We want to make sure any loan or credit union service you apply for is truly affordable for you.  

That’s why we use Open Banking.  

It’s a secure, straightforward way to confirm your income and spending. By using Open Banking, we can process your application faster and with less hassle, while still keeping your best interests at heart. 

Open Banking in simple terms 

Open Banking is a safe, straightforward way to share only the financial details needed to verify your income and outgoings.  

It puts you in control of what’s shared and for how long. With Open Banking, we don’t see every little detail of your spending. We only see what’s important for checking your affordability.  

It’s also regulated by the Financial Conduct Authority (FCA), meaning your data is kept secure at all times. This helps us make quicker decisions on your application, so you get a smooth and speedy service. 

What are we looking for? 

When you apply for a loan, we check to make sure you can comfortably pay your bills without falling back on risky habits or products. We’re on the lookout for signs of problem gambling or heavy reliance on buy now, pay later schemes or high-cost credit. 

We assess your income and regular household expenses. Moderate gambling is okay if it’s affordable and managed well. However, if it turns into an addiction, it can lead to significant financial trouble. We can’t provide loans if they might contribute to gambling problems or if a large portion of your income is spent on betting. 

Buy now, pay later options can be beneficial and might even improve your credit score when used judiciously. But it’s all too easy to accumulate debt with these products. We are here to protect you from these pitfalls and help ensure your financial safety. 

Why Open Banking? 

Open Banking speeds things up and makes applying for a loan simpler for you. 

Here’s how your loan application would work without Open Banking: 

• You send us three months of bank statements 
• We manually review every single transaction 
• This takes extra time and delays your application 

Here’s how it works with Open Banking: 

• You securely share your financial details through Open Banking 
• The software instantly groups your spending into clear categories like bills and household costs 
• We quickly review affordability, without looking at every transaction 
• Your application gets processed faster 

We know this might feel like a change. But as always, we’re making sure it’s easy, safe and works for you.

When we have to say no 

Saying no is never easy. It’s probably the hardest part of our job, because we genuinely want to help. 

Sometimes saying no is the right thing to do. We understand it might not feel that way at the time, and it can be upsetting. 

But when we do have to say no, we won’t leave you without support. We’ll always guide you towards free, independent advice, like Citizens Advice, StepChange or specialist charities if gambling is an issue. 

Often, it’s not a permanent no – it’s more like a ‘not right now’. We’ll look carefully at your situation first, trying to find solutions. And once things improve, you’re always welcome to apply again

Got questions or worries? 

If you’re unsure about anything – like how Open Banking works or why we use it – reach out. Our team is here to chat it through and make sure you feel confident. 

We’re always happy to talk things over, no matter how big or small. We want you to feel secure and supported throughout your loan application. 

Keep learning about money.