.com.au, the Australian leader in automated bank statement data retrieval. Since 2013 they have provided secure, automated data retrieval services to over a quarter of a million Australians as part of their credit applications.
Do you store my bank login information on your servers?
No. Your login information is passed securely to your bank to gain ‘read only’ access to your transaction history. It's then permanently deleted. Your login information is never displayed anywhere or accessed by human eyes.
Can Zip use my login information to access my bank accounts and make transactions?
No. Zip has a strictly 'read-only' view of your transaction information. While your username and password are initially used to log into your account and download your transactions, they are not saved in our database. We cannot attempt to initiate any transactions.