Online microcredits: security and trust as key elements to achieve success

Image result for credits money

Online microcredits have become one of the most fashionable financial products at the moment. Far from those times when they were considered as very dangerous and abusive, the reality is that they now offer better conditions, although they continue to generate concern. In this sense, this comes, above all, for the security and protection of the data that the interested parties must provide for the company to carry out the study that leads to its concession or denial. In a world where stealing personal information is the order of the day, it does not seem a trivial matter.


Fundamental aspects to recognize that an online microcredit company is reliable

Nowadays, a microcredit company that does not generate trust among its users has its days numbered. In fact, this is the reason why they strive to make available to their potential customers all the elements that are necessary to transmit reliability and efficiency. For example, it is common to make heavy investments in creating websites that are attractive to the eye and very intuitive. This is mainly due to the existence of studies that confirm the hypothesis that a bad design automatically creates distrust among visitors.

Leaving aside this aspect, which can be relatively subjective, the Spanish Association of Microloans (AEMIP) establishes a series of guidelines that microcredit companies must follow to receive their security certificate and that are easily identifiable by users. In this sense, the first thing to pay attention to is whether, in the browser area dedicated to accommodating the URL of the web portal, a green padlock is represented, since this indicates that it is a portal that protects the identity of all who visit it.

Another preventive measure to avoid being a victim of information thefts carried out by hackers and computer thieves is to look at the way in which the web address of the page begins. In case you start with ‘HTTP’, you have to be careful because this indicates that it is a portal that does not use a security protocol too demanding. On the other hand, if the address starts with ‘https’, there is nothing to fear.


The importance of protecting data when requesting an online microcredit

Image result for protecting dataThe purpose of practically all of the theft of personal data carried out in the files of companies specializing in the granting of online microcredits is none other than to impersonate a user’s identity for illicit purposes. Generally, these have to do with the request for financial products of this type that are collected by outsiders leaving the victim to pay the corresponding debt.

It is true that, in most cases, both the theft of personal data and identity theft aimed at soliciting online micro-credits fraudulently is carried out by family members, which complicates things a lot. The possibility that these crimes are carried out by outsiders is really low due, fundamentally, to the extraordinary security measures taken by these companies and the strength requirements of the Organic Law of Data Protection (LOPD) of Spain.


The online microcredit companies are the first interested in complying with the LOPD

Image result for online loanThe LOPD is really demanding with the companies that grant online microloans- Justinemagazine. This is due to the fact that, during the last few years, the Spanish Public Treasury has pursued with special harshness money laundering and fraud in this type of services. In fact, in the cases of companies that have not complied with the provisions of the regulation, very severe sanctions have been imposed. Therefore, the concern of companies to offer the highest degree of confidentiality of the data they work with is not limited only to the scope of satisfying their clients but goes much further.


Instantor is the tool that allows us to guarantee the confidentiality of the data in Ferratum

The very advantages that characterize online microcredits, that is, the immediacy of their concession and the limited amount of documentation required for this, make them particularly susceptible financial products. And is that, for example, a bank, when approving a personal credit, it can take up to a week to check the data. However, at Ferratum we carry out the process, if possible, in less than an hour.

Therefore, to guarantee the protection of the data from the moment our users bring them to us, we use Instantor, the most powerful, safe and effective tool that exists at the moment. In fact, the reality is that these documents never become part of our database, but we can only make inquiries through this platform providing an identification and personal password that guarantees that we are what we claim to be.

The treatment of the data that Instantor does is completely safe. In this sense, after 12 months of the contribution of the documents or at the same moment in which the process is considered finished, the professionals who manage this tool commit themselves to destroy them completely. It may seem an empty promise, but the reality is that anyone who wants it can see for himself that the process has taken place.

In summary, the logical concern of people who are thinking about requesting an online microcredit regarding the protection of their personal data is totally dissipated when they check the number of measures taken by this type of company when it comes to keeping them safe. In fact, at Ferratum we presume to be leaders in this field thanks to our close collaboration with Instantor and the AEMIP. In this way, our customers feel the maximum confidence towards us and are fully satisfied with our services.