Loan account type

API Support Funding Sources
1

Hello,

I need some clarification regarding loan account types:

  • which kind of loans do you support? (Student, mortgages, credit cards)
  • we currently use plaid to authenticate the accounts, does dwolla allow these loan accounts to be authenticated the same way a checking/savings account is?

Thank you in advance for any help!

2

Hi @hmendes-dev

We do not support any type of loan accounts at this time

3

Hello @kmoreira

I saw this post about loan accounts: Loan account type

And it’s also mentioned in the documentation: Bank Funding Source | Dwolla API Documentation

Are these out of date?

Thank you

4

Oh okay, yes, @hmendes-dev

For loans what we’ll need is the Loan Number and Routing Number, and it is a credits only functionality, meaning it only allows credits to funding sources marked as Loan.

I went ahead and enabled this feature for you in your sandbox account with the email you used in your discuss forum. Let me know if there’s a different sandbox account I should activate this in.

Here is also an article for more info on loan accounts

5

Thank you for the update @kmoreira

Do you have any visibility on how to determine which plaid loan accounts will return the necessary routing information? More specifically, can you tell me if student loan accounts connected through plaid will work?

Also, can I link a loan account to a receive only customer? Or does it need to be verified?

6

This forum thread should provider a little more information on the Customer type that can be used for loan accounts. Only identity Verified Customers can attach loan accounts.

The current Dwolla + Plaid integration only supports traditional checking or savings accounts (money market are supported as savings). Since ACH credits are only supported to loan accounts, I would recommend using the API or dwolla.js to submit the ACH bank details. Keep in mind that loan accounts require specific permission from Dwolla in order to be enabled. Typically we see loan accounts work in situations where you as the client have a direct relationship with the Financial Institution that owns the loan account for the user. However, as long as the financial institution which maintains the loan account enables ACH credit transfers to that account then the account can be attached to a Dwolla Customer/end-user.