Organisations
New 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…
Read MoreLending trends since lockdown
On 10 June our webinar looked at lending trends since lockdown. We wanted to find out how Coronavirus affects the financial health of credit union borrowers. Responsible lenders can adjust their lending to this new reality. At the end of the webinar, and this article, we share two risk-based personas. These are example types of…
Read MoreMeasuring impact and recovery from Covid19
In mid-April NestEgg was one of the presenters at the Finance Innovation Lab Covid19 event. We shared research on credit union loan applications since lockdown and explored how NestEgg is planning to measure the impact of, and recovery from, Covid19. To do this we’ll be using the new Financial Health Indicators, built partly with funding from…
Read MoreHow credit unions are helping with the Coronavirus
We’ve taken a look at five credit unions using the NestEgg Decision Engine and Workflow to understand how credit unions are helping with the Coronavirus. The surge in Coronavirus-related loan applications is huge. We estimate that at least £4 in every £10 borrowed, since lockdown, is supporting members suffering because of Coronavirus. What is Coronavirus…
Read MoreCovid-19 means falling credit scores. A holistic view is needed
Covid-19 will increase bad debt. Covid-19 means falling credit scores. Spending 1/5 of monthly income on credit is already tight. But losing 20% of a salary (assuming employers pass this cut on), means debts will be harder to repay. And the self-employed are faring worse. Currently they can only claim £94 per week. Support schemes…
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