Getting a loan

Last reviewed September 2026 i QUICK ANSWER Yes. Bounced direct debits in the last one to two months can lead to a loan application being declined, even if your credit report looks clean. One or two bounced payments may not stop you being accepted, but more than two is typically a concern for lenders, and…

Last reviewed September 2026 i QUICK ANSWER A credit score is a number, typically between 0 and 1250 (depending on the credit reference agency model), that lenders use to assess how reliably you manage borrowing and repayments. The higher your score, the more likely you are to be approved for credit and offered lower interest…

Last reviewed August 2026 i QUICK ANSWER Open Banking lets you securely share your bank transaction data with a lender in a few clicks, replacing the need to find, download and send paper bank statements. For credit union applications through NestEgg, connecting Open Banking can reduce a loan decision from days to hours. Before a…

Last reviewed August 2026 i QUICK ANSWER Yes, Open Banking is safe. Your bank login details are never shared with anyone. Instead, a secure one-time token is used for each connection. Open Banking is regulated by the Financial Conduct Authority, uses bank-grade encryption, and requires multi-step authentication. You stay in control and can disconnect at…

Last reviewed August 2026 i QUICK ANSWER Open Banking is a secure, regulated way to share your bank transaction data with a lender, so they can see your income and spending without needing payslips or paper statements. It’s optional, read-only, and can be withdrawn at any time. For credit union loan applications, it typically speeds…

Last reviewed June 2026 i QUICK ANSWER With no borrowing history, lenders have no track record to assess, which can lead to declines even without bad credit. You can build history by managing a bank account, registering on the electoral roll, putting utility bills and phone contracts in your name, keeping your details consistent and…