Key Benefits
Support your short term finances with a Plugin Overdraft®
The Plugin Overdraft® helps you manage your household budget or those short-term unexpected costs, in a simple and responsible way. For the millions of people who don't have an overdraft with their own bank, this is the helping hand you need.
*Representative example: borrowing £500, cost £1.35 per day, annual rate of interest 98.9% APR.
WHAT IS IT?
Overdrafts made simple
Say hello to the Plugin Overdraft®! It's available 24/7 on our mobile app. Apply, and simply link it to your UK personal bank account that receives your income (wages, salary or credits). Once approved, you'll have a continuous credit line to keep you going. No more stressing about unexpected expenses - Plugin Overdraft® has got you covered!
It's easy to open.
Your Plugin Overdraft® is easy to open and gives you access to a short-term credit solution with fair terms.
It connects to your existing bank account.
Through open banking, you can use Plugin Overdraft® without having to switch your bank.
Your repayments are really simple.
You can enable automated repayments to pay off your Plugin Overdraft® and minimise the cost of interest charged.
Automated top ups.
Reduce your stress by activating automated top ups so that the balance of your linked bank account doesn’t fall below the minimum amount that you choose... so you always have funds available when you need them , never suffer the embarrassment of having a transaction declined and never incur costly, unapproved overdraft fees or charges.
Finance control.
This short term cover gives you control over your finances by helping with any unexpected costs.
Use it for the right reasons.
Don’t use this for the long-term, clearing or consolidating any other debt.
How does it work?
Set up in just 3 minutes! It's that easy.
Opening up a Fiinu account is a simple one-time digital process using our app, and on average it will only take 3 minutes. After you download our app, you will be taken through a simple sign up process. All you need to do is input your mobile number, email address and home address. Open banking will do the rest!
FAQS
Let's answer your questions
Fiinu is a fin-tech, currently applying for a banking license, to be authorised by the PRA and FCA.
The Plugin Overdraft® is for anyone who has a UK personal current account and needs an overdraft facility.
The Plugin Overdraft® can be linked to any other UK personal current account via open banking. It is managed through the Fiinu mobile app on your mobile phone which links to your UK bank’s current account. It’s a quick and simple process to set up through the Fiinu mobile app.
The Plugin Overdraft® account can only transfer funds to your linked current account (we call these top ups) and take repayments from it. It cannot move money directly to or from any other account.
The Plugin Overdraft® has been designed to help with managing the household budget or short-term unexpected costs such as fixing or replacing a broken washing machine or hoover. It is a supporting overdraft designed for balancing your household budget and unexpected costs. Simple cash management in short bursts.
If you’re using it several months in the year and perhaps for a period of between one and two weeks at a time, that feels about right.
It has not been designed for longer-term / constant use. If you need money on a longer-term basis or to consolidate debts, you may be better off with a different product such as a personal loan.
You only pay for the days you use your Plugin Overdraft®. We charge simple, not compound interest, which is fairer, less costly and easier to understand.
There are no fees. We are fair and transparent.
The key eligibility criteria are. You…
- Are a UK resident
- Are aged 18 or over
- Have a salary or other regular income paid into the account you are linking the Plugin Overdraft® to and can demonstrate that you can afford the repayments
- Are a UK tax payer
- Have an active personal UK current account with a bank or building society
- Have no active county court judgments issued against you
- Have no active bankruptcy orders or Individual Voluntary Arrangements (IVA)
Open banking is part of the regulation known as the Payment Services Directive PSD2 which came into effect in September 2019. Open banking allows you to share certain financial information that only you and your bank can see, such as your balance and transaction history, with other financial providers or services of your choosing. The aim is to make it easier for other organisations, to use your data and in Fiinu’s case to personalise products for you like the Plugin Overdraft®.
To apply for a Plugin Overdraft® we need your consent to use your data. You can provide your consent when you apply for a Plugin Overdraft® on our mobile app.
Yes you do. The Plugin Overdraft® is exactly as it is named, an overdraft which plugs into your existing personal bank account, whoever it’s with. So no switching of accounts is required.
We are looking to launch our Plugin Overdraft® in the second half of 2023. If you would like to be kept up to date and learn more on our progress, please register here form.
Get a Plugin Overdraft® to help make your life easier.
An unbundled overdraft solution, without having to switch banks, that may help to build credit credentials rather than erode it.
