Organisations
NestEgg 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…
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…
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