💪 This #InternationalWomensDay, let's act! 👩💼💼 Evidence shows women often demonstrate higher loan repayment rates than men, suggesting they are lower-risk borrowers yet face higher barriers to loan approval. This suggests an opportunity to refine lending models for more accurate risk assessment and increased financing to women. Sharing this report by CGAP on how to fix this: https://lnkd.in/d_ceqhe6 #IWD2024 #GenderEquality #FinanceForAll 🌍🚀
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Explore our latest research on non-standard borrowers and the initiatives that could boost the credit supply to millions of people. https://bit.ly/3RmyiNw #LEKFinancialServices #financialservices
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Bridging the gap for your clients 🏘️ Our affordability assessment for short-term lending takes into account all household expenditure - and two households if applicable. Check out our criteria for short-term lending ⬇️ https://bit.ly/3VyvQoB For intermediaries only. #shorttermlending #affordability #intermediary
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Did you know that the average credit card debt for men is $6,357? This is compared to women who have an average credit card debt of $6,232. #experian #creditkarma #creditreport #creditcard #debt
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Borrowers are dealing with increasing prices in every industry. #DidYouKnow #ConsumerFinance #PersonalLoans #DebtManagement #DebtConsolidation
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RBI's Game-Changing Circular. Great news for loan borrowers! RBI's latest circular brings relief and transparency. Spread the word and empower others! #fineazy #RBI #LoanRelief #FinancialFreedom #InterestFree #BankingUpdate #GoodNews #EMIRelief #Transparency #Empowerment #FineazyImpact
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Underwriting is a critical aspect of the lending process and involves assessing an applicant’s eligibility for a loan. This isn’t always an easy task; however, as underwriting criteria isn't always clear and can vary between institutions. When it comes to fair lending, it's crucial to have a well-defined roadmap for underwriting criteria so that you can ensure that applicants are treated fairly and equally. Failure to have a roadmap can result in lenders who handle the same issue differently. For example, if you have some lenders that gross up non-taxable income and others that don’t, it could result in unfair lending practices. Having a roadmap, ongoing monitoring and training help to ensure all employees are on the same page. Watch the video as Jerod Moyer explains more about fair lending and underwriting. 🎥 📢 Join us on January 18, 2024, for our webinar, "All About Fair Lending"! 📅 Register here - https://lnkd.in/gP-Z_uKD #fairlending #underwriting #webinar #equality #lendingpractices https://bit.ly/47Vi1Xb
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Improving Access to Lending for the Financially Vulnerable: An Urgent Call to Action for the Consumer Lending Industry and its Ecosystem. In this new executive insights paper, my L.E.K. Consulting colleagues Bronswe Cheung, Amit Gujar, Young Lu and I examine the state of the #consumerlending industry and availability of credit. We find a non-standard credit population of c.16-17m UK adults, a substantial increase from recent history, even from the cyclical high following the GFC. And we identify the scope of potential solution areas that the industry and its ecosystem could explore to improve access in ways that are sustainable for both borrowers and lenders. #lekfsi #lekconsulting #consumerfinance #specialistlending #lending #banks #strategyconsulting #financialservices
Improving Access to Lending for the Financially Vulnerable | L.E.K. Consulting
lek.com
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Financial Wellbeing & Inclusion Specialist | Strategist | Exec Director | Advisory Board Member
A really interesting read - illustrating the size of the issue that Fair4All Finance is facing into. We advocate for all of financial services (mainstream and community finance) working together to understand the issues and to and take a proportionate role to meet the needs of those excluded from the system. Accessible, affordable credit transforms lives: it can help smooth over peaks and troughs in income; remove barriers and unlock opportunities for growth.
Improving Access to Lending for the Financially Vulnerable: An Urgent Call to Action for the Consumer Lending Industry and its Ecosystem. In this new executive insights paper, my L.E.K. Consulting colleagues Bronswe Cheung, Amit Gujar, Young Lu and I examine the state of the #consumerlending industry and availability of credit. We find a non-standard credit population of c.16-17m UK adults, a substantial increase from recent history, even from the cyclical high following the GFC. And we identify the scope of potential solution areas that the industry and its ecosystem could explore to improve access in ways that are sustainable for both borrowers and lenders. #lekfsi #lekconsulting #consumerfinance #specialistlending #lending #banks #strategyconsulting #financialservices
Improving Access to Lending for the Financially Vulnerable | L.E.K. Consulting
lek.com
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Exemplar financial institutions are actively seeking new Non-Interest Income (NII) sources as traditional ones begin their decline. A dual bottom-line approach could present the perfect opportunity. #creditunions #estateplanning #wills #trusts #probate #communitybanks #banks #financialadvisors
Incumbent Non-Interest Income (NII) streams will erode for credit unions and banks alike. To install a durable, new/replacement NII stream, it's critical to have BOTH - a new offering that is a compelling fit AND the right partnering model designed to deliver on an enduring revenue stream. #creditunions #estateplanning #wills #trusts #probate #communitybanks #banks #financialadvisors #wealth
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Exec Consultant Financial Training, Education |Thought Leader |Mortgage Risk Compliance Expert| Diversity & Inclusion Consultant/Trainer
Do you need authentic insight into your company's cultural lending practices? Has your bank started to increase visibility into racial equity? Are you trying to balance out your metrics and create credit policy that addresses CRA? Have you thought about a liason that has fresh perspective into Belonging in Banking? I am your subject matter expert/ Consultant that is versed in Banking Regulations, Underwriting, Credit Policy, CRA and a well-respected Community Advocate for racial equity. Success is driven by passion! Let's talk. tlcsunshinefinancial.org #socialresponsibility #cfpb #belonginginbanking #communityreinvestmentact #sba #financialeducation #financialtraining #minorityownedbusiness #womaninbusiness
