Online loan companies make Fintech safer
Suppose you are interested in using modern technology’s most progressive, effective methods of searching loan online or pay off a mortgage. If so, you want to know about the online loan companies that make Fintech safer.
Companies like Above Lending, Morty and Enova use security measures such as encrypted data and security AIs, which allow their fintech processes to have every opportunity to remain protected from cybercriminals.
In this article we will not only cover the applications of Fintech, but which companies use them and how they make Fintech’s way of getting loans and mortgages safe and secure for customers.
What is Fintech?
Before we can understand the value of companies making great strides in safer Fintech, we should better understand what Fintech is.
Fintech is short for “financial technology”, and it encompasses everything that falls under the practical banner of new technology that automates and streamlines financial services, such as loans and payment transfers.
Some of the things that Fintech uses in its goal to help entrepreneurs manage their finances more easily include algorithms and unique software. One of the most popular things about Fintech is that it cuts out the middleman of big entities, like credit card companies, to give consumers more direct control over their money.
Some of the applications of Fintech include:
- Peer-to-peer lending apps – Peer-to-peer lending apps are also called P2P apps. They connect individuals with investors. The apps, which are used as platforms, earn revenue from the fees charged to investors and borrowers.
- Investment apps – Investment apps allow customers to organize how they want to set up their investments, so they can trade securities and stocks or even buy ETFs and stocks themselves.
- Cryptocurrency Apps – Cryptocurrency apps are designed to help clients check the wide variety of cryptos they can invest in, such as bitcoin. These platforms also sometimes offer clients a way to buy more crypto or trade it with others looking to break into the brave new world of digital spending.
- Payment apps – The world is full of payment apps. Some notable variants, which may appear later in this article, are Apple Pay, Samsung Pay, Venmo, and PayPal. The fintech versions of these apps eliminate the old-fashioned need to write a check or transfer funds through the bank, giving customers the freedom to do it themselves.
- Robo advisors – Robo Advisors sound like something from science fiction, but they are very real and valuable in Fintech! Robo Advisors can be found online or on an application platform, and they use algorithms to make indexing economics more automated. In addition, Robo Advisors are known to need very little human assistance!
Why Fintech needs to be secure
Although all the above mentioned applications are useful and very popular, they cannot work without using customers’ private data. Especially when that data has to do with one’s carefully saved money, it must stay safe.
Unfortunately, Fintech’s close work with financial data makes it a mark of interest for malicious hackers and other criminals who patrol the web for weak spots.
Fortunately, some online loan companies know the value of Fintech and are willing to work to make its use safer. Read on to discover the best online loan companies that make using these applications safer for customers looking to streamline their financial services!
What are the online loan companies that make Fintech safer?
Now that we accurately understand Fintech and its primary uses, we can celebrate that the online lending companies are restoring Fintech’s security while being used. Below is our list of five of these amazing companies:
- Morty
- Over lending
- Enova
- Cloud virga
- Confirm
Let’s take a closer look at how each of these companies is taking a safer route into things like mortgage and personal loan security.
1. Morty
Morty is a mortgage broker located in New York.
According to their website, Morty serves those who are buying a second home, a primary home or an investment home. Although they cannot lend money directly, Morty has very low rates and can support refinancing transactions and home purchases.
Although Morty’s website is easy to understand and use, and they have excellent customer service and an FAQ section, one of the most important things they do is keep fintech processes safe.
Regular banks use actual dollars and other types of physical, traditional currency. Morty, on the other hand, uses something called a blockchain. Blockchain is one of the aspects of security used in Fintech. It is a type of ledger distribution technology.
Blockchain achieved that distinction by storing all information fed to it in multiple nodes spread across a network rather than in a single less secure location, such as a single computer.
One of the greatest things about Morty’s use of blockchain is that not only is the financial information stored in more than one secure place, but it is all encrypted. As a result, changes to the data are transmitted through each location, making it extremely difficult to hack into them for criminal purposes!
Therefore, thanks to Morty, funds for mortgages brokered through Fintech are secure without losing efficiency.
2. Over lending
Above lending is a company where customers can easily consolidate the process it takes to apply for and receive various loans. Their simple and painless applications make them even more popular with customers because you can pay for these loans in one place.
However, what makes Above Lending unique is also what can potentially leave customers’ funds vulnerable to criminal hackers. The online process technically makes them an efficient branch of Fintech, which still needs to be secured against this kind of thing.
Fortunately, they are careful to protect their fintech processes by using a privacy policy that allows their employees to communicate sensitive data through secure service emails.
3. Enova
According to the website, Enova has over 6 million customers and has distributed over 40 billion dollars in funds. Located in Chicago but employing many around the US, they are an online financial lender that expands its offerings to smaller businesses and individuals. These offers include lines of credit and customizable loans.
Enova is also expanding its reach to other brands, such as NetCredit and CashNetUsa. Most of the company’s charm comes from looking out for the little guy instead of just lending money to big companies.
The way Enova protects the security of its fintech processes is through artificial intelligence. According to their blog, AI is used in product offerings that are extended to customers, supporting the loan application process and streamlining customer service.
This is useful for those with bad credit scores who need a loan. Yet artificial intelligence systems are programmed to flag any data packets that contain viruses and block intruders from accessing a customer’s sensitive financial information!
Having a digital guardian like an AI is one of Enova’s proactive solutions for hackers trying to make the use of Fintech unsafe.
4. Cloudvirga
Cloudvirga is a California-based mortgage platform that is completely digital, making it one of the best examples of Fintech in the US. Cloudvirga allows lenders to get quotes efficiently and quickly from those they lend to and team up with borrowers to work out a payment plan that works for them.
Cloudvirga is known for cutting costs by streamlining tasks that an administrator would normally need to do. For example, it’s a great way to work your way through the sometimes difficult process of paying off a mortgage.
Cloudvirga uses an Intelligent Mortgage Platform, or “iMP,” to secure the data customers provide them with. It is described as a security solution that covers all the bases, transferring every document using HTTPS Transport Layer Security.
Transport Layer Security encrypts data specifically when traveling from one location to another, such as when an important document is being downloaded or uploaded. This way, when information is most vulnerable to opportunistic hackers, it is constantly changing to thwart their actions!
5. Confirm
Affirm is a company that created a lending platform focused on offering small installment payment plans for online shoppers. One of the most enticing features offered by this fintech platform is the low rates, which start at 0 percent.
Another is the plans offered by Affirm for payment, which flexibly extend anything from a three-month to a three-year payment plan. Thanks to Affirm, customers can buy vacation packages, the latest game or sound system, or even furniture and pay for it over time.
How does this fintech platform protect its customers? sensitive data when they borrow and pay? Transport Layer Security, according to the Affirm website’s help center, is used to encrypt all information as it travels from customers to the company.
Not only that, but Affirm also limits people’s access to data by removing encryption keys to a secure facility. Instead, customers must set up and pass a multi-factor authentication process to access their data.
Finally, Affirm employees not only go through a thorough background check, but they are also only allowed to perform exact, specific jobs when handling a client’s data and only when the client asks them to.
To conclude
The conclusion is that Fintech’s efficiency and popularity do not always leave it open to hackers and cybercriminals. Thanks to proactive measures taken by online loan companies such as Enova and Affirm, the data of those using Fintech is secure. Whether using AIs to screen for viruses or encryption security countermeasures, these lending companies keep Fintech safe!
