Car loans roundtable

20 credit unions attended our Car Loans Roundtable on 10th November. The meeting explored the opportunity the Finance Bill presents for credit unions wanting to grow their loan books. Currently passing through Parliament, when enacted the Bill means credit unions will be able to offer Conditional Sales Agreements. Conditional Sales Agreements are similar to hire…

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Easier loan assessment

NestEgg’s decision engine delivers easier loan assessment. Are you tired of moving between several different systems just to assess a loan? With NestEgg, everything’s in one place. Online loan applications may need to be re-keyed into a credit assessment portal. Moreover, your credit data probably appears in a different place to open banking. Additional documentation…

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Credit union car loans

Credit union car loans are becoming a reality. 7.5m people bought 9.2m cars in 2021. 8 in 10 of those were second hand. The average asking price for a second hand car was up 11% to just under £16,000. Credit unions have struggled to take advantage of this demand. In Great Britain fewer than 1%…

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Loan decisioning in a cost-of-living crisis

The cost-of-living crisis is hitting borrowers across all income groups. Consequently, responsible lenders need to adjust their approach when assessing loan applications. According to the Resolution Foundation, the typical working-age household faces an income fall of 4% or £1,100 in 2022-23. However, the poorest quarter of households will see income fall by 6%. This is…

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Align automated decisions with your lending policy

NestEgg makes it easy to align automated decisions with your lending policy and risk appetite. As a result, automated decisions are not overturned. Consequently, time, effort and money is saved. Automation benefits are realised. Getting automation right Credit unions must maintain and implement an up-to-date lending policy appropriate to the scale and nature of the…

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Webinar review: Grow your loan book in 2022

On 12th January we heard from seven speakers about how to grow your loan book in 2022. Download a copy of the slides. Credit scores are up … The credit data from NestEgg’s decision engine has shown that over the pandemic applicants’ credit scores improved. Defaults and legal action fell. However, there are indications that…

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