Use Open Banking to speed up your loan application

Applying for a loan should be straightforward, but gathering and submitting paperwork adds unnecessary stress and delays and the reason Merthyr Tydfil Borough Credit Union offers Open Banking to members old and new.

As a lender we are legally required to make sure your loan is affordable. To do this we will want to check your income and expenditure. Traditionally this has meant sending in paper bank statements.

What is Open Banking?

Open Banking is a secure way to share your financial information directly with Merthyr Tydfil Borough Credit Union and offers an easy solution that simplifies the application process.

Whether you’re applying for a loan through a high street bank, an online lender, or your local credit union, Open Banking can help make the process faster and easier.

How does Open Banking work?

Open Banking allows you to safely share your bank transaction data directly with approved lenders (like banks and credit unions), with just a few clicks.

This secure service lets you give permission for a lender to view essential financial information, like income and regular expenses, without having to dig up and submit bank statements.

What Data is shared?

Once you’ve consented to share your data, the following information is shared with the Credit Union:

• Account name.
• Account number and sort code.
• Full name of all account holders.
• Card number for credit cards only.
• Account balance and currency.
• Direct Debits.
• Standing Orders.

Incoming and outgoing transactions, including salary, subscriptions, card purchases and transfers.

How long is this information shared for?

Open Banking connections are open for 90 days. However, you can remove this permission whenever you want. Importantly, after 90 days the Credit Union can no longer see any of your transaction information.