Posts by Adrian Davies
How lenders look at affordability
There are several ways affordability is considered by lenders. Lenders are legally obliged to assess the affordability of a loan. Usually this involves looking at bank statements or (for a quicker decision) by opting in to Open Banking. The following tips outline several ways you can ensure your affordability isn’t impacted too much. The lenders…
Read MoreProving your identity
All NestEgg lenders are regulated by the Financial Conduct Authority and Prudential Regulation Authority. Due to this, credit unions are required to confirm your identity before you join and take out a loan. When you complete an online application, NestEgg will use information from a Credit Reference Agency to check your identity. In most cases…
Read MoreHow a ‘thin credit file’ can stop you getting a loan
A ‘thin credit file’ refers to when you have no or very little credit history. A thin credit file can make it difficult for lenders to assess your creditworthiness. This is because lenders rely on your history of borrowing and repayment behaviour to decide whether to lend you money. Why you might have a thin…
Read MoreWhat are the benefits of using Open Banking?
Open Banking makes it easier for you to access loans from credit unions. What is Open Banking? Open Banking is a data sharing system allowing individuals to securely share financial information with other authorised third-party companies. This includes financial institutions such as credit unions. Having access to your financial information (including your income and spending)…
Read MoreNew features for early 2024
NestEgg has had a very busy 2024 so far. Not only has the launch of our award-winning Broker Platform been a success, but we’ve also been announcing lots of new features for our partner lenders. Here is a roundup of the latest releases. Some have been made available in the last couple of months and a…
Read MoreThe benefits of joining a payroll deduction scheme with a credit union
Managing finances should not be a headache. By joining a payroll deduction scheme with a credit union, a portion of money can be deducted from your salary (after tax) and used for savings or loan repayment. Credit unions are ethical and responsible institutions that promote financial well being and inclusion for their members. Many have…
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