When you apply for a loan, we traditionally look at your credit history to assess your creditworthiness and the likelihood of on-schedule repayments. While a strong credit history can help you qualify for better interest rates and higher limits, it can be a significant hurdle if your history is limited or ‘invisible’.
The Challenge of an ‘Invisible’ or Limited History
You might find yourself with an invisible or limited credit history if you:
- Are new to the country: Credit histories often don’t follow you across borders, leaving even the most financially responsible individuals starting from scratch.
- Have not used much credit in the past: Usually defined by lenders as having three or less live credit accounts.
Moving Beyond the Credit Score with Open Banking
To ensure no one is unfairly excluded from affordable credit, Transave uses Open Banking to help make fairer lending decisions where applicants have a limited or invisible credit history.
Open Banking moves beyond static credit scores by giving our team secure, real-time access to your bank transactions. This provides a holistic picture of your financial health, including:
- Real-time Income & Spending: A direct view of your current cash flow rather than months-old data.
- Savings Habits: Recognizing those who consistently set money aside.
- Regular Bill Payments: We can analyse patterns of responsibility that traditional scores often miss, such as regular payments for “non-credit” items like council tax.
- Disposable Income: A more accurate assessment of what you can comfortably afford to repay.
Our Commitment to Fair Lending
By using these real-time insights, we can assess risk accurately and fairly. Our goal is to ensure you aren’t held back simply because you haven’t yet built up a traditional credit profile. To apply for a loan please visit: https://transave.co.uk/instant-loan/
