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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it?" No, because the low level earners would still get a shitty rate as always | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always" Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate?" Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate?" If it was based on spending history I would be up the creak without a paddle LOL Thankfully I earn enough so I can spend wrecklessly and still save | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate " Thank you for the honest view, really interesting. The banks have taken the piss and ripped off people for years so time for a change. | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? If it was based on spending history I would be up the creak without a paddle LOL Thankfully I earn enough so I can spend wrecklessly and still save "  | |||
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"What kind if “healthy” spending profile that can’t afford to save and therefore needs a risky loan do you envisage would earn a better rate? Would banks consider porn mags and cigs bad but overspend at M&S good? " Great question, no bias involved, more a case of money in vs money out over a period of time. Trends identified such as, you are spending 20% of your disposable income on gambling for example, that might impact your ability to secure lower rates. But the aim being to help people access better credit. | |||
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"anyone who has store loyalty cards or shops on line already gives access to their spending habits, what does one more matter. Except do I want my bank knowing I ordered a life like, 12 inch dildo and a gimp mask?"  not sure they would know what exactly was ordered but they would probably detect miscellaneous sequel products purchases  | |||
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"anyone who has store loyalty cards or shops on line already gives access to their spending habits, what does one more matter. Except do I want my bank knowing I ordered a life like, 12 inch dildo and a gimp mask? not sure they would know what exactly was ordered but they would probably detect miscellaneous sequel products purchases "Sexual not sequel | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate Thank you for the honest view, really interesting. The banks have taken the piss and ripped off people for years so time for a change. " Knock yourself out enacting change go into your bank tomorrow and tell them this and you've had enough and see how much they don't give a fuck. The bank control everything of yours financially. You can't get paid without a bank, you get financial references without a bank etc etc. The money runs the country not the government and has done for decade's | |||
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"How exactly would they assess your spending habits and what would the yes or not decision be based on? What is meant by habits? Whether you spend beyond your means regularly? " Great questions, credit scores are designed to keep people trapped in high interest credit when they don't need to be. If your spending habits show you are good at managing your money on a regular basis then you would most likely qualify for a loan that could be significantly lower than loans you currently have. | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate Thank you for the honest view, really interesting. The banks have taken the piss and ripped off people for years so time for a change. Knock yourself out enacting change go into your bank tomorrow and tell them this and you've had enough and see how much they don't give a fuck. The bank control everything of yours financially. You can't get paid without a bank, you get financial references without a bank etc etc. The money runs the country not the government and has done for decade's " You are totally right, banks are shit houses, happy to give you an umbrella when the sun is shining but leave you to get drenched when it rains. Change is coming and it isn't through banks. | |||
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"How exactly would they assess your spending habits and what would the yes or not decision be based on? What is meant by habits? Whether you spend beyond your means regularly? " I think that’s not the point of the OP. The question is would you trade your personal spending data in return for a cheaper loan. How the bank(s) then use that mat data is up to them. It would work like facebook Ts&Cs. | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it?" I don’t think it’s a dissimilar way to profiling systems used globally in ways anyway. Some form of understanding if people are sensible, reckless, stretched financially etc, are fair markers for potential lenders. The main strength for individuals is understanding money, and then separately understanding happiness without materialism. It’s more psychological and / or emotional than ever in ways. But to go back to your original point, I wouldn’t care how a lender chooses to lend money. It’s their priority, either I buy into it or I choose another lender / way to access money or accumulate financial safety or establish wealth etc. Or just accept that it’s a driver or factor I’m bothered about or don’t really care for. | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate Thank you for the honest view, really interesting. The banks have taken the piss and ripped off people for years so time for a change. Knock yourself out enacting change go into your bank tomorrow and tell them this and you've had enough and see how much they don't give a fuck. The bank control everything of yours financially. You can't get paid without a bank, you get financial references without a bank etc etc. The money runs the country not the government and has done for decade's You are totally right, banks are shit houses, happy to give you an umbrella when the sun is shining but leave you to get drenched when it rains. Change is coming and it isn't through banks." Caveat emptor. I’m not aware of many banks that have been set up as a social service. There have been Credit Unions run by the church but generally banks are set up to make money. So why would they not make hay while the sun shines and harvest when autumn comes before winter? Now if OP is talking about setting up some disruptor business model then is getting the spending habit of sub prime borrowers really going to improve the risk profile and would a sane business give away most of that risk management advantage as reduced margin to the customer? Interesting idea though. | |||
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"How exactly would they assess your spending habits and what would the yes or not decision be based on? What is meant by habits? Whether you spend beyond your means regularly? I think that’s not the point of the OP. The question is would you trade your personal spending data in return for a cheaper loan. How the bank(s) then use that mat data is up to them. It would work like facebook Ts&Cs. " I'd want to know how they'd use my data before handing it over | |||
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"How exactly would they assess your spending habits and what would the yes or not decision be based on? What is meant by habits? Whether you spend beyond your means regularly? I think that’s not the point of the OP. The question is would you trade your personal spending data in return for a cheaper loan. How the bank(s) then use that mat data is up to them. It would work like facebook Ts&Cs. I'd want to know how they'd use my data before handing it over" So they tell you. You read the 25 pages of terms. Then they exercise the right to change those terms. But you’re locked into a “cheaper loan”. What do you do? | |||
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"If you could get a better rate of interest and reduce your outgoings on loans by giving the lender access to your spending history through open banking would you go for it? No, because the low level earners would still get a shitty rate as always Even if your credit score wasn't taken into account? If a new measure on how well you manage your money was being used to help you achieve a better rate? Still no, the banks and lenders wouldn't change...why give up losing money on the masses ... total pipe dream mate Thank you for the honest view, really interesting. The banks have taken the piss and ripped off people for years so time for a change. Knock yourself out enacting change go into your bank tomorrow and tell them this and you've had enough and see how much they don't give a fuck. The bank control everything of yours financially. You can't get paid without a bank, you get financial references without a bank etc etc. The money runs the country not the government and has done for decade's You are totally right, banks are shit houses, happy to give you an umbrella when the sun is shining but leave you to get drenched when it rains. Change is coming and it isn't through banks. Caveat emptor. I’m not aware of many banks that have been set up as a social service. There have been Credit Unions run by the church but generally banks are set up to make money. So why would they not make hay while the sun shines and harvest when autumn comes before winter? Now if OP is talking about setting up some disruptor business model then is getting the spending habit of sub prime borrowers really going to improve the risk profile and would a sane business give away most of that risk management advantage as reduced margin to the customer? Interesting idea though. " Exactly, a couple of stats, 53 % of people globally who pay their bills on time do not qualify for a prime rate of credit. 27m people in the UK are showing signs of financial vulnerability. There is an alternative, technology can help but only if people understand and embrace it. | |||
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