Loans staff are increasingly away from work due to Covid-19. Because of this, NestEgg has focussed on reducing workload when processing loans. Enhancements improve member service. NestEgg is Software as a Service and as such our Decision Engine is enhanced over time. And without upgrade … Read More about Reducing workload when processing loans
Growing the loan book in 2021
Growing the loan book in 2021 will continue to be a challenge. Job insecurity and economic uncertainty means it's harder to make lending decisions. Borrowers' circumstances change so quickly due to Covid-19. And then there’s rising bad debt. 100,000 new borrowers NestEgg will provide responsible … Read More about Growing the loan book in 2021
NestEgg is a semi-finalist in the Rapid Recovery Challenge
We're delighted to announce that NestEgg is a semi-finalist in the Rapid Recovery Challenge. Challenge participants are improving access to jobs and money, focusing on those hardest hit by the economic shock resulting from COVID-19. About our solution NestEgg's financial health app makes it … Read More about NestEgg is a semi-finalist in the Rapid Recovery Challenge
Covid-19 changes to credit score and missed payments
Ahead of FREE webinar on 3 December, we’ve taken an initial look at Covid-19 changes to credit score and missed payments. 30% of 500 credit union members surveyed told us their financial situation had worsened since Covid-19. Step Change found 28% of adults experienced a negative change in … Read More about Covid-19 changes to credit score and missed payments
Covid-19’s impact on lower income borrowers
In September NestEgg processed one loan application every 10 minutes. This anonymised data set provides new insights into Covid-19's impact on lower income borrowers. The pandemic is hitting around 1/3 of credit union members badly. But this isn’t yet showing in the credit data – there’s a lag … Read More about Covid-19’s impact on lower income borrowers
There are good missed payments
There are good missed payments. That might sound counter-intuitive. No one wants to see missed payments on a credit file. But a more careful look at the data can reveal an applicant getting back on track. There are missed payments but things are improving. An accept. Not a decline. For what … Read More about There are good missed payments