I have had a very poor experience with…
I have had a very poor experience with 365 Finance. At the application stage, I agreed to and authorised Open Banking so they could assist with obtaining the loan. I was sold the idea that they would collect 15% of my total card payments daily, which would make the loan repayments straightforward.
To their credit, they advanced the loan without difficulty and are collecting the 15% of card payments. However, setting everything up was nothing short of a nightmare. I gave full permission and did everything required on my end, yet they began taking payments directly from my bank account without my agreement to a Direct Debit. They took money on random days (claiming it was only on Tuesdays and Wednesdays) when, in reality, they withdrew funds whenever they chose. To this day, they continue to take money from my account without my permission, in addition to the 15% card payments.
It then took them six months to realise I needed to open another physical bank account so they could split the 15% and send the remaining balance to me on the same day. While the same-day payments now work, I am surprised it took so long to set up and that they repeatedly blamed me, when the delay was due to their own incompetence — especially as this is a process they carry out for all clients.
My bank, Barclays, confirmed through its fraud department that because I had signed the Open Banking agreement, it was unable to block the payments. As a result, I am completely exposed to whatever amounts 365 Finance decides to extract from my account and have lost all control over my bank account.
The telephone system is also terrible. The AI repeatedly says it will take your details, yet no one ever calls back. You have to email them around 20 times before there is any chance of receiving a call.
On balance, my key complaint is the Open Banking arrangement, which leaves you completely vulnerable and exposed. Combined with their complete lack of sympathy and their failure to provide any reassurance that they would revert to a proper Direct Debit, this is my warning to anyone considering moving forward with 365 Finance. I would have given a score of zero, but you have to give one star to leave a review, as I have found the entire experience incredibly stressful.