Demand for credit by younger borrowers rises above pre-Covid levels

Demand for consumer credit has yet to match the pre-Covid peak seen in January 2020, but the latest Market Pulse from Equifax suggests that rapidly rising applications for credit, more than doubling between November 2020 and August 2021, point to returning financial confidence, especially among the young. Younger borrowers, in particular those aged 18 to…

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2021 Credit & Collections Technology Company Power List announced

Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…

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Near-prime consumers hit hard as borrowing costs rise

New research by Credit Karma has found that near-prime consumers have been hit hardest as borrowing costs rise. The research findings show that near-prime borrowers pay £39,000 more interest over a lifetime than prime with the gap increasing by 10% (£3,400) over the last 12 months. Credit Karma’s report annually quantifies the lifetime cost of borrowing…

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High cost credit options creating increase in debt levels in run up to Christmas

New research has found that the number of people with debt has increased by ten percentage points in just six months (64% to 74%), with variable workers, which includes gig workers and freelancers likely to be acutely impacted, alongside young people aged between 18 and 34, according to the latest findings from Credit Kudos’ Borrowing…

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Payment software firm acquired by Secure Trust Bank

25th November 2021 Alternative Consumer Lending |

Secure Trust Bank PLC (STB) has announced that it has agreed to acquire AppToPay, owner of a proprietary technology platform to support STB’s planned entry into the digital Buy Now Pay Later (digital BNPL) market. STB, through its V12 Retail Finance business, is already a provider of point-of-sale retail finance, with a network of more…

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One in ten relying on Buy Now Pay Later for Christmas

25th November 2021 Alternative Consumer Lending | #BNPL

Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…

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Use of BNPL hits all-time high, as shoppers look to spread the cost of festive period

25th November 2021 Alternative Consumer Lending | #BNPL

More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…

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Fourfold increase in customers seeking Buy Now Pay Later debt advice

24th November 2021 Alternative Consumer Lending | #BNPL

New figures from Financial Wellness Group have indicated that the number of customers seeking debt advice who have outstanding Buy Now Pay Later (BNPL) loans amongst their debts has increased fourfold since the start of the pandemic. In the past 8 months (March to November 2021), the number of customers with BNPL debts on a…

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P2P loans increasing competition with traditional banking

European countries with stable and developed economies are leading in terms of consumer and business lending according to researchby Robocash. The complete digitalisation of the financing process becomes one of the most important advantages of Peer 2 Peer (P2P) loans compared to traditional banks. Germany leads in consumer lending among other European countries due to…

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BNPL has led to 18% decline in credit card transactions

New research by Buy Now Pay Later (BNPL) platform, Butter, has revealed how the emergence of the BNPL sector has already led to a decline in credit card transactions, as more and more consumers opt for this modern method of payment. The research shows that the BNPL space has expanded dramatically in a very short…

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Equity release lending on track for record £1.049bn quarter

The equity release market is on course for a record year after customers took out £1.049 billion in property wealth in the three months to the end of September according to data from the UK’s equity release adviser Key. The total value of equity released rose by 18.8% from nearly £884 million in the third…

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Klarna holds over 50% share of global BNPL sector

10th November 2021 Alternative Consumer Lending | #BNPL

New research has found that Klarna now holds over 50% share of the global Buy Now, Pay Later (BNPL) market sector. Data presented by the HelpCenter app has revealed that Klarna is currently the most popular Pay Later technology in the market, offered by 53% of websites on the entire internet, higher than its competitors…

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FOS agrees to review firms’ early settlement offers

The Financial Ombudsman Service (FOS) is to review offers made by firms to their clients in early settlement cases. FOS that in light of concerns that taking a more neutral stance could jeopardise fairness and consistent outcomes it had proposed to present proactive offers from businesses ‘neutrally’ to customers, essentially making clear that in putting…

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