Applications from borrowers without a checking account at your financial institution

Applicants without a checking account at your institution can still apply if your financial institution has this feature enabled. The borrower will connect a bank account at their existing financial institution, and their loan is funded only after they open a checking account with you.

How the application differs from an existing customer

The applicant signs in to their other bank through a connector so the system can read their transaction history. Credit and deposit analysis work the same way as a standard customer application. The offer is conditional: the applicant must open a checking account at your financial institution before the loan is funded.

To book a loan for a new customer

1. Open the loan record in the Action Center. The boarding sheet shows that the deposit data came from the deposit aggregator (connector).
2. Work the Action Steps as usual.
3. Before funding, confirm with your account opening team that the borrower has opened a checking account at your institution.
4. On the Establish Term Loan or Establish Line of Credit step, use the new account number at your financial institution, then click Complete.

Note: You cannot fund the loan until the new account is open and an account number at your financial institution has been generated.

For the standard booking process, see Book a loan in the Action Center.