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…

The stock of consumer credit is forecast to fall by almost 16% this year as net lending for credit cards and personal loans turned negative during the lockdown period according to analysis by EY ITEM Club. The lockdown has caused a significant slowdown in bank lending to household with demand for consumer credit is predicted…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2020 by 17% compared with the same month in 2019, and contracted by 25% in the first half of 2020. Credit card and personal loan new business together fell in June 2020 by 29% compared with…

New figures released by the Finance & Leasing Association (FLA) show that new business in the consumer used car finance market grew 9% by value and 2% by volume in June 2020 compared with the same month in 2019.  In the first half of 2020, this market reported new business volumes 32% lower than in…

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 total amount of debt registered against Scottish consumers in the first half of 2020 fell by 20 percent, from nearly £24 million to just under £19 million, according to figures released by Registry Trust. The number of decrees fell by over 26 percent from 9,310 to 6,849. The average value rose by over eight…

Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…

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…

One in three consumers (35%) have checked their credit score during lockdown, with four million people looking at it for the first time according to latest research from TransUnion The research has revealed that this increased interest is due to people having more time (33%), with many on reduced working hours, combined with concerns about…

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