Consumers 60% more likely to be approved for loan as eligibility rises, says Experian

Individuals chance of being approved for a loan is now 60% higher than at the start of lockdown in the UK due to a rise in consumer eligibility, according to Experian’s latest Credit Barometer. According to the company’s earlier market data from 29 March 2020, 25% of people searching for a loan at the start of the lockdown succeeded in finding a product they were likely to be accepted for, whereas 60% of people could not find any offers matching their credit needs. One contributing factor was that around half of lenders had withdrawn their products from the marketplace, focusing on collections to boost cashflow during the crisis. However, this appears to be reversing as lenders return to the market following the easing of lockdown restrictions, meaning that consumers’ eligibility for credit is improving.

Consumers 60% more likely to be approved for loan as eligibility rises, says Experian

Aug 10, 2020

Individuals chance of being approved for a loan is now 60% higher than at the start of lockdown in the UK due to a rise in consumer eligibility, according to Experian’s latest Credit Barometer. According to the company’s earlier market data from 29 March 2020, 25% of people searching for a loan at the start of the lockdown succeeded in finding a product they were likely to be accepted for, whereas 60% of people could not find any offers matching their credit needs. One contributing factor was that around half of lenders had withdrawn their products from the marketplace, focusing on collections to boost cashflow during the crisis. However, this appears to be reversing as lenders return to the market following the easing of lockdown restrictions, meaning that consumers’ eligibility for credit is improving.

Invigors and GrowCap form alliance to provide mergers and acquisitions support to asset and motor finance companies

Asset and motor finance consultants GrowCap and Invigors have launched a strategic alliance to support mergers and acquisitions in the industry. The move follows growing market interest in acquisitions and divestments amid rapid changes to the business landscape caused by the Coronavirus crisis. Both companies focus exclusively on the asset and motor finance markets and have years of sector experience. Services provided will range from pre-deal strategic reviews and planning through to post-acquisition value realisation.

Invigors and GrowCap form alliance to provide mergers and acquisitions support to asset and motor finance companies

Jul 30, 2020

Asset and motor finance consultants GrowCap and Invigors have launched a strategic alliance to support mergers and acquisitions in the industry. The move follows growing market interest in acquisitions and divestments amid rapid changes to the business landscape caused by the Coronavirus crisis. Both companies focus exclusively on the asset and motor finance markets and have years of sector experience. Services provided will range from pre-deal strategic reviews and planning through to post-acquisition value realisation.

Simply partners with distribution services company for new equipment finance package

Small-medium sized business (SME) funder Simply, has announced the provision of a £123,500 funding deal to a repacking and distribution services company to boost growth. According to Simply, the customer had recently appointed a new director and won a large contract with a food manufacturer to package and distribute its product. However, this required specialist machinery and so a deal was put together that involved the deposit being raised on unencumbered equipment via sale and hire purchase (HP) back, with the remainder of the funds on a HP deal.

Simply partners with distribution services company for new equipment finance package

Jul 21, 2020

Small-medium sized business (SME) funder Simply, has announced the provision of a £123,500 funding deal to a repacking and distribution services company to boost growth. According to Simply, the customer had recently appointed a new director and won a large contract with a food manufacturer to package and distribute its product. However, this required specialist machinery and so a deal was put together that involved the deposit being raised on unencumbered equipment via sale and hire purchase (HP) back, with the remainder of the funds on a HP deal.

EMEA

Latest PwC “bleak” financial services report reveals business volumes and profitability at the lowest since 2009

Jul 21, 2020

The financial services sector saw business volumes slump at the fastest rate on record alongside a sharp decline in profitability in the three months to June 2020, according to the latest Financial Services Survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC). The report stated that in the three months to June, business volumes were on average 12% below those in typical market conditions in the absence of a pandemic. Although building societies had seen a 37% drop, general insurance was down 34% and finance houses had fallen to 33% below normal.

Americas

CIT upgrades B2B point-of-sale lending platform

Feb 20, 2020

The small business solutions arm of CIT Group has launched a new version of its point-of-sale lending platform. The platform is available online and on mobile devices to simplify financing for small business purchases of $2,500 or more. Business customers can shop for products, be approved for credit, select terms and receive electronic documents to secure their purchase electronically. The platform also provides real-time monthly payment quotes and automatically sends electronic documents to customers for review and e-signature.

Asia Pacific

Brand value of world’s largest banks contracts for first time since financial crisis

Feb 19, 2020

The total brand value of the world’s 500 largest banks has declined for the first time since 2009. Research by independent brand valuation consultancy Brand Finance found the global brand value of the top banks fell from $1.36 trillion at the start of 2019 to $1.33 trillion for 2020. Chinese banks occupy the top four places in the Brand Finance Banking 500, with ICBC retaining first place overall. It is the country’s biggest lender with 600 million customers.