Around three in ten millennials (30%) and generation Z’ers (31%) (those born after 1996) who use buy now, pay later (BNPL) cited not wanting to take out or use a credit card as a factor in choosing these services according to new research by  finder.com This figure drops to 23% for gen X’ers (born between…

Consumer credit technology and outsourced services provide, .EQ Credit Services (EQCS) has announced it has delivered a flexible loan management solution for direct online lender, MYJAR. Lender, MYJAR  helps customers facing temporary financial shortfalls, offering loans from £100 to £2,000, repayable over three, six or twelve months. EQCS worked with the lender to quickly replace…

Alternative lending specialist, Morses Club says that collections in its Home Collected Credit (HCC) division for July increased to 98% of normal historic expectations when measured against expected terms, an increase from 91% at the end of June and anticipates to reach pre-Covid levels by the end of August 2020. In the company’s latest trading…

A third (34%) of consumers have used overdrafts, credit cards, payday loans and buy now pay later schemes to pay for essentials, according to new research by OpenMoney. The number is slightly up from last year when it stood at 33%. Just under a third (28%) have borrowed from family or friends to resolve financial…

The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…

Metro Bank has announced that it has agreed to acquire peer-to-peer lender RateSetter. RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31st March 2019, the company reported revenue of £33 million, a pre-tax loss…

Two new reports have called for more support to ensure the Credit Union sector can increase its reach. The Carnegie Trust has published its findings into existing affordable credit provision in seven Scottish Council areas, and called for stakeholders to work together to increase affordable credit providers market share to at least 10% of the…

The Financial Conduct Authority (FCA) has set out views on Employer Salary Advance Scheme (ESAS) ESAS are commonly promoted as an alternative to high cost credit and have a broadly similar economic effect. While most of these schemes do not fall under the FCA’s regulation, as they do not meet the definition of credit under…

The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…

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