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Open Credit Blog

A guide to loans for NHS staff and nurses

A guide to loans for NHS staff and nurses

Nurses and NHS workers have been the heroes of the current crisis, but, too often, nurses are poorly paid and struggle from payday to payday. Getting a payday loan can be very expensive, but especially if you’re a nurse that doesn’t originally come from the UK and doesn’t have a long credit history or have other issues with your credit score, payday loans were often the only choice. This guide focuses on the other options that you have - some of them are not so well-known, but they are often much, much better than going to a traditional payday loan provider. Read on!

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The Open Credit Blog
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Introducing Salad Money

How Salad money is fighting expensive payday loans

Did you know that in the UK, more borrowers of Payday loans work for the NHS than any other organisation? According to FairQuid, NHS staff borrow £45.1m in payday loans every year. It’s not uncommon for APRs on Payday loans to exceed 1000%. Given the hard work that the heroes at the NHS do for everyone in this country - now more than ever - does that seem fair to you? Us neither. Enter Salad Money.

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Save money using bank data on loans

How does sharing bank data save me money?

Open Credit exists to help our customers find the best value loans for them. We exist to save you money. That’s why we require all customers to connect their bank account when applying for a loan. We want to put you in the financial driving seat and show your true self to lenders - not just your credit score. We believe that sharing bank transaction data with lenders is in your interest for one simple reason: it saves you money.

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Bank data to judge borrowers

How does bank data help lenders to judge borrowers?

Bank data can show lenders a more accurate picture of who you are. Especially if you’ve had credit problems in the past, but are in a better financial situation now, or if you have a thin credit file, lenders will be able to judge you better if they have your bank transaction data!

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Bank data to lenders

Why do lenders want my bank data?

Bank data is something that many of us consider private. So why share it? Open Credit securely uses your bank data to find you the best loan that you are eligible for. In this article, we explain why lenders want bank data, how you use it, and how you can profit from sharing it!

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Open Banking Explanation

What is Open Banking (and why should I care)?

Open Banking is a complex phrase - we’ll explain to you what it means, why you should care, and how Open Credit will use bank transaction data to put you in the financial driver’s seat. Let’s dive in!

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Open Credit Founders

Why we launched Open Credit

We started work on Open Credit in April 2020 for a simple reason - we think that the credit system in the UK is deeply unfair to people with a short credit history. If you are a recent immigrant, a young person, a military veteran or just someone who never had the bills or mortgage in their name: having little information in your traditional credit file (called “thin-file” in the jargon) means that you are excluded from many services, and that getting a loan can be very expensive.

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