Getting a loan

There are several ways affordability is considered by lenders. Lenders are legally obliged to assess the affordability of a loan. Usually this involves looking at bank statements or (for a quicker decision) by opting in to Open Banking. The following tips outline several ways you can ensure your affordability isn’t impacted too much. The lenders…

Open Banking makes it easier for you to access loans from credit unions.  What is Open Banking? Open Banking is a data sharing system allowing individuals to securely share financial information with other authorised third-party companies. This includes financial institutions such as credit unions. Having access to your financial information (including your income and spending)…

A financial association is a link between two or more people who have shared financial accounts or products. This includes joint bank accounts, credit cards, mortgages, and loans.  Financial associations can affect your credit profile, as their credit history may also be taken into account when lenders make credit decisions. If a financial associate has…

There are many ways you can build your credit history and boost your credit score to improve your chances of being approved for credit.  Lenders assess an applicant’s ‘creditworthiness‘ when they receive credit applications to determine the level of risk involved in lending money to the applicant. Lenders will look at credit history and credit…

Credit checks are common when you apply for credit, such as a loan or credit card. Lenders need to assess how much of a risk you would be if they lent you the money.  To make these decisions, lenders use data from credit reference agencies which includes your credit score, your history of repaying other…

A credit score is a number that lenders use to assess your ‘credit worthiness’. The number is based on your credit history, which includes information about your past borrowing and repayment habits, how long you have resided at your address, and if you are on the electoral roll. The higher your credit score, the more…