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Why is open banking used by payday lenders?

27th January 2021

The last decade has seen a huge drive in technological innovation and advancements. From branch only banks to online only banks, it’s hard to ignore the changes that have taken place in banking and financial services. One major development in the financial technology sector is: open banking.

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WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How much would you like to borrow:

£150
£750
How long would you like it for?
3 months
6 months

Your monthly repayments are:

1
£
2
£
3
£
4
£
5
£
6
£
Total amount to be repaid:
£  
Annual percentage rate:
  % APR

Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51 in monthly instalments of £93.26, £124.38 and £103.87. This is based on the amount of credit plus interest, no other fees apply. Representative 1288% APR


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