As a 100% digital bank, we use online tools to verify your details.
When sharing your bank details during your loan application, it's important you check that:
- Your bank details are correct
- The bank account is registered in your name and current address
- Your bank accepts faster payments
You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above. If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves.
Some of the accounts that fit this criteria are listed below.
- Bank accounts opened before 1998
- Some of the new challenger banks
Our digital approach allows our customers to manage their loan completely online, allowing us to keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to take a loan with us, depending on who they bank with, as we mention above.
Unfortunately, if we can’t match your account then you won’t be able to take a loan with us right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to BetterBorrow.