One in ten using BNPL for essentials

New research by Hargreaves Lansdown says that one in ten use Buy Now Pay Later (BNPL) to pay for essentials whilst a further one in four would consider using it. The research also found that one in three people have either used Buy Now Pay Later to buy things like furniture, technology and white goods,…

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FCA warns lenders and brokers to stop using misleading terms in credit adverts

The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…

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Klarna to start reporting customer debts to credit agencies

Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…

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Sponsored Insta posts prompt consumers to borrow £652m on BNPL

Instagram influencers who were paid to endorse buy-now, pay-later (BNPL) fuelled more than £652 million in borrowing amongst followers trying to replicate their lifestyles according to research by Credit Karma. The company reviewed buy-now, pay-later sponsored posts by the UK’s biggest influencers finding that an individual would need to spend an average of £1.8K to…

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Reports highlights financial distress as BNPL increases by 64%

The use of Buy Now, Pay Later (BNPL) services has increased b 64%, according to research by Snoop. The company has released its latest UK Consumer Spending Snapshot, based on transactions from over 100,000 customers spanning April 2021 to March 2022, highlighting a striking picture of a nation in the grip of the worst cost-of-living…

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81% of borrowers unaware that BNPL is unregulated

New research has found that 81% of borrowers are unaware that Buy Now, Pay Later’ (BNPL) schemes are unregulated, placing them at major risk of falling into debt. The research by Creditspring found that more than half of UK adults (53%) don’t know that BNPL schemes can lead to debt if scheduled payments are missed…

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Nearly eight in ten denied a loan say outdated affordability criteria was a key factor

New research, by card issuing platform Marqeta, has indicated that nearly eight in ten (79%) were denied a loan say outdated affordability criteria was a key factor. The data from a survey of European consumers on their attitudes and experiences of lending shows that many consumers still feel frozen out of the lending bubble, held…

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Provident Financial outperforms expectations in latest results

31st March 2022 Alternative Consumer Lending |

Provident Financial has reported pre-tax profits that are marginally ahead of market expectations as it continues to reposition and rebuild the business. The business generated adjusted pre-tax profits of £64.8 million, compared with a £54.6 million loss in 2020. Malcolm Le May, Chief Executive Officer, said “I am pleased to report that the Group’s financial…

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Loans at Home enters administration

Loans at Home a subsidiary of Non-Standard Finance (NSF) has entered administration. The doorstep lender has applied for administration following extensive discussions with the Financial Conduct Authority (FCA). In a company statement, NSF said that the Directors of SD Taylor (trading as ‘Loans at Home’) reluctantly concluded that the Loans at Home business is no…

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Consumer finance new business grew by 51% in January

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 51% in January 2022 compared with the same month in 2021. In the twelve months to January 2022, new business grew by 23% compared with the same period in 2021. The credit card and personal loan sectors…

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FCA agrees Amigo Loans customer compensation scheme

Amigo Loans has been given a seal of approval from the Financial Conduct Authority (FCA) for a customer compensation claims scheme, Shares in Amigo tumbled by 55% last May after the High Court stated that it was ‘not satisfied that the court should sanction the scheme’pushing back against Amigo’s original proposal to cap customer compensation claims.…

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Morses Club reports strong trading despite rise in complaints

3rd March 2022 Alternative Consumer Lending |

Subprime lender, Morses Club, says its Home Collected Credit (HCC) division traded well in the 52-weeks to 26 February 2022, despite an increase in complaints submitted by claims management companies. In its latest trading update, the business said its pre-tax profits will be up to 30% lower than expected. The company stated that its Home…

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Oakham enters into administration

High-cost lender company, Oakham has been placed into administration. The company trading as Oakam and Loal was placed loaned money to customers for between 6 to 36 months. All existing loan agreements remain in place, although the firm is no longer able to issue new loans. Andrew Tate and James Hopkirk of Kreston Reeves LLP were…

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