Open Banking: Bringing your data to Likely Loans

Likely Loans is now using Open Banking to offer personalised quotes within seconds.

What is Open Banking?

Open Banking is a big deal in the financial sector lately, using cutting-edge technology to allow companies like Likely Loans to use your banking, transaction and other financial data provided by your bank - with your permission, of course. A lot of budgeting and spending tracking apps already use this, so you may already have experienced it.

How is Likely Loans using this? 

With access to your up-to-date banking data, when you apply for a loan with us, we are able to paint a much more detailed picture of your finances to better understand your circumstances. We can use this extra data to give more personalised lending decisions. There is no old, out-of-date data confusing the outcome, just what’s important - the now.

How do you benefit?

Using Open Banking means that we may be able to offer you a loan that we couldn’t have previously, without access to that data. If you choose to use your open banking data with other apps, it’s also a great opportunity for you to get a clearer image of your own finances.