Can tech help reinvent the community lending sector?

Can tech help reinvent the community lending sector?

Over 8 million individuals use credit to cover everyday home costs, and several of them battle to access reasonable, affordable credit. Community lenders provide one option to profit-driven services that are financial but without having the deep pouches to purchase things such as advertising or technology, they usually have remained underneath the radar. Chris Gorst, from Nesta Challenges, on what a unique competition is motivating collaboration with fintech innovators to contour a kinder individual financing market.

Are community loan providers one of several UK’s best-kept secrets?

With several credit unions and community banking institutions now providing cost cost savings and loans services and products, as well as present reports and mortgages, could these be a viable option to mainstream, profit-driven economic solutions? The question is a timely one as payday lenders such as Wonga and QuickQuid collapse under the weight of customer complaints. […]