Credit card consolidation: a lower risk alternative?
Consolidation loans are tempting. They help members cut the interest rates they are paying. Monthly repayments can be reduced. The convenience of one combined monthly payment helps people budget better. But they are not without risk. One-off credit card consolidation may be a better option. Consolidation loans can be relatively large. Ideally all creditors need…
Read MoreIntroducing Financial Health Indicators
NestEgg and Central Liverpool Credit Union are one of six finalists in the Affordable Credit Challenge. Together we are building Financial Health Indicators (FHIs) into NestEgg’s decision engine. Covering spending, borrowing and saving, FHIs are shared transparently between borrowers and lenders. We believe FHIs are set to transform credit assessment. A mobile app gives borrowers…
Read MoreThe credit union difference in a fintech world
Financial technology (fintech) is great news for credit unions. Slicker user experience. Automation. Easier payments. Better use of data. These all help the sector grow loan books. But ‘tech for good’ companies are hoovering up potential credit union members. Some are particularly strong on payroll deduction. Credit unions need these schemes. They are an essential…
Read MoreOpen Banking for People and Planet
On Thursday 20th June NestEgg co-hosts a Finance Innovation Lab community event; Open Banking for People and Planet. Kicking off at 7pm, the event’s at the Google Start-up Campus. We’ll look at how Open Banking improves loan decisions and how this can be done at scale. Automated decisions can result in fair outcomes. Decision engines…
Read MoreNEW FEATURE: Improved Lending Analytics
Good data means better loan decisions. With 100s of data points flowing through our software, the potential for credit unions to strategise lending is unprecedented. Because of this we’ve enhanced our lending analytics. Additionally, they’re provided as standard with our Decision Engine. Lenders can take a step back from individual loan decisions and consider the…
Read MoreThe Affordability Challenge
Assessing affordability is a challenge. Especially when considering loan applications from low income households. A family with little money will be struggling to make ends meet. Never mind paying back a loan. High cost credit perpetuates this problem. It’s why credit unions are an important alternative. Above all, lower income households have to manage the…
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