Buy Now Pay Later

Nearly a quarter of adults have used BNPL in the past year

5th April 2024 Alternative Consumer Lending | #BNPL #featured

Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…

Lending Technology Think Tank 4.1 Review

27th March 2024 Alternative Consumer Lending | #cost of living #credit risk #featured #future of technology #lending technology #open banking

Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

BNPL three times as popular as pay day loan lending

26th March 2024 Alternative Consumer Lending | #BNPL #mortgages #pay day loans

A new report by Lenvi has revealed the growing importance of brand and trust for borrowing decisions and AI innovation, a dip in the number of people factoring green credentials into their decision making and the growing popularity of Buy Now Pay Later (BNPL). The report reveals that borrowers are placing more emphasis on brand…

Lenders expect £788m rise in debt defaults

19th March 2024 Alternative Consumer Lending | #debt defaults #lender

Lenders are expecting debt defaults to rise by nearly £788 million to over £19 billion this year, according to transaction analytics group Fuse. Analysis of the most recent financial statements of 20 of the UK’s largest lenders indicate that lenders are expecting losses to exceed £19bn compared to the Expected Credit Loss (ECL) in the…

Credit card complaints hit all time high

4th March 2024 Alternative Consumer Lending | #financial services complaints

Latest data from the Financial Ombudsman Service (FOS) has found that credit card complaints reached a record high in Quarter 4 2023, with consumers lodging 5,660 complaints. 3,086 of credit card complaints were due to unaffordable or irresponsible lending. The figures marks the highest level of complaints in a three-month period since 2014/15. Other products…

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