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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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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Lender issues profit warning as CEO steps down

21st February 2022 Alternative Consumer Lending |

Morses Club an established provider of non-standard financial services has announced that pre-tax profits will be up to 30% lower than expected. The company says that its cost base of the Home Consumer Credit (HCC) division has been impacted in recent days by a rapid increase in claim volumes submitted via claims management companies. As…

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Amazon partners with Barclays to launch BNPL service

24th December 2021 Alternative Consumer Lending | #BNPL

Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account.  The reusable credit account can be used on…

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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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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Credit & Collections Technology Awards announces line up

Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…

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Online Lending Technology Think Tank Review

21st October 2021 Alternative Consumer Lending |

Credit Connect’s hosted its second Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of business transformation,  credit risk, affordability and open banking were discussed by panellists and Chair Chris Warburton from ROStrategy The…

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Consumer finance new business grows by 13%

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020.  In the eight months to August 2021, new business remained 15% higher than in the same period in 2020. The retail store and online credit sector…

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BNPL research suggests consumers would like an option to spread purchase cost

6th October 2021 Alternative Consumer Lending |

Research by Buy Now Pay Later (BNPL) platform Butter, has found that the majority of UK consumers would like to see the option to spread the cost of purchase become more widely available. BNPL enables consumers to buy products while deferring the payment for a later date, often repayable in monthly instalments. In Butter’s case,…

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Morses Club boosted by digital lending growth

10th September 2021 Alternative Consumer Lending |

Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…

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2021 Credit & Collections Technology Awards shortlist and Think Tank announced

2nd September 2021 Alternative Business Lending |

The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…

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Morses Club proposes to re-list as U Money

16th August 2021 Alternative Consumer Lending |

Sub-prime lender Morses Club announced that it is proposing a significant reorganisation of its business and corporate structure. which includes forming a holding company called U Money and listing new shares under that name. The company says once U Money is formed it will run its company as two distinct businesses, one its home-collected credit…

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