Now is the time to
act and enhance
your affordability assessments
Now is the time to act and
Now is the time to act and enhance
UK lenders prioritise affordability checks as struggling Brits turn to borrowing to make ends meet
New data from Tink reveals the continued cost-of-living crisis has seen an estimated one in four borrowers (25%) rely on credit to cover essential spending.
With the number of rejected lending applications growing, a minority of struggling Brits resort to desperate measures to secure the loans they need.
In response, lenders are prioritising upgrades to data-driven affordability and fraud checks, in order to increase access to finance, minimise risk and protect customers from financial difficulty.
New risk assessment models put the power of data in the hands of consumers, and provide lenders with an accurate, up-to-date picture of a person’s financial situation, to make informed credit decisions and widen access to credit for those who need it.
Lending levelled up