26/01/2023
We make use of the Open Banking process to assess your income and expenditure to ensure that the loan we provide is affordable to you.
The process is regulated by the FCA and enables you to share your financial data with a loan provider such as Toot Loans in a safe and secure environment.
The open banking information is provided by oohMoolah. They cannot provide your financial information without your express consent. oohMoolah is authorised and regulated by the Financial Conduct Authority (FCA) and has access to all of the main UK banks and building societies.
👉️The Open Banking Process👈️
Once you have completed the Toot loans application form and pressed the submit button you will be automatically directed to the ooMoolah website.
OoMoolah will request your bank account details, including sort code and account number.
You will be required to provide permission for ooMoolah to access your financial information.
You will then be automatically directed back to the Toot Loans website to receive your lending decision.
This ensures that the decision process is quick and accurate. It also means that you are not required to provide any other form of evidence regarding income and expenditure.
It is both safe and secure and has no impact your credit score.