Custom Credit is teaming up with Ordo to improve financial literacy and make credit accessible with flexible repayment options. This partnership leverages Ordo’s disruptive Variable Recurring Payments (VRP) solution, powered by open banking. The solution aims to offer a lifeline to those typically overlooked by traditional lending institutions.
Custom Credit was the first lender to launch with VRP from day 1. Since launching with Ordo’s VRP solution, Custom Credit has disbursed several hundred thousand pounds via Ordo.
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20% of Custom Credit customers use VRP every month
It is streamlining both loan payouts and repayments and has around 20% of its current portfolio using VRP each month.
Banks have been tightening their credit policy and restricting access to credit. Custom Credit says it has never been more important to have a loan product which really considers customer’s individual circumstances. This includes customers with irregular income, for example, those who receive bonuses as part of their total salary. Credit is an important tool in helping individuals achieve their financial goals. As a result, there is a need for a more inclusive and adaptable approach. Custom Credit has played a key role in addressing the issue head-on.
VRP is a dynamic alternative to traditional direct debit methods. It offers unparalleled advantages, including enhanced repayment rates and a fivefold increase in smart payments. Leveraging open banking, Custom Credit ensures a customer-centric borrowing experience with swift, secure, and tailored repayment schedules. This empowers borrowers to manage their finances effectively and transparently.
Tailoring repayments more efficiently, reacting more quickly to individual needs
Since the integration of Ordo’s VRP solution, Custom Credit has been able to tailor repayments more efficiently and react more quickly to individual needs. This ensures affordability and inclusivity for all borrowers. This approach allows borrowers to manage their repayments. It reduces the risk of defaults and fosters financial responsibility and literacy. Additionally, the flexibility of VRP enables repayment plans to adapt to changes in income, thereby alleviating unnecessary financial stress.
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By GlobalDataDamien Burke, CEO of Custom Credit said: “Ordo has been a very supportive partner in our mission to be the most customer-centric fintech in the UK. Their VRP solution reflects this. We are able to adapt to customers’ specific needs and adapt the timing and the amount of repayment to suit their individual needs much more quickly, efficiently and cheaply than with direct debit.
We already have lots of customers utilising this great solution as part of our mission to improve financial literacy. We hope more customers will adapt VRP over time.”
Craig Tillotson, CEO of Ordo added: “Custom Credit’s expertise in consumer lending and Ordo’s in VRP service delivery could not be better matched. It’s exciting to see an innovator like Custom Credit making the most of Ordo’s market leading fully hosted VRP service to deliver a truly customer centric experience for its clients.”
