Zip will assess a customer's application using the information provided by the customer in the application. This information is assessed against our lending criteria and responsible lending policies.
For Zip Money, the application process consists of about 12 steps where we require the customer to provide us with various pieces of information. At some stage we will ask the customer for their internet banking details. This allows us to confirm the validity of the information a customer provided in their application. Zip Money employs industry standard and bank-level SSL encryption technology as well as a world class firewall service to secure our users data. We do not see or store their credentials, and receive 'read-only' summary information of their recent transactions.
Once a customer submits all their information, we process this and provide an outcome. It could happen that the information provided is not conclusive, in this case our Underwriting team will assess the application and reach out to the customer for more information (status = refer). Our turnaround time for this is usually 3 minutes during business hours.
If a customer has been declined because they did not meet our lending criteria, we will let the customer know. Unfortunately, as for privacy reasons we are not able to disclose to partners the reasoning behind this decision.
For Zip Pay, there are 4 steps to sign up and the whole decisioning process is fully automatic. Customer needs to provide some personal details and verify their identity via Facebook, Paypal or LinkedIn.