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Open Banking Loans

Here at Finio Loans, we understand that your credit score isn’t always the full story. That’s why our open banking loans can make a huge difference as to whether you get the finance you need or not. Applying for an open banking loan is quick and easy for various loan amounts and repayment periods and takes into account your personal finances, not just your credit score.

Sometimes you just need a little financial help in the form of a personal loan, whether that be for unexpected bills, home improvements, or big life events like weddings or even debt consolidation. Finio Loans offers all kinds of unsecured loans, including wedding loans, car loans and home improvement loans, all easy to apply for, even with bad credit or if you’ve previously been declined elsewhere.


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Representative 39.9% APR

Representative 39.9% APR

Representative example

Borrowing £2,000 over 24 months at Representative 39.9% APR and Interest rate 39.9% p.a. (fixed) with monthly repayments of £116.07 and a total amount payable of £2,785.68 This example is for illustration purposes only. The rate and / or term you are offered is dependent on your individual circumstances Rates from 39.9% APR to maximum 69.9% APR. Loan terms from 12 to 36 months.

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What is Open Banking

We use open banking to help us to assess your loan application and to inform our lending decisions. What open banking means is that third parties, like us, can safely and securely receive your banking data, transaction data and other financial information to build a picture of your personal finances.

The benefits of open banking are that it’s quick and simple to share information that may increase your chances of your personal loan being approved, even with bad credit. We do still conduct credit checks as part of our commitment to responsible lending but when you apply for a quote on any of our online loans, your credit rating won’t be affected until you complete the full online application.

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Why Choose Finio Loans for an Open Banking Loan?

There are many reasons to borrow money from Finio Loans with our open banking loans:

  • There are no hidden or additional fees and clear monthly repayment terms

  • Find out if you are eligible to be accepted within minutes and how much you’re expected to pay for your repayment period

  • Repay the loan in fixed monthly installments with zero fees

  • Like all our loans, apply for a quote on an open banking loan without it affecting your credit rating

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Frequently asked questions

What is open banking?

Open Banking uses cutting-edge technology to allow companies like Finio Loans to quickly and securely use your banking, transaction and other financial data provided by your bank - with your permission, of course. This can include information like your balance, income, expenses and any overdraft you may have. It was introduced to increase competition and innovation in the FinTech industry.

Open Banking works by allowing third party providers (TPP) access to your information through secure application programming interfaces (APIs). All participating third parties must be compliant with the Payment Services Directive requirements (PSD2).

Sharing data through Open Banking is simple, convenient and fast, ideal for application processes, sign ups and linking accounts. This means no need to provide evidence through traditional documents or manually inputting your financial information. A lot of budgeting and spending tracking apps on the app store already use Open Banking, so you’ve likely already experienced it.

Can I borrow an open banking loan with a bad credit score?

With the ability to shop around online for different types of loans, getting rejected by your bank isn’t necessarily a problem as lenders like Finio Loans may be able to give you access to bad credit loans despite a low credit score.

We understand that while you may not have a perfect credit history, it doesn’t necessarily reflect your position now, so when applying for an open banking loan with bad credit, lenders will look at your current financial situation and other indicators to decide whether you’ll be able to afford the fixed monthly repayments on the loan.

If you’re worried about being rejected because of your bad credit history, you can check your eligibility with us without having an impact on your credit score. We do soft search credit checks which means your credit file won’t be affected at this stage. Simply enter a loan amount and term into our online loans calculator to receive your loan quote.

Can I get an open banking loan without a guarantor?

Yes. We offer unsecured loans which means you neither need to secure your loan against your assets nor need someone else to be a guarantor as part of your online application.

Can I get an open banking loan with no credit check?

No. As responsible lending is our priority, we carry out credit checks to make sure we aren’t lending to anyone who can’t afford it.

Can I use an open banking loan to pay off other debts?

Of course, you can use the loan for things like unexpected bills, car finance and home improvements. Debt consolidation can often be a good choice depending on your circumstances. However, we encourage you to work out if consolidation loans financially make sense as sometimes spreading the repayments of a larger amount over a longer term can mean you pay more interest.

What are the criteria to get an open banking loan?

As with most loan providers, our lender requirements are that you’ll need to be over 18, a UK resident, employed and have a bank account and debit card to complete a loan application. In terms of income, you should be able to comfortably afford monthly payments from your regular income - for example, as a guide, £1250 per month would be a minimum. We’ll look at your credit history and personal finances before making our decision.

How long will it take before receiving the open banking loan?

Applying for any loan with Finio Loans is quick and simple and you’ll find out if you’ll be eligible within minutes. After that, once your application goes through the required checks, if you meet the loan approval criteria, we aim to pay your money into your bank account the same day you are approved. During busy times, it may take up to 5 working days.

How much will an open banking loan cost?

Your total amount repayable is dependent on how long it takes you to repay your loan and the APR you’re offered which is based on your personal circumstances, amount and loan repayment period.

As an example, borrowing £2000 over 12 months at representative 39.9% APR and interest rate 39.9% p.a. (fixed) with monthly repayments of £199.01 your total amount payable would be £2,388.12.

What is an APR?

APR is the annual percentage rate and important for calculating the cost of money borrowed and comparing offers.

Interest rates, fees, how often it’s charged and all other costs contribute to the APR. Representative APR is the APR we'll offer to at least 51% of people who are accepted - it's not a guarantee.

The remaining customers that are also accepted will be offered a different APR than the one advertised based on individual circumstances. Please note, the APR offered is based on your personal situation and is dependent on many different factors. As such the APR offered may be different from the representative APR.

Will I pay a higher rate if I have bad credit?

Yes, you might. As a lender, we offer our representative APR of 39.9% to at least 51% of customers who are accepted for a loan. If you have poor credit, you may be charged a different rate.

How much can I borrow?

For an open banking loan, you can borrow from £500 to £5,000 and pay back the loan amounts in monthly instalments.

Can I top up my open banking loan?

You may be able to top up your loan in the future if you become eligible. You can check your eligibility through your online account.

Additional Loan Purposes

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Debt consolidation loans

Paying off multiple debts such as credit cards, store cards or bank overdrafts, can sometimes be challenging when you dont have access to personal savings.

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Small Loans

Every now and then you may just want or need a small cash boost, anything from £500 up to £1,000 - theres a quick and easy solution: small loans.

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Loans for Bad Credit

We offer loans for people with bad credit of up to £5,000, that could provide you with the finance you need and applying is quick and simple.

Get a Quick Open Banking Loan Quote Today


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Check my eligibility

( It won’t affect your credit score )

Representative 39.9% APR