Frequently Asked Questions
ABOUT FACIIT
Who is Faciit?
Faciit Technologies Limited is registered in England (registered no. 13908761). Registered Office: Kettle Farmhouse, Kettle Lane, Maidstone ME15 OJU. We are an alternative lending platform. We help people use savings as a proxy to demonstrate loan affordability and creditworthiness. From our name Faciit (Facilitate It), our mission is to help create financial possibilities for those who will struggle otherwise.
How does Faciit work?
We help users save one-third of their financial goals and then match them to lending partners who give the remaining two-thirds as competitive loans.
Is Faciit a lender?
No, we are not a lender. We are a credit broker.
Who is Atto?
Atto is an FCA-regulated Account Information Service Provider (AISP) and analytical software company. We have partnered with them to use Open Banking to access your financial information and adequately understand your financial situation.
What are your Terms and Conditions?
You can find our Terms of Service and Privacy Policies Here.
What is a Thin Credit File?
Someone is regarded as having a Thin Credit File when they have little or no credit history. They tend to be invisible to the financial system and struggle to access credit from mainstream sources.
What fees or charges apply to your services?
Where fees are applicable, we transparently disclose any charges associated with our products. Refer to our terms and conditions or contact us for specifics.
How secure is my personal information?
We take data security seriously. Our systems comply with regulatory standards, and we use encryption and other safeguards to protect your information.
What is Alternative Finance?
Alternative Finance refers to financial services outside the mainstream traditional finance system (banks, capital systems) offering loans and finance to individuals and businesses.
What’s the difference between a secured loan and an unsecured loan?
Secured loans are backed by collateral (such as property or assets), while unsecured loans don’t require collateral. Secured loans typically have lower interest rates, but failing to repay them can result in collateral loss. We help you get unsecured loans.
ABOUT YOUR APPLICATION
How does it work?
Apply – tell us how much you need and other details. Save – one-third of your financial goal for a minimum of 3 months. Borrow – If you demonstrate affordability and creditworthiness through savings, we will match you to a lender who gives the remaining two-thirds as a competitive loan.
Who is eligible to use Faciit?
Be 21 years old or above. Have a UK bank account with at least 3 months of Open Banking access. Be a UK resident for at least 6 months. Receive a regular income.
How can I improve my creditworthiness?
Demonstrate affordability by saving one-third of your loan requirement. Apply for what you can afford to borrow and repay. Communicate any changes in your financial circumstances promptly and adequately.
Do you require collateral?
No, we do not require collateral, neither do our lending partners.
What is Open Banking?
Open Banking is a secure system that allows regulated financial service providers to access, use, and share transactional data.
Why do I have to save a third?
We believe in a partnership approach to lending; saving a third allows you to signal commitment and demonstrate creditworthiness and affordability.
Why do I have to save for 3 months?
We do not rely on our credit scores or history to determine creditworthiness. Saving one-third over at least 3 months gives us ample time to understand your financial situation.
What if I cannot wait for 3 months?
Our save-to-borrow solution is suited for planned expenses, we require at least three months of savings.
What if I can not save the required amount in 3 months?
This signal of financial commitment is part of our approach to build responsible lending.
Why do you need to connect to my bank account?
We connect to your bank account to verify your income and evaluate your affordability. FCA strictly regulates the process; we can NOT access your bank login details, money, or control.
Is Open Banking safe? Am I protected?
Yes, Open Banking is safe and you are protected; it is regulated by FCA.
What bank data do you access?
We verify your account details and access your bank transactions through Open Banking.
How do I get a loan?
Use our Loan Calculator to get a breakdown of what you are willing and able to borrow.
Can I take multiple loans?
Yes, you can. So far the loans are within your affordability threshold.
Can I reapply after being declined?
Yes, you can. You may have to reduce your finance goal or demonstrate a positive change in circumstance.
Will applying for a loan affect my Credit Score?
We will do a soft search (a hard search in some cases) on you when you apply for a loan, this may affect your Credit Score with Credit Bureaus.
Why was my application declined?
Your loan was declined for one or a combination of these reasons: You do not meet basic loan requirements, insufficient income, or low affordability threshold.
ABOUT YOUR LOAN
What loans can I get on Faciit?
We help you get personal loans for planned expenses.
Can you help improve my credit score?
Yes, apart from helping you build financial stamina, we will be helping to build your credit profile by sharing your repayment progress with credit bureaus.