Open Banking is an FCA regulated service used widely around the United Kingdom. It has become increasingly popular over the last 5 years with companies like Clearscore and Credit Karma’s support.
Read on to find out more.
Why we use Open Banking
Open Banking is where regulated providers can have access to data within a certain period of time. The owner of this data must give permission for this data to be shared with the organisation. This is a completely safe way to share your data as you’re the one in complete control.
In Loans by MAL’s case, we use Open Banking for a multitude of reasons. One of the biggest being to protect both ourselves and our customers. By using this service, we can protect both parties against fraud. If the account does not match the applicant’s name, we will be alerted and will not pay out the loan.
Being a responsible lender, we want to make sure every penny we lend is in your best interests and Open Banking helps us do this. By using the service, we can precisely assess your affordability and capability of repaying our loan on time each month. The last thing we want is to put you into any financial difficulties.
At Loans by MAL, we only request to see 3 months’ worth of data. Any transactions before these 3 months or after verification, we cannot see. Remember, this is verification of your bank account, not continuous access.
Banks that use Open Banking
Unfortunately, if your bank is not detailed above and is one of the banks listed below, we are unable to progress with your loan application.
Please note, we do not accept Bank Statements, Payslips or Contracts but we may request proof of address.
If you have any questions regarding the Open Banking service, you can call us on 01202 122699
- Cashplus Bank
- The Co-operative Bank
- M&S Bank
- Metro Bank
- Sainsburys Bank