Organisations
Covid-19’s impact on lower income borrowers
In September NestEgg processed one loan application every 10 minutes. This anonymised data set provides new insights into Covid-19’s impact on lower income borrowers. The pandemic is hitting around 1/3 of credit union members badly. But this isn’t yet showing in the credit data – there’s a lag that lenders need to be aware of.…
Read MoreThere are good missed payments
There are good missed payments. That might sound counter-intuitive. No one wants to see missed payments on a credit file. But a more careful look at the data can reveal an applicant getting back on track. There are missed payments but things are improving. An accept. Not a decline. For what many lenders consider to…
Read MoreNestEgg is now regulated by the Financial Conduct Authority
NestEgg is now regulated by the Financial Conduct Authority as a provider of credit information services. This means we can now provide tips to loan applicants on how to improve their chances of being accepted for a loan. Decline to accept in action! How does it work? An applicant wants to borrow. But they’re unsure…
Read MoreNestEgg joins Cohort 6 of the FCA Sandbox
NestEgg is delighted to announce our participation in cohort 6 of the FCA Sandbox. The UK’s regulator is encouraging and supporting innovation in the interest of consumers. NestEgg aims to reduce the number of borrowers using high cost short-term credit. As a result £millions can be saved in excess interest payments. Our mobile app and…
Read MoreNew feature: Supersearch
NestEgg’s Decision Engine now searches for hidden addresses. Retrieving six years of addresses, these are automatically used for instant lending decisions. Supersearch provides up to four addresses. And this is at no extra cost. Saving time for applicants and Loans Officers alike Supersearch improves the ‘customer journey.’ Minimising the number of addresses an applicant needs…
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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