Loans companies access to online banking

Jafsab

Hi, I looked to apply for a loan with lendable through credit karma and they want access to my online banking for the next 3 months. Is this usual? 

[Deleted User]

For Lendable, yes.  For mainstream lending and even most other sub-prime, no.

sourcrates

Don`t do it, you would be contravening the contract you have with your bank not to allow anyone else have access to your online banking, look elsewhere or change your plans, you should never allow anything of this nature to happen.

PRAISETHESUN

It's not usual, but a number of sub-prime providers will use transaction data to help assess affordability. Just make sure you only give them access to your data through open banking, don't directly give them your login credentials.

DCFC79

Just dont do it.
Look at your spending and cut back,

[Deleted User]

Yes I done open banking with a short term lender (applying direct) within last 6 months no issue felt. No comeback - used to verify I was in employment I very much daresay, (out comings weren’t nit picked and I was glad to prove my income/back up what I told lender by this means). You also get messages following access supplied and it does have an expiry date in any event. I don’t half wish the rest of the Consumer Credit market was the same.

Jamesyb123

It’s never recommended to share that access there are other sub prime lenders that don’t need this alternatively offer to send them copies of bank statements instead

Carmen12

with Lendable you can send bank statments as well 

ManyWays

A lot of high cost lenders are now changing to insist on open banking. If you want a loan from them, you have to do it.