1Plus1 are guarantor lenders and we are now using open banking as part of our application approval process just as are more and more lenders are.
Since 13 January 2018 you've been able to let third-party providers such as lenders access your bank account data. With 1Plus1 Loans you're safe! You can check that we and your bank are authorised by the Financial Conduct Authority.
Basically, since January 2018 the rules mean all UK-regulated banks have to let you share, only with your permission, your financial data such as how you spend your money, regular payments and companies you use (so your bank, credit card or savings statements) with authorised providers offering loans and other financial services. This helps 1Plus1 process your guarantor loan more quickly to give you a speedy decision.
These changes are bringing more competition and innovation to financial services which, in turn, it is hoped will lead to more and better products to help you manage your money.
You can opt out of Open Banking.
You don't have to share your data if you don't want to.
The rules say that banks have to allow your info to be shared, but ONLY if you expressly give permission to any prospective lender – we can't just look at your accounts.
1Plus1 Loans will also ask for your Guarantor’s details and will ask for yours and your guarantor’s consent to access your information when you make your application. We then send a request to your banks, which will process it and share your details. You can both withdraw your permission at any time.
Should I let 1Plus1 guarantor loans use open banking?
It's completely up to you. It's for you to decide if you're happy sharing your data with 1Plus1 guarantor loans as part of the application process.
If you do not want us to use your details, we’re afraid 1Plus1 guarantor loans may not be able to help you.
Any provider as long as they're authorised like 1Plus1 guarantor loans they will only be able to access data needed for the service you've signed up to – so if you've asked one to look at your current account with one bank, it wouldn't also be able to look at a credit card you hold with that bank or elsewhere unless you give your express permission.
Last updated: 05/11/2020