Open Credit | FAQ

Frequently Asked Questions

How does Open Credit work?

We use bank account data to see if you’re eligible for a loan. This way, lenders have more information to be able to decide whether they can offer you a loan, and at what cost. In the current crisis, more and more lenders are using bank account data to get an accurate picture of the borrowers. If you are ready to see if you’re eligible for a loan, enter your e-mail below to get started.

How is Open Credit different from other brokers?

Open Credit is the only place in the UK where you will be able to show lenders more than just your credit score or credit file. We understand that credit files don’t always reflect your true creditworthiness - maybe you are young or have just recently come to the UK and simply don’t have a credit file in the UK. Open Credit works with lenders that take into account bank data when deciding whether they should give you a loan.

What is Open Banking?

Open Banking is the name of a EU regulatory initiative that forces banks to make your data available to other companies with your consent. Open Credit and our partner SafeConnect Ltd. rely on Open Banking to securely receive your banking data.

Who is Open Credit for?

Anyone will be able to use Open Credit to find a loan. Open Credit will be particularly good for anyone with a short credit history (“thin-file”)** If that is you - do not worry, you are not alone!** Experian estimates that over 5.8M people in the UK are thin-file customers. If you have a thin-file, your bank account data will be a much better way of describing your financial situation than your credit file will ever be. Using Open Credit, you will be able to show lenders the “real you”. Open Credit partners with lenders that you cannot find on normal price comparison sites, because they need bank account data to assess whether they can give you a loan.

Is my data safe?

Yes - Open Credit is registered with the ICO (registration number: ZA757776) and follows strict data protection policies and procedures. We know how important the security of your data is to you, and it is as important to us. We always encrypt your data, and we only pass it on to third-parties with your consent (for example to lenders when looking for a loan). You can find more information on what data we collect and for how long we store it in our Privacy Policy.

What kinds of loan do you offer?

We offer different types of loans: personal loans, both short-term and long-term, secured loans ("home-owner loans") as well as guarantor loans. We also offer lenders with attractive APRs that you won’t find on other broker sites, for example lenders that may be available to you if you work for a certain employer. We will not offer mortgages at launch - if you are interested in using your bank data to get a mortgage, please e-mail us at

How can I delete my account?

You can delete your account by logging in, clicking "profile" on the top right and then using the button that says "Delete your account" to delete your account.

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