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Loan company asks to access bank account
Comments
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Yes, it's increasingly common under open banking.1
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When I queried this with my bank they told me that nobody should access my bank account except me. If you got scammed I think the bank would say that you gave permission & would therefore not cover you possibly?
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No, not when you're doing it via open banking.1
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Giving random people access to your account is not the same as a properly registered and legitimate firm wanting to check your finances before approving loans
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I think I'd also have chosen another provider too.Linnielou said:Top company on a MoneySavingExpert loan search-'Rate Setter' asked to access my personal bank account before they would approve my request. Is this normal these days?? I declined & chose a other loan provider.
Lenders can see from your credit report whether or not you're a good bet for a loan. Open banking or not, if they wouldn't trust me after giving me the third degree then I don't want to bother with their product. It's the customer's right to choose. Let's hope all lenders don't all start demanding to look at everything we have. They'll be wanting photos of the contents of our fridges next. (Yes I'd refuse that, too).Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Actually you'll find access to bank accounts for loans is perfectly normal, it has been a request for mortgages for a long time, particularly for self employed, to provide say 3 months bank statements, the digital age simply replaces paper.MalMonroe said:
I think I'd also have chosen another provider too.Linnielou said:Top company on a MoneySavingExpert loan search-'Rate Setter' asked to access my personal bank account before they would approve my request. Is this normal these days?? I declined & chose a other loan provider.
Lenders can see from your credit report whether or not you're a good bet for a loan. Open banking or not, if they wouldn't trust me after giving me the third degree then I don't want to bother with their product. It's the customer's right to choose. Let's hope all lenders don't all start demanding to look at everything we have. They'll be wanting photos of the contents of our fridges next. (Yes I'd refuse that, too).
The credit report in fact is NOT sufficient for full checks particularly in the responsible lending era as they don't know your income (as that is not reported to them) so a lender checking you can afford it is actually being sensible. If you want to borrow from people who don't properly check that you can afford it, you might well find the interest rates are much higher and/or involve visits from Big Barry and his finger clippers1
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