Specialist subprime lender, Provident Financial has announced its latest financial results. The company has tightened its lending standards in the wake of the pandemic crisis, leading to a fall in customer numbers. New customer business via the Vanquis Bank division in the four months through April has fallen by about 75%, while a credit line…

Young people are relying on non-traditional forms of credit, such as Buy Now Pay Later schemes (BNPL), to cover their finances during lockdown as a result of COVID-19. New research from comparethemarket.com reveals that nearly a quarter (23%) of 18-24 year-olds are more likely to use BNPL to fund purchases since the government lockdown. While…

High-cost short term lender Nextcredit has entered administration. The company had around 9,000 customers. Based in Tewkesbury in Gloucestershire, the company was incorporated in 2011 with the aim of providing high cost short term credit to individuals. In 2017, the business model was realigned, with a revised focus on an alternative consumer retail lending market.…

Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team. Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit.  Not only are site visits reduced, but those customers who…

Non-bank UK subprime lenders are beginning to withdraw from the UK marketing according to research by Quickloans. The lender says that on March 15th, non-bank UK subprime lenders started to withdraw from the market, by March 21st all but one had ceased lending to new customers. The single lender that remained had switched to only…

The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…

The Financial Conduct Authority (FCA) has announced a proposed package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The range of targeted temporary measures covers the motor finance and high cost credit agreements, which include: high-cost short-term credit (including payday loans), buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking. The proposals…

he Finance & Leasing Association (FLA) has highlighted the need for changes to the Consumer Credit Act (CCA) following 526,000 Covid-related requests for forbearance to its members by mid-April. Giving evidence yesterday to the Treasury Select Committee on the economic impact of Coronavirus, Stephen Haddrill, Director General of the Finance & Leasing Association, highlighted the…

Morses Club, a provider of non-standard financial services, has announced the launch of a fully remote lending product within its Home Collected Credit (HCC) division. The new offering, which has been developed in-house, is available to all existing Morses Club HCC customers and is fully compliant with all regulatory requirements. All necessary checks and agreements…

The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…

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