Fintern Loans February Update
We've been privileged to receive many great questions and suggestions from the Fintern community.

This month's newsletter highlights a few of the most frequently asked questions and our responses. If you have a burning question that isn't answered here, get in touch!
Which date do you plan to launch?
It depends on a range of external factors, so we're not announcing a specific date yet. We're moving as fast as possible, so it should not be too far away. We will also shortly be running more pre-launch testing with advance test users. If you are interested in becoming a tester, you can sign up here
How do I hear from Fintern?
We are using the following channels to engage by sharing regular updates, getting your thoughts on product design, etc:
1. Facebook Page where we post frequently
2. Newsletters emailed to our registered users
3. Website or email us
Which banks are compatible with Fintern?
The initial list is below. If your main income and expenses are from any of the banks in this list, we should be able to accept your digital bank statements shared via open banking with just a click.
Allied Irish Bank; B Bank; Bank of Scotland; Bank of Ireland; Barclays;
Clydesdale Bank; Cumberland Building Society; Danske Bank;
First Direct; First Trust Bank; Halifax; HSBC; Lloyds Bank; M&S Bank;
Monzo; Nationwide Building Society; Natwest Bank; RBS; Revolut;
Santander; Tesco Bank; Tide; TSB; Ulster Bank; Yorkshire Bank

If you don't rely on credit scores, how does Fintern Loans work?
Fintern is building a radically different approach to personal loans. Our mission is to massively increase access to low-cost loans in the UK. By doing so, we believe we can help to transform the financial lives of millions.

We automatically connect the dots in borrowers' detailed transaction data via Open Banking to understand their affordability. This data is largely ignored by major lenders who primarily rely on credit scores which predict short-term default rather than actual long-term affordability.

Using transaction data, we:
  • perform income and spending analysis to get high-quality estimates of the range of regular repayments borrowers can afford to make
  • allow borrowers to set their planned regular repayment amount within the affordable range, which instantly links to their total borrowing cost & time to repay
  • allow borrowers to easily explore how small increases in repayments can significantly reduce total borrowing costs
  • help customers structure their borrowing to reduce total costs
  • use forward looking affordability analysis, not historical credit scores
  • provide complete flexibility to adjust payment levels and re-perform affordability analysis at any time.
Can I apply if I'm in Debt Management Plan?
We will allow people on Debt Management Plan to apply when we launch, and we assess each person based on their affordability.

Responsible lending is core to Fintern's values, so we want to ensure repayments are affordable for borrowers before we lend. If finances are already over stretched with existing unaffordable debts, then we may not be able to lend.

Our approach is to understand a borrower's affordability by digitally analysing their bank transaction information. We also analyse their total unsecured debt burden across loans, cards and overdrafts, and estimate their total cost of borrowing based on their current repayment patterns. By putting these two things together, we can assess if they can afford to take additional credit.
Affordable loans based on you
We're excited to announce that Fintern is now live and accepting loan applications!

As a quick refresher, while we don't require a long credit history to apply for a loan, we do need you to:

- Be at least 18
- Live in the UK
- Have at least one UK bank account
- Have no unresolved defaults or CCJs

To apply for a Fintern loan, simply download the Fintern App using the relevant link below*.
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Fintern LTD is registered in England & Wales No. 12472034
Registered with the Information Commissioner's Office in compliance with the Data Protection (Charges and Information) Regulations 2018 under registration ZA747930
Registered Office: Fintern, 3rd Floor, 86-90 Paul Street,London EC2A 4NE, United Kingdom
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