Metro Bank is to purchase £384 million in loans from peer-to-peer investors through the RateSetter platform. All RateSettter peer-to-peer investors are to have their money repaid after the platform with Metro Bank is purchasing its remaining loan portfolio. The bank has been funding all new consumer lending on the platform following its acquisition of RateSetter…

Over two-fifths (44%) of UK adults who used a Buy Now Pay Later scheme (BNPL) to fund their Christmas shopping are now concerned about their ability to repay, according to the latest findings by comparethemarket.com. Worryingly, one-fifth (20%) are unable to meet these repayments without having to take on more debt, reflecting the concern that these…

The Government has announced that it will legislate to bring currently unregulated, interest-free Buy-Now-Pay-Later (BNPL) into Financial Conduct Authority regulation in order to protect consumers under new plans announced by the government. The Government says that buy-now-pay-later products are rapidly increasing in popularity, with the volume of transactions tripling in 2020 as the pandemic drove…

The UK credit card market is showing signs of recovery, with new accounts up by 16% month-on-month in November, and by 162% since the May 2020 low, according to data from the latest Equifax Market Pulse series. Credit limits, an indicator of lenders’ risk appetite and applicants’ financial health, are however still sliding, down 10%…

Morses Club has seen pre-tax profits hit due to the coronavirus pandemic, saying a decline in customer numbers during the six months to August 29 had been considerably steeper than expected. Restrictions on lending to new customers in place from March until mid-July meant it saw 25,000 fewer new customers. The company has also seen…

Which? is calling for Buy Now, Pay Later (BNPL)  firms like Klarna and Clearpay to be fully regulated to provide greater protection for consumers, as new research from the consumer champion finds concerning industry practices encourage people to spend more than they planned to. The consumer champion’s findings show that these slickly designed, easy-to-access credit…

New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age.  31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…

The Consumer Credit Trade Association (CCTA) has announced the launch of a strategy to reshape the organisation and create a stronger voice for alternative lenders. Ahead of the CCTA’s Annual General Meeting and the start of its new membership year, the CCTA explained it is making changes to its structure, carrying out a review of…

Specialist home credit provider Morses Club, says its revenue increased by 14.3% to £133.7 million (FY19: £117 million) in its preliminary results for the 53 weeks ended 29 February 2020. The listed business also reports a statutory pre-tax profit of £11.5 million (FY19: £20.2 million). Total credit issued to Home Collected Credit (HCC) customers was…