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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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  • Open Banking

    Open Banking is a government-backed technology that lets you share your financial information safely and securely with specially regulated providers like Oakam. It allows us to automatically verify the details you’ve provided in your application.

    With your permission, Open Banking connects with your bank account and shares specific information about your financial situation with us. It’s just like sending in bank statements, but faster, easier, and more secure.

    Open Banking was introduced to drive innovation in financial services in the UK and to help you more easily manage your finances, get access to credit, and save money. It puts you in control of your financial information and allows us to properly assess your Oakam application. If you’d like to know more, the team at the Money Advice Service have put together a helpful article explaining the process in more detail.

    What you need to know

    • How does it work?

      If we’re unable to automatically confirm the information in your loan application, we’ll ask you to connect to your bank account through our authorised Open Banking partner, Credit Kudos. This will allow us to confirm your financial information via your bank, and properly assess your loan application.

      When you use Credit Kudos through Oakam, your bank will ask you to log in to your online banking and confirm that you would like to securely share your financial information with us. To use Open Banking, you’ll need to log into your online banking account, so make sure you have those details to hand.

      Your information will only be shared once you have agreed to do so and your bank will only share the specific information we need to assess your loan application. At no time do we or Credit Kudos have access to your log in details.

      Once you have connected to your bank, Credit Kudos will provide us with a report on your financial status. We’ll use this information to help assess your loan application. The whole process can take up to three minutes, but in most cases it takes around 30 seconds.

      In the past, we have only been able to confirm people’s finances by manually sifting through bank statements sent in by customers. By working with Credit Kudos to enable Open Banking, we can assess our customers’ applications quickly and securely and help more people gain access to fast, affordable credit.

    • Who is Credit Kudos?

      We’ve partnered with Credit Kudos to help you get access to fair and affordable credit through Open Banking. Credit Kudos is the leading authorised Open Banking third party in the UK and, just like Oakam, is regulated by the Financial Conduct Authority (FCA).

      If you choose to proceed with your application via Open Banking, we will connect you to Credit Kudos who will guide you through a few steps you need to take. Then you’ll come back to us and we’ll use the information provided to assess your loan. There’s lots more information on the Credit Kudos website.

      https://www.creditkudos.com/

    • Will my information be kept safe?

      Yes. When you are asked to log in to your online banking account to enable Open Banking, you are only providing those details to your bank, not to Oakam or to Credit Kudos.

      The information shared with us is similar to what you see on your bank statements. This information is then fully encrypted and shared with Oakam across a secure connection, so it is actually more secure than sending in bank statements by post or email.

    • Will Oakam take repayments using Open Banking?

      No. We only use open banking to assess your loan application and confirm the information you provide. We do not automatically take repayments using Open Banking data and we always stick to the repayment schedule we agree with our customers when they accept our loan offer, so you’ll always know when repayments are due.

    • Will Open Banking guarantee that I will be accepted for a loan?

      Open Banking only gives us the information we need to assess your application. It can’t guarantee that you’ll be accepted for a loan, but it does mean we can make more accurate decisions on who we lend to.

      Once we have verified your information using Open Banking, we’ll present you with our decision on whether or not we can offer you a loan today. We can approve many more loans because of Open Banking because it lets us confirm the details of a greater number of applicants.

    • Will Open Banking affect my credit score?

      No. Applying for a loan with Oakam involves a search of your credit history whether you use Open Banking or not. The extra step of using Open Banking to assess your application will not involve an additional credit history search and so will not impact your credit score.

    • What if I don’t want to proceed with Open Banking?

      Unfortunately, if we cannot automatically verify the information you’ve provided in your application, we won’t be able to offer you a loan without connecting to your bank via Open Banking.