At incuto, we’re passionate about making finance accessible for everyone. Our mission is to drive down the cost of lending and drive up the capacity, customer experience and reach of the lenders we work with.
Right now, according to research by PwC, 1 in 3 adults may have difficulty accessing credit from mainstream lenders. That’s 20.2m UK adults who are defined as financially underserved.
According to research by the Money and Pensions Service, more than 9m adults were declined for credit in just 12 months (between April 2022 and April 2023).
Equally, according to numbers published by the Illegal Money Lending Team in England, between 2013 and 2023 the rate in which illegal money lending rose was 10x greater than the rise in membership of Credit Unions.
If we were to assume that every member of a UK Credit Union today was financially underserved (which is very much not the case), the best-case scenario is that they currently serve around 10% of this group. The reality is that it’s far less.
Addressing this challenge needs a revolution in the affordable credit sector. We need to reduce the number of people getting declined and help more people #GetToYes
The Challenge
Credit Unions have been one of the UK’s best kept financial secrets for decades. Although these member-owned cooperatives serve people from all walks of life, it still seems that millions of UK residents are unaware of their services… or the fact that they even exist.
However, there’s probably a good reason why they’ve never heard of a Credit Union – they’ve never needed one before! For many, financial exclusion is new, driven by a rapid and seismic change in risk-appetite from their usual bank or lender. Lending policies have changed, so this may be the first time that people who have borrowed in the past have been declined for credit.
In an attempt to be more efficient and provide a better customer experience, many banks and mainstream lenders continue to invest heavily in technology. Somewhat ironically, this has led to an increase in the total cost of lending, changing the risk-appetite of the lenders, driving up the minimum loan size and leading to a quicker “no” decision for the applicant.
This leaves countless individuals and families without the financial support they need…
Our Solution
We believe in the power of saying "yes." We work closely with credit unions and community lenders, sharing a common goal of providing affordable and ethical financial solutions. Through our collaborations, we aim to improve the chances of approval for those who need it most.
The campaign…
Ensure that the Credit Unions and Community Lenders can meet the demands of this growing number of underserved customers.
Driving down the cost to serve and improving efficiency without compromising on being ethical, purpose driven and sustainable.
Ensure that the underserved customers find these lenders and find the right products and services at the right price, and crucially #GetToYes!
A Future Where Everyone Gets Access To The Financial Support They Need
Our ultimate goal is to ensure that no one is left out of the financial system
The #GetToYes campaign is about more than just financial support; it's about fostering a community of care, understanding, and opportunity.