How does Open Banking work?

Financial services companies can register to Open Banking and will be featured on the Open Banking Directory. They will be regulated by the Financial Conduct Authority and they will never have access to your transaction details unless you explicitly give your consent. At no point will you be asked to share log-ins or passwords with anyone and you can opt-out at any time.

If you opt in to Open Banking and are happy for us to access your transaction information, we can use it in a number of different ways.

  • It can help us to make more accurate lending decisions, based on your actual banking and financial activity. This means we’re not just relying on credit scores and employment status, for example.
  • We can gain a better understanding of your financial situation really quickly and without ever having to meet you in person or ask for masses of documentation.
  • Our agents can offer you tailored solutions based on your specific requirements.

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We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

  • Moneyboat.co.uk are in no way connected or affiliated with the application or affiliate links mentioned in this or any article. We do not receive any commission and are not responsible for any charges that may result from any free trials or paid subscriptions.
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If you feel that any of the information published on our blog is not accurate, please notify us via email at thecrew@moneyboat.co.uk.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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