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.…

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NestEgg 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…

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Lending 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…

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How credit unions are helping with the Coronavirus

Isolated man

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…

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