lending

Thin credit profiles deny loans to 80% of low risk customers

6th June 2024 Consumer Lending | #credit risk #lending

A pilot study by data and analytics firm, LexisNexis has revealed that banks and lenders may be denying loans to 80% of adults with thin credit profiles, when they are actually low-risk customers. This means that UK lenders could be missing out on nearly £3 billion of low-risk lending, assuming an average loan application of…

FEATURE: Using AI to improve consumer lending outcomes and drive financial inclusion

7th May 2024 Consumer Lending | #AI #featured #lending

With the rise of artificial intelligence (AI) and machine learning, the way consumer loans have been offered and priced has been quietly revolutionised, opening up opportunities for more consumer-centric, personalised products. As a data scientist and advanced analytics consultant to the banking industry, I’m fascinated by modern AI tools and their ability to give pricing committees a much deeper view of their…

Personal loan rates record highest ever quarterly increase

23rd January 2023 Consumer Lending | #lending

Analysis of the latest Bank of England data on average quoted household rates by Freedom Finance has indicated that unsecured personal loan rates are growing at their fastest ever pace. Through the final three months of 2022, £5k personal loans increased by 1.92 percentage points (pp), the biggest ever quarterly increase. It takes the average…

Lending predicted to hit £310bn despite uncertainty

22nd December 2022 Consumer Lending | #lending #mortgages

Intermediary Mortgage Lenders Association’s (IMLA) latest report has shown that the mortgage market has remained resilient throughout 2022 with gross lending expected to reach £310 billion this year, slightly above 2021’s strong performance. The figure has been driven by high levels of re-mortgaging, which account for more than a third of gross lending. The buy-to-let…

Consumers paralysed by application anxiety after credit card and loan declines

4th November 2022 Consumer Lending | #lending

New research from Freedom Finance, has indicated the potentially serious impact of credit declines on potential borrowers in the UK is creating application anxiety. Nearly half of all (46%) adults said that they wouldn’t apply again if they were declined for a loan or credit card from their bank. Over a third (36%) said that…

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