incuto is revolutionising the access community lenders have to the market with its new Loan Comparison Website product. Loans from community-based banks are now appearing on mainstream loan comparison sites, opening up their products to a wider market of eligible customers looking for loans.
This represents a significant and previously untapped market for community lenders. Indeed, up to 40% of consumers searching for loans on comparison sites are not eligible for loans with mainstream banks and lenders.
“Our Loan Comparison Website product revolutionises the way affordable lenders can access the market and expand their Memberships,” says Lauren Langton, Director of Business Development, incuto. “It offers a new channel to market, plus it’s an opportunity to prevent potentially vulnerable individuals and families from turning to high-cost credit providers if they can’t get a loan elsewhere.”
Lenders which use incuto’s Loan Comparison Website product will deliver loans directly to eligible borrowers via comparison platforms including MoneySuperMarket. Applicants are pre-screened using lenders rules and costs are fixed per transaction.
Scotcash has seen the impact of incuto’s Loan Comparison Website offering. “Access to incuto’s loan comparison tool represents a huge opportunity to Scotcash,” says its CEO, Sharon MacPherson. We’ve been able to tap into an entirely new audience resulting in significantly more loan applications. Not only this, but average loan values are higher and we’ve seen reduced delinquency rates. It’s a brilliant way for us to grow our business, as well as an effective use of our marketing spend.”
Onboarding is managed by the incuto team. Alongside increased volumes of loan applications, users have an opportunity to boost Membership numbers.
Amanda Wilcock, COO, Manchester Credit Union comments: “We’ve seen a big increase in applications as a result of using incuto’s loan comparison product. For the first time, we have direct access to eligible borrowers who search for affordable loans online. It’s delivering high-quality candidates and loans without the need for a lot of input from our team.”
incuto was founded on the basis that everyone deserves access to fair and affordable finance. It is an end-to-end solution with no barriers to entry, enabling credit unions and community banks to connect quickly and have access to key services including TransUnion, Experian and ClearBank with no licence or support fees, no minimum volumes and no tie-ins.