Data driven decisions
As we head from London to the North West to Manchester for the ABCUL conference, NestEgg has compared the data from lending decisions made in these areas. This is to help credit unions make data driven decisions. Overall, lending risk in the North West is higher than the South East (including London). Despite higher incomes…
Read MoreNestEgg joins the FCA Financial Inclusion TechSprint
NestEgg is delighted to announce its participation in the FCA Financial Inclusion TechSprint. The TechSprint aims to utilise technology to boost the chances of loan approval and foster financial inclusion. The problem Our participation addresses two sides to the challenge. Firstly, people need help to find an alternative lender that is more likely to accept…
Read MoreWhat is a debt management plan?
Dealing with debt can be overwhelming, when it feels like there’s no clear way out. Debt Management Plans (DMPs) can help individuals pay off debts at a rate they can afford, over a longer period of time. However, they will have consequences on an individual’s ability to borrow in the future, as a ‘live’ DMP…
Read MoreWhat is an individual voluntary agreement (IVA)?
An Individual Voluntary Arrangement (IVA) is a form of debt management and alternative to bankruptcy. They are designed to help individuals who are struggling to manage their debt. How do they work? IVAs work by ‘freezing’ an individual’s debts (including interest and charges) for a fixed period of time (usually 5 – 6 years). Over…
Read MoreThinking of consolidating your debts?
Debt consolidation is a form of lending used to bring together existing borrowing into one loan with one monthly repayment. Debt consolidation can be a good option for people with multiple debts (such as credit cards, store cards or overdrafts), who want to simplify their finances. Example:Debt consolidation can make it easier to manage your…
Read MoreFeature Spotlight: credit score reasons
Credit scores are complex three-digit numbers that can baffle even the most experienced loan officer. Because of this, the NestEgg Decision Engine explains the main factors that are driving an applicant’s credit score. Listing out credit score reasons makes it faster to find and focus on the problems with an application. In the example below…
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