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What is Open Banking?

Open Banking is a UK wide FCA regulated service that enables you to safely and securely share your financial data with a service provider such as Cavern Funding. This allows us to make sure that you can afford to repay your loan and is central to ensuring that we lend responsibly at all times.

Open banking explained in a bit more detail

Open banking essentially describes how banks allow regulated financial providers, such as Cavern Funding, to access, use and share your bank account data.

This is not done without your consent.

  • You will never be asked to give login details to anyone except your bank.
  • The process allows access to your statement information only, so no one can make payments to another account.
  • It’s fully automated and takes a few seconds so there is no waiting around.
How we Use Open Banking

We work with a fully authorised and regulated open banking specialist firm called Almadies Bank UK Limited. They can create a secure, online bank account. This is how it works:

  • Firstly, as you complete your loan application, you will be asked to provide your online bank account with Almadies Bank UK Limited, with your consent for us to read your digital bank statement using the open banking technology. This is done by accessing your bank transactional data via our third party specialist Almadies Bank UK Limited.
  • They will create online bank for you and you can then login using your online banking details.
  • Your bank will then allow us to access your information on your behalf.
  • We can then view your information to make sure that your loan is secure.

This whole process is carried out online during the application process and only takes a few seconds to complete. There is then no need for you to provide any evidence of income or details of your expenditure as we will then have everything we need to provide you with a quick decision.

Protecting Your Data

Whenever you agree to share your data using Open Banking it will only ever be the data you agree to, you can stop sharing whenever you choose and your data is protected in exactly the same way as it is when using your internet banking.

Data we share with and receive from Almadies Bank UK Limited

We share your contact details:

  • The full legal name(s) of account holder(s)
  • Address(es), telephone number(s) and email address(es)

Almadies Bank UK Limited provide to us with:

  • Your account name, number and sort-code
    This helps prevent fraud as loan funds are paid directly in to the bank account provided.
  • Your account balance
  • Your account transactions including:
    – Regular standing orders and direct debits
    – Details of all incoming and outgoing transactions
We help customers with a less than perfect credit score

At Cavern Funding, we want to give people the chance to borrow even if they don’t have a perfect credit score. We lend responsibly, ensuring that customers can afford the required monthly / annual payments before proceeding with the loan.

Fair, transparent, responsible

We are totally committed to treating customers fairly at all times. Our documentation is clear and transparent making it easy to understand and there are no hidden fees ensuring that there are no unwelcome surprises during the time of the loan.

The application process

We make the application process as easy as possible by making use of Open Banking and credit risk technologies to ensure that our lending decisions are fair, accurate and consistent. This also enables us to make decisions that can be communicated quickly without the need to request additional information from wage slips and bank statements.

No need for a guarantor

We are confident in our ability to assess applications fairly and we trust that our customers can make payments without the need of a guarantor.