Over 8 million individuals utilize credit to fund everyday home costs, and several of them find it difficult to access reasonable, affordable credit. Community loan providers provide one replacement for profit-driven economic solutions – but with no deep pockets to purchase such things as advertising or technology, they usually have remained underneath the radar. Chris Gorst, from Nesta Challenges, on what an innovative new competition is motivating collaboration with fintech innovators to shape a kinder lending market that is personal.
Are community loan providers one of the UK’s best-kept secrets?
With several credit unions and community banks now providing cost cost savings and loans items, and also present records and mortgages, could these be described as an alternative that is viable mainstream, profit-driven monetary solutions? Continue reading Can tech help reinvent the community lending sector?