BNPL lender Zilch has started reporting its 3 million customers’ borrowing data to UK credit bureaus, in a way that will impact credit scores of up to 3 million customers. Until now Zilch has had partnerships with individual credit bureaus like Experian, but has only used this data as part of its affordability assessments to perform “soft” credit checks…
Buy now Pay later (‘BNPL’) providers like Klarna and Clearpay allow customers to purchase goods in a series of instalments, without the fear of crippling interest rates or a late payment fee. Yet, the appeal of such an offer can often mask the reality that it is in fact, a form of credit. An unintended…
A new report suggests that up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid. The National Audit Office (NAO), the government’s spending watchdog, claimed that taxpayers could lose up to £26b thanks to fraud, organised crime or default. The Bounce Back loans scheme was aimed at small…
Greece has reported some major progress with its non-performing loans after four of its biggest banks recorded a significant 22% reduction in their bad loan stock. The reduction is for the first half of the year in comparison to a year earlier and comes at a time when other industries are suffering huge financial losses.…
The Bank of Spain has warned that the coronavirus pandemic will have a negative impact on the quality of the bank’s credit portfolios. In an article published on the bank’s website, the Governor of the Bank of Spain, Pablo Hernández de Cos, said that the magnitude of the negative impact will be dependent on the…
Major bank Barclays have revealed the true extent of how coronavirus has impacted their business. The bank revealed that they set aside £3.7 billion in the first half of the year in order to cover loan losses as the pandemic impacted customers and businesses across the country. Barclay’s diversified its business model as a key…
Business Banking startup Tide is facing a backlash from its customers after the firm suspended its bounce back loans offering. After the government-backed support loans were launched in May, Tide had thousands of companies sign up to their waiting list. Now however, the firm has suspended loaning after running out of money; leaving thousands of…
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