Polar Credit analyses your banking transaction data to assess creditworthiness and affordability. To do this, Polar Credit needs permission to view your transaction history, which you can give from your internet banking.
Polar Credit does all this with the technical help of Credit Kudos, which is a regulated open banking service provider.
By doing this, Polar Credit aims to say “yes” to applicants who might otherwise be rejected on their credit score alone. Using open banking data to support applications for credit is becoming more common in the UK.