Marketing & Growth
Opening up access to affordable credit
NestEgg’s new platform is opening up access to affordable credit, helping responsible lenders grow their loan books. Affordable credit providers could grow so much more quickly. Credit unions and CDFIs just need to make themselves easier to find and apply to. Growth potential For the risk profile of borrowers being accepted by community lenders, the…
Read MoreCar 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…
Read MoreFive tactics for 200% growth
NestEgg clients doubled the number of loan applications in January compared to the same period last year. On average, the value of loan books increased 25% during 2021. This is twice the sector average. Importantly, 1 in 5 applications were automated accepts. Furthermore, as Loans Officers choose not to overturn recommendations, loans are ready to go.…
Read More£100m of loan applications
In July NestEgg hit an important milestone. Our decision engine has reviewed more than £100m of loan applications. Representing just under 80,000 individual borrowers, 60,000 applicants were financially excluded. We estimate these borrowers saved £18m in excess interest that would have otherwise been paid to high cost lenders. We’ve learnt a lot along the way.…
Read MoreFaster growth with easy online applications
Covid-19 has been a catalyst for change. A huge global nudge in the direction of doing things online. Because of this, borrowers expect easy online applications. Get this right and loan books grow. Get this wrong and 58% of people will never use your services again. Worse still, 6 in 10 of 25 – 34…
Read MoreDecline to accept
Credit unions save low income borrowers, in Great Britain, £120m in excess interest every year. NestEgg users generate a ‘social dividend’ of £200 saved interest, each working hour. However, 40% of loans are declined. As a result, every year 100,000 vulnerable applicants are turned away by affordable credit providers. Research into declined pay day loan…
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