Growing the loan book
Between January and May 2021, the number of applications for loans more than doubled compared to 2020.
Over the same time the value of loan applications almost tripled.
Responding to Covid-19
Covid-19 transformed the Credit Union’s delivery model.
Now fewer than 5% of loans arrive face to face.
The average age of a borrower has fallen from 34 to 28 during the first five months of 2021.
And this is more than the impact of the pandemic. The Credit Union was as busy as ever during the first lockdowns.
Our partnership with NestEgg is key to growing and developing our loan book, bringing noticeable member benefits and improvements whilst making our workflows easier to manage. We have already seen our average loan size increase coupled with a reduction in processing costs which makes us more sustainable in the longer term. Rob Shearing, CEO, Wolverhampton City Credit Union