Some lenders only look at credit scores when deciding whether to grant a loan application which can result in some people being unfairly excluded from credit even though they could afford the loan repayments.

There are several reasons why this limited approach doesn’t work. Firstly, it doesn’t assess actual income and expenses and doesn’t distinguish between essential and controllable spending. Secondly it ignores borrowers’ forward looking potential and overly penalises historical credit problems. It also excludes those with a ‘thin credit file’ who haven’t had the chance to build a credit history such as younger people and those from overseas who haven’t been able to build up a credit profile.

Transave uses Open Banking to get a true picture of your unique financial situation. Open Banking shares data with your permission, and is safe, secure and approved by all banks with no lengthy forms to fill in. By combining this data with several other sources, we can look at your entire financial situation including up-to-the-minute financial transactions – what you earn, how you spend, and what’s left at the end.

That means we can base our lending decisions on what you can afford to borrow, not on an incomplete snapshot of the past. It also means that we don’t automatically exclude you if you have a less than stellar credit history. So, whether you’re borrowing for the first time, consolidating debts, or building up to something big – we’ll help you get there with the minimum of fuss.

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