About Pariti

What is Pariti?+

Pariti is a free app that connects to your different bank accounts and credit cards to provide a simplified view of where you stand and a plan for improvement. We automatically forecast your upcoming income and bills to calculate how much you can afford to spend each week and provide proactive warnings to help you stay on track.

Who is Pariti for?+

Pariti is for anyone and everyone looking for a simple way to take control of their finances. You’ll need to have online banking set up to use the app.

How does it work?+

Pariti gives you a simple view of your finances by showing all of your accounts and credit cards in one place. You’ll know how much is available now, how much you’ll need in the future to pay bills, and how much income you have coming in. We’ll help you to set up a weekly spending goal so you never spend more than you have and so you know how much you’ll be saving.

Does Pariti support international banks?+

Pariti currently only supports banks in the UK. We hope to support more countries in the near future.

How does Pariti make money?+

Pariti is free to download. The way the business makes money is by acting as a credit broker for consolidation loans offered within the app. We are not a lender, but instead work independently with our trusted lending partners Zopa and Lendable and we receive commission for loans made. We're authorised and regulated by the Financial Conduct Authority (FCA), registration number 705486.

How safe is Pariti?+

We know that entering your bank details can feel a bit uneasy at first, but Pariti is very safe and secure. We're a team of financial technology experts and partner with Yodlee, a world-leader in financial security and aggregation.  We use bank level encryption and security practices, and the app is read-only so no-one can ever move your money. More detailed explanations about our policies can be found on our Security and Privacy Policy pages.

Does using Pariti break my bank terms and conditions?+

Some banks openly acknowledge in their Ts&Cs the benefits of services such as Pariti; others are less explicit, and prefer not to name or openly endorse any external organisation. This does not necessarily mean, however, they prohibit the use of aggregators such as ourselves.

The banks very understandably tell their customers to be careful with their passwords to help prevent fraud. There is a clear distinction however between you allowing fraudulent misuse of passwords, and using your login details to securely track and manage your finances. For the most part, advice from a bank is therefore based on a cautious approach. Ultimately, it's your choice whether you choose to use an aggregation service such as Pariti and we're here to answer any specific security questions you may have.


Getting Started

What do I need to get started?+

To get your account set up you’ll need your online banking login details to hand.

Can I use Pariti if I don’t have online banking?+

Unfortunately, to use Pariti, you need to either have online banking or mobile banking setup with your bank.  This is usually very quick and easy and can be done on your bank's website.

Why does Pariti need my bank login information?+

Pariti works by connecting to your online banking and giving you a simplified view of where you stand and how you can improve.  The connection to your accounts and credit cards lets us notify you about what's ahead and allows us to give you a single view of all your finances in one place.

I can't find my bank or credit card on the list+

Banks are filtered between ‘all’ and ‘popular’ and ordered alphabetically. We’re constantly adding new banks and cards to the service, so if your card isn’t supported it may be on the way! To request a new bank to be added, click ‘I can’t find my bank’ on the ‘all’ tab

How do I progress from the add overdrafts page?+

To proceed onto the next page, you need to have a positive number in ‘available cash’. If your balance is negative, you’ll need to add an overdraft to proceed.

How up-to-date is my balance?+

We automatically update your account balances once a day to sync with the current balance of your online banking. The time of the update can fluctuate, so there can occasionally be up to 24 hours' difference between the account information updating within your bank and this showing within the Pariti app.

To get the most up-to-date balance, you can manually refresh your accounts within the Pariti app by pulling the screen down on the 'Accounts' tab. Please note, it sometime takes a while for account transactions to be recorded in your online banking (and therefore updated on Pariti), especially over a weekend and bank holiday.


Troubleshooting

I can't add my bank or credit card+

Firstly, please make sure you are entering exactly the same login details as you would normally enter for your online banking. For tips on how to connect our most popular banks, please click here

If the problem persists, please contact us via email or in-app chat with the following information:

  1. The name of the bank
  2. The specific error messages you are receiving when trying to add the account
  3. Confirmation that you can successfully log in to your bank
How do I add or edit an income/bill?+

To edit a regular income or bill, click on the income or bills cells on the Profile tab. You can swipe to exclude them from calculations, or you can click on the + in the top right to mark other transactions as recurring.

How do I change my weekly spending target?+

On the profile tab, click on the spending goal cell to amend your weekly target.

How do I exclude an account from my budget?+

You can hide accounts from your weekly budgeting calculations but going to the accounts tab and swiping to exclude any accounts. These will no longer be considered in your weekly budget calculations.

Transactions aren’t showing up straight away+

Pariti works through the online banking system, so transactions only show once they have fully cleared and appear in your online banking.  This can take between 1-3 days, depending on the type of transaction.

How do I change my Pariti password?+

The easiest way to change your password is to log out of your account, and when asked to log back in, click ‘forgot your password’ which will send an email with a link for you to change your password!

Can I delete my account anytime?+

Yes, you’re free to close your account at any time! You can delete your account from the app ‘settings’ tab or email support@pariti.com


Borrowing

What is debt consolidation?+

Debt consolidation is the process of taking out a loan to payoff your existing debts. It won’t reduce the amount you owe, but could reduce the amount of interest you pay payment, and can help make budgeting easier with just one single regular repayment.

What are the risks?+

A debt consolidation loan may not necessarily be cheaper than your current debts and could involve a higher rate of interest, longer repayment period, or higher total cost of debt. If you receive a quote, make sure you have fully compared the costs with your existing debts and are comfortable that the loan is in fact going to save you money.

Do you provide advice about consolidation loans?+

Pariti Technologies Limited is a credit broker. We do not offer advice. If you are unsure about what is best for your own financial situation, you may want to seek independent advice. You can contact the National Debtline for free on 0808 808 4000 or you may want to contact the Citizens Advice Bureau.

If you have specific questions about the loan products offered by Zopa, please contact Zopa directly via email contactus@zopa.com or phone 020 7580 6060.

Who can apply for a loan?+

Our lending partners Zopa and Lendable looks at a number of different criteria to determine if they are the right loan provider for you. You'll need to:

  • - Confirm your identity
  • - Be at least 18 years old
  • - Have credit history that Zopa and Lendable can see
  • - Have a good track record of repaying debt
  • - Be a current UK resident
  • - Have 3 years of address history in the UK
  • - Be employed, self-employed or retired with a pension
  • - Have an income of at least £12,000 per year (before tax)
  • - Be able to afford the loan

Who is Zopa, and what is the relationship with Pariti?+

Zopa is one of our trusted Lending Partners, who we have selected to provide the consolidation loans offered within the Pariti app. Founded in 2005, they've been voted 'Most Trusted Personal Loan Provider' in the Moneywise Customer Awards for the past 7 years in a row.

Who is Lendable, and what is the relationship with Pariti?+

Lendable is one of our trusted Lending Partners, who we have selected to provide the consolidation loans offered within the Pariti app. Founded in 2014, they're backed by renowned investors including Passion Capital.

What's the Representative Example?+

The Representative Example shown in the app displays the rate which at least 51% of accepted customers will be offered a loan by our Lending Partners. The actual rate and fee you are offered will depend on your individual circumstances.

What's an APR?+

APR stands for Annual Percentage Rate. It tells you the amount of interest on your total loan that you’ll pay annually and is designed to help you compare different loan providers more easily.
Your APR is made up of the basic interest rate on your loan , plus any upfront fees and additional costs when you take out the loan.

What's a credit reference agency?+

Credit reference agencies, also known as credit bureaus, are organisations that collect, store and maintain information about your credit history.
Credit reference agencies make your credit file available to lenders such as our partners Zopa and Lendable, to help them make responsible lending decisions.

Can I get access to my credit report?+

Credit reference agencies are obliged to share your credit report with you if you request it. They may however charge a fee for this. The Statutory Credit Report has a maximum fee (£2 at the time of writing this FAQ), but there are providers of free credit reports you may want to explore.

How much can I borrow and how long for?+

Our lending partners, Zopa and Lendable offer loans between £1,000 and £25,000 over 1-5 years. The rates offered depends on your circumstances.

Do you charge any fees?+

Pariti does not charge you any fees for applying for or taking a loan. We do however, receive commission from Zopa or Lendable if a loan application is successful.

If you apply for and are accepted for a loan, Zopa does charge an origination fee. This fee is included in the APR (Annual Percentage Rate) along with the fixed interest rate you’ll pay on the loan. The fee charged depends on three things: your credit score, the amount of money you borrow, and the length of time you take out a loan for.

Will getting a loan quote affect my credit score?+

Upon submitting a loan quote application, Zopa and Lendable will conduct a soft credit search on your behalf. This will not affect your credit rating, but will leave a 'soft footprint' which is only visible to you.

If you then decide to proceed with your loan application, the selected Lending Partner will then carry out a full credit search which will affect your credit score.

When I receive the money, what next?+

Personal loans from Pariti's lending partners are intended to pay off your existing debts. When you receive the money, try to pay off your current debts as soon as you can.

How do I cancel my application?+

To cancel a loan quote before you have submitted an application, click on 'cancel quote' on the quote screen in the app or delete on the 'final' check screen.

To cancel after your loan has been approved by one of our Lending Partners, you have 14 days after the loan was approved to notify Zopa or Lendable if you would like to cancel your application. To do this, contact Zopa directly on 0207 580 6060 or via their contact form, or Lendable directly on 0203 322 1948 or via contact@lendable.co.uk

For full details of Zopa's cancellation policy, please see section 12 in their Loan Conditions.

Why has my application been declined?+

Our Lending Partners consider many factors such as your personal situation, financial status and employment but unfortunately we can’t tell you the exact reason for the rejection. Specific factors considered when assessing your application include:

  • Your existing levels of secured and unsecured debt
  • Your existing monthly repayments on secured loans
  • The amount of information in your credit file
  • Evidence that you’ve repaid previous credit on time
  • The affordability of the loan in your circumstances
  • Your credit score (as reported by a Credit Reference Agency)

Can I settle my loan early or make extra payments?+

Yes! You can settle your loan early by using the direct debit you already set up. To do this, simply sign in to your Zopa or Lendable accounts.

There are no early repayment charges :) You’re able to make extra payments to (overpayments) anytime without incurring any fees.

What happens if I miss a payment?+

If you’ve missed a payment or think you may struggle to make your next payment, please call Zopa directly as soon as you can on 0203 770 5960 or Lendable directly on 0203 322 1948.

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