When Are Bank Statements Required?

NOW Finance only requires bank statements on personal loan applications or Tier 3 and Tier 4 Auto applications, or Auto applications where one of the applicants is self-employed (all Tiers). There are two options when the customer is self-employed. 

 

For Self-Employed Applicants: 

  • Option 1: Illion Bank Statements with the individual Notice of Assessment (NOA). PDF bank statements are not accepted for self-employed applicants applying for an Auto loan. 
     
  • Option 2: Latest BAS Statement and the individual NOA. 

 

When Will NOW Finance Send the Illion Bank Statement Link? 

  • Broker Request: 
    - The Illion link will be sent to the customer if the broker clicks the “Request Bank Statement” button in the application. 

 

  • Automatic Request: 
    - If the application requires bank statements for assessment, the system will automatically send the Illion link to the customer if: 
    - The application is submitted to credit without bank statements uploaded, and 
    - The Illion Document ID is not added to the application. 

For Self-Employed Applicants: If the applicant wants to supply the BAS statement and NOA: 
- Upload the BAS and NOA to the application. 
- Ensure you select “NOA” and “BAS” as the document types. 
- If not selected, the system will automatically send the bank statement link to the customer. 

For Non-Self-Employed Applicants Applying for an Auto Loan: 
- PDF Bank Statements are accepted if the customer is a Tier 3 or Tier 4. 

Important: If you upload PDF bank statements, click the “Submit for Document Review” button to ensure the documents are submitted to credit.