“The school holidays should be a fun time for families, but what should be a welcome break throws half a million children in the UK into food poverty“, says the credit provider. Fair For You will be utilising LendingMet- rics’ portfolio of products and solutions to better understand each applicant and their suitability for the loan. In particular, Fair For You will be deploying Lending- Metrics’ award winning Auto Decision Platform (ADP) to quickly make auto- mated credit risk decisions, which is key to being able to fund small, short- term loans whilst remaining scalable. Fair For You will also be utilising the Data Warehouse and OpenBankVi- sion products from LendingMetrics to gain insight into patterns and trends in income and expenditure, so that they can be sure that they are measur- ing affordability fairly and only lending when it’s right for the customer.
Angela Clements, Chief Executive, Fair For You commented: “Fair for You is delighted to be working with LendingMetrics to expand our work to provide well designed credit to more lower income households. We have been working for some time with the team at LendingMetrics led by Neil, so that we can sustainably provide more smaller loans to overcome budget busting emergency expendi- ture that creates real hardship in mar- ginal financial households. Here at Fair for You, we know that those we most struggle to serve have very few options driving use of food banks and high cost short term credit, borrow from family or just to go without and it is seeing more children growing up in material poverty in the UK than ever before. Integrating Open Banking and developing lending assessment not solely driven by credit bureau data will see us widen our work to those who most need us, and deliver even more saving of the poverty premium in 2020.”
The Social Impact of Fair For You A 2016 report by the Centre for Responsible Credit provides an assessment of the difference that Fair for You is making to the lives of its customers.
Read the report
Neil Williams, Chief Technology Officer, commented: We’re really pleased for the opportunity to be a part of the Nesta Challenge and to be able to continue our work alongside Fair For You. Research has shown that many families are facing financial struggles, particularly during the school holidays, and it’s important that there is a way for these families to find an affordable way to borrow money. Fair For You’s idea of providing a credit facility for frozen food shopping will be another step towards providing affordable credit to those who need it. We’re pleased that we’re able to support this initiative and look forward to seeing how the challenge progresses. ” “
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