The Residual Functional Capacity (RFC) assessment plays a critical role in determining eligibility for Social Security Disability (SSD) and Supplemental Security Income (SSI) benefits. This assessment evaluates what kind of work a person can perform despite their limitations caused by a physical or mental impairment.
What is RFC?
RFC refers to the maximum level of physical or mental activity a person can sustain in a work environment. It looks at factors such as how long someone can sit, stand, lift, and focus during a typical workday. The Social Security Administration (SSA) uses the RFC assessment to understand if a person can engage in past work or any other job.
RFC categories
There are different categories of RFC, including sedentary, light, medium, and heavy work. Each level indicates the type of physical exertion someone can handle. For example, a person classified under “sedentary work” is limited to jobs that involve sitting most of the day and occasionally lifting light objects. Mental impairments, such as difficulty focusing or handling stress, are also considered in the RFC assessment.
Impact on SSD/SSI eligibility
RFC significantly influences whether someone qualifies for benefits. When the SSA finds that a person’s RFC enables them to perform their past work or transition to a new type of job, they may deny the claim. On the other hand, if the assessment reveals that the individual’s limitations prevent them from finding reasonable employment, they will likely qualify for benefits. RFC determines the extent to which a person’s impairments affect their ability to work, making it essential to the SSA’s decision-making process.
RFC serves as a critical tool to evaluate how an individual’s impairments affect their capacity to work, which is the foundation of SSD/SSI eligibility decisions.The post What role does RFC play in qualifying for SSD/SSI benefits? first appeared on Disability Rights Law Center.
What role does RFC play in qualifying for SSD/SSI benefits?
More2life introduces lifetime mortgage with no ERC – Mortgage Strategy
More2life has launched a lifetime mortgage where no early repayment charges (ERCs) apply.
Based on more2life’s current Maxi Super 1, 2 and 3 lifetime mortgage products, Maxi Zero ERC supports clients who have an immediate financial need but anticipate their circumstances may change in the period where ERCs typically apply.
Maxi Zero ERC is available to clients aged between 55 and 89 years old. LTVs are offered at between 20.5% and 49.5%. Loans available from £15,000 to £700,000.
There is no partial repayment limit – the client is free to repay their lifetime mortgage in full at any point without incurring an ERC.
Drawdown options are available and an arrangement fee of £1,199 for the initial advance and £499 for any further advance.
Maxi Zero allows an indefinite ERC Exemption window for joint life cases, meaning when the first borrower either passes away or goes into long-term care, the remaining borrower can repay the loan in full without incurring an ERC.
It is also the first more2life plan that offers the ability to downsize from Day 1, where if the client wishes to downsize to a property outside of the lender’s criteria, they can repay the loan in full without incurring ERCs.
Maxi Zero ERC rates start at 6.77% MER and the product is currently available through a limited number of distributors including Air members and selected specialists, such as The Later Life Lending Network, Key, and Mortgage Advice Bureau (MAB).
Commenting on the launch managing director for more2life Ben Waugh said:
“To say we‘re excited about the launch of this new Maxi Zero ERC product would be an understatement. We believe it is a complete game-changer for the lifetime mortgage market, advisers, their clients, and the wider later life lending space.
“To have a product with no ERCs is going to provide advisers with an enhanced option, especially those who have homeowner clients whose circumstances might change within a relatively short space of time. Not only could this product provide the finance the client needs from the outset, but it also allows them to pay off their lifetime mortgage at any point with no charges at all.”
The manner in which the United States established an economy based on fees of questionable value
The White House reports that Americans are collectively expending almost $65 billion on concealed fees. These "junk fees," referred to as convenience fees or service fees, have become pervasive across various sectors, such as banking, telecom, entertainment, and hospitality.
Nationwide boosts FTB lending up to six times income – Mortgage Strategy
Nationwide has announced it is going to offer first-time buyers (FTBs) the ability to borrow six times income when taking a five- or 10-year fixed rate up to 95% loan-to-value (LTV).
The extended Helping Hand mortgage will give potential homeowners a 33% uplift compared to Nationwide’s standard lending at 4.5 times income.
Nationwide will also lower rates for FTBs by up to 0.31%, making the society the first major lender to offer a sub-5% rate on its standard range to those with a 5% deposit.
Reductions have been made across its two-, three-, five- and 10-year fixed rate mortgages up to 95% LTV.
These include:
• Five-year fixed rate at 95% LTV with a £999 fee is 4.99% (reduced by 0.05%)• 10-year fixed rate at 75% LTV with no fee is 4.69% (reduced by 0.31%)• Five-year fixed rate at 90% LTV with a £999 fee is 4.49% (reduced by 0.10%)• Five-year fixed rate at 85% LTV with a £999 fee is 4.19% (reduced by 0.15%)
In addition, Nationwide is increasing its maximum loan sizes, including those above 90% LTV, which will increase from £500,000 to £750,000.
The maximum loan size for two and five-year fixed rates and two-year tracker rates will be increasing at selected LTV bands.
These include:
• Between 75% and 85%, increased from £1.5m to £2m.• Between 85% and 90%, increased from £750,000 to £1m.• Between 90% and 95%, increased from £500,000 to £750,000.
Nationwide chief executive Debbie Crosbie says: “Helping Hand has supported around 40,000 people onto the property ladder since we launched it three years ago. We want to do more and are boosting the scheme to six times income and increasing the maximum loan size.”
Is Customer Retention Really Better Than Acquisition?
Generally, there are two main levers that your business can pull to affect growth metrics: 1) customer acquisition, meaning bringing new shoppers through the door, and 2) customer retention, meaning keeping your old shoppers from exiting that door.
Each is a necessary component of business growth, but which is more cost-effective—and which should you prioritize for your small business?
It’s long been reported that customer retention has a higher ROI. But is that actually the case? Here, I explore the evidence to dissect which is actually more cost-effective—customer retention or customer acquisition.
Customer acquisition vs. retention: Fact-checking the numbers
“Obviously, customer acquisition,” you say, because you’re not new to business. Everyone has seen the stat that it costs 5X more to get a new customer than to keep an existing one…
Stat #1: It costs 5x more to get a new customer than to keep an existing one…
That’s a great stat! But have you ever tried to find the source? Go ahead, Google it and you’ll be clicking around dozens of articles and infographics that cite each other, but you’ll probably never find the actual report or survey where that 5X stat originated.
I’ll save you some time: The statistic goes back to a report put out by Lee Resources in 2010. The report itself, I can’t find online. And Lee Resources’ only social media presence, Twitter/X, last chirped in 2013. Their Facebook page no longer exists.
Their oft-cited stat of customer acquisition being 5X more costly than retention may be absolutely right—but there’s no way of knowing without seeing the actual report.
Stat #2: An increase in customer retention leads to larger increases in company profits…
According to Bain & Company, “a 5% increase in customer retention increases company profits from 25% to 95%.” That’s incredible!
But, have you tried to find the source of this one? I have. Sites usually link back to this short brief by Fred Reichheld. Unfortunately, the “95% increase in profit” is not in these 3 pages. The “25% increase in profit” is there, but a) there’s no actual study/survey reported, and b) it’s only referring to financial services.
The real source of this statistic is actually a paper by Reichheld and W. Earl Sasser, Jr. titled “Zero Defections: Quality Comes to Services.”
There are a few things you should know about this paper:
- There really is a statistic fairly close to the “95% profit” cited above: “Reducing defections by just 5% generated 85% more profits in one bank’s branch system…” So to restate, this profit increase was seen in a single bank.
- This paper was published in 1990. Over 32 years ago and the same year Tim Berners-Lee invented something called the World Wide Web.
This stat might not be completely applicable to e-commerce—something that hadn’t been invented yet.
If anything is clear, it’s that these oft-stated references should be taken with a grain of salt.
Customer retention won’t always have a higher ROI
So what was the point of this exercise in fact-checking? It isn’t so obvious that the ROI of customer retention is always more than the ROI of customer acquisition. It varies by industry, by company, and even down to the types of marketing & sales tactics that your business employs.
Customer acquisition vs. retention: What to consider
When answering the question of which is better—customer retention or acquisition— the real answer is, it depends. On many factors, in fact, including, but not limited to the following:
- Your production costs vs. operational costs
- Your product type
- Your average contract type and size
- What stage of growth your company is in
- How good your tracking data is
- The macro-environment and industry at large
Think about it logically in the context of the timeline of a company’s growth:
Retaining customers at the start of the growth curve may indeed be more cost-efficient, but it can’t be better for the success of your nascent company. New customer acquisition is overwhelmingly important at this stage in the life cycle.
On the opposite end, retention is key when a company has matured and has a large base of customers to keep and nurture.
It depends on the business itself.
Consideration #1: Do you offer products or services? And what of what kind?
Retention is a great idea, but what if your business largely produces products that last a lifetime? Think well-made cast iron skillets and Christmas tree stands; items that the average customer will only need to buy once or twice forever.
Maybe you offer services of some kind—whether digital or physical. Retention is going to be a much more important factor in growth.
Consideration #2: What size and kind of contracts are you working with?
Contract type is also very important to consider. Subscription businesses might favor retention more heavily, as well as companies with long sales cycles, say 3 or more months.
Consideration #3: What stage of growth is your company in?
If you have a young business that is growing rapidly, you might favor acquisition (at least temporarily).
There’s also a good chance you don’t have reliable retention data yet.
Customer retention attribution is much harder to capture accurately versus acquisition. This can make it hard to proof your own ROI. Do you have reliable retention data that you can trust to base future growth decisions on?
Consideration #4: What does the macro environment look like?
You cannot ignore the state of the industry and economy when deciding whether to prioritize acquisition or retention.
If you offer a service, during a recession, your focus on retention will likely need to grow.
The spending decisions of your customer base shift largely with the macro environment. So should your growth tactic.
One last consideration…
How about one last practical thought experiment: say you want to double your business.
Would it be easier to get every single one of your customers to double their spend, or double the size of your customer base? Suddenly, the obvious answer may not be so obvious for your business anymore.
The final verdict
It’s more important to track your business marketing & sales expenses accurately than to rely on “conventional wisdom” that might not actually be accurate to your business.
By understanding your finances, you can calculate your own ROI on acquisition vs. retention, giving you much better data to work off on moving forward.
Perhaps the best and most important growth metric of all? Customer Lifetime Value (LTV).
In an ideal world, you’re always going to prioritize the customer (new or existing) with the highest customer lifetime value.
Customer Lifetime Value (CLV): The most important metric
I quite like this Forbes article that touched on the silliness of that 5X statistic much like I did:
Consider what Wharton Marketing Professor Peter Fader told me in an email interview: “Here’s my take on that old belief: who cares? Decisions about customer acquisition, retention and development shouldn’t be driven by cost considerations—they should be based on future value.”
Fader added, “If we could see CLV as clearly as costs, all firms would get this. But because costs are so tangible and CLVs are a mere prediction, it’s really hard to get firms to adopt this mindset.
CLV is an important statistic for your business to really get right to answer the retention vs. acquisition question.
While CLV should always be improving (which means your business is becoming more “sticky” and loyalty is increasing), it may not be big enough to sacrifice acquisition spend. Alternatively, if your CLV is great due to your churn rate being so low, then retention is already doing well and the focus should be on acquisition.
At the end of the day, no generic statistic should drive the direction of your business.
*******
Disclaimer:
The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Lendio. Any content provided by our authors are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.
The information provided in this post does not, and is not intended to, constitute business, legal, tax, or accounting advice and is provided for general informational purposes only. Readers should contact their attorney, business advisor, or tax advisor to obtain advice on any particular matter.
SOFI TECHNOLOGIES PUBLISHES SECOND ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT
We closed out 2023 on a high note by debuting SoFi’s first comprehensive ESG report which captured our efforts throughout 2022. Today, we’re proud to share that our ESG Committee, which is made up of 10 SoFi stakeholders who represent key areas of our organization–including facilities, people, financial reporting, and others – has finalized our second annual ESG report. The 2023 ESG Report, tracks our progress across environmental, social, and governance programs while also collaborating to devise and execute strategies for future impact.
The report aims to provide stakeholders from across the SoFi community – from members, to investors, partners, and others – with a data-driven look at our stance on ESG matters today, while also providing a baseline that will be key to tracking progress over time. Programs reviewed include initiatives driven by our People team (e.g., benefits, diversity, equity and inclusion, compensation, our approach to talent and employee development, etc.) – as well as our product development processes, community investments and social impact, our environmental footprint, corporate governance strategies, risk management operations, public policy initiatives, and more.
We are excited to share the 2023 report with you today and continue to bring each of you along with us as we enter the next chapter in our endeavor to foster a better tomorrow.
Contact Information: For general inquiries about SoFi’s ESG strategy or upcoming report, please reach out to [email protected], and for investor-specific questions, [email protected].
Why You Don’t Need to Hire an Attorney in Your State to Appeal an ERISA Long-Term Disability Claim Denial
If you’ve received a denial of your long-term disability (LTD) claim, you may be considering appealing the decision. While it’s a daunting process, the good news is that you don’t have to hire a lawyer in your home state to help you with your appeal—especially if your claim is governed by ERISA (the Employee Retirement Income Security Act).
ERISA: A Federal Law Governing LTD Claims
ERISA is a federal law that sets standards for most employer-sponsored health and disability insurance plans. Because it’s a federal law, ERISA claims are handled in federal court, where local state laws have little effect on the process. This means that an attorney from any state can represent you, as long as they are qualified in federal law and experienced in handling ERISA claims, can represent you.
The key takeaway? You’re not limited to working with a local attorney.
Federal Courts Can Hear Cases from Any State
When dealing with an ERISA claim denial, it’s important to understand that federal courts have jurisdiction over these matters regardless of where you live. Because ERISA appeals typically don’t require in-person court appearances, there’s no need for your attorney to be physically present in your state. Most of the work—such as gathering medical records, reviewing the insurance company’s administrative file, and preparing legal arguments—can be done remotely.
Why Experience Matters More Than Location
ERISA claims are notoriously complicated. The rules are stacked in favor of insurance companies, and appeals are often won or lost based on technicalities in the administrative record. An attorney who specializes in ERISA law understands the intricate rules and strict deadlines involved, making them better equipped to handle your case effectively—even if they’re in another state.
In fact, many local attorneys may not have the necessary experience with federal ERISA laws and procedures. Hiring an attorney who focuses on ERISA disability claims gives you the best chance of overturning a denial, even if they’re in another state.
Working with an Out-of-State Attorney Is Easier Than You Think
Communication tools like email, phone calls, and video conferencing ensure that you can stay in touch with your legal team and get updates on your case without having to visit their office. Most of the documents and forms can be exchanged electronically, making the process seamless.
A specialized attorney will also handle the logistical aspects of filing in federal court, including preparing the necessary paperwork and meeting filing deadlines, so you don’t have to worry about the details.
Choose the Right Attorney, Not the Closest One
When it comes to appealing an ERISA long-term disability claim denial, your choice of attorney should be based on expertise and experience—not geography. An experienced ERISA attorney can navigate the federal legal system and fight for the benefits you deserve, no matter where you live.
If your long-term disability claim has been denied, you don’t have to settle for a local attorney who may lack experience with ERISA claims. Nick Ortiz of the Ortiz Law Firm is a national disability attorney who can help you recover the disability benefits you deserve. Call (888) 321-8131 for a free consultation to see how we can help you build a strong appeal, no matter where you’re located.
RELATED POST: How to Choose the Best Disability Insurance Lawyer to Appeal Your LTD Denial
What can I use a LendingCrowd loan for?
Even the most successful companies may need a cash injection
to reach their full potential – and that’s where a business loan can help.
With LendingCrowd, you can use a business loan to refinance existing debt, making your outgoings more manageable. We can also finance loans for stock, cashflow, expansion, a new contract, management buy-out or an acquisition.
Refinance
It’s common for businesses to take on different forms of
finance over time to meet varying needs. For example, a short-term loan to
purchase a new piece of equipment, an overdraft to deal with seasonal cashflow
issues, and a credit card for day-to-day spending.
Refinancing your current finance arrangements with a
business loan could make life easier, as you’d have just one monthly payment to
make. You could also spread your repayments over a longer period, lowering your
monthly payments.
Buying stock
There may be times when businesses need to buy large amounts
of stock in advance, for example retailers that depend on peak trading seasons
for the bulk of their sales. A business loan could help to cover the upfront cost
and prepare for the busy season ahead.
Expansion
If you’re looking to expand your business, for example by
launching a new product, moving to larger premises or growing your team, the
initial costs may seem daunting. A business loan could help to fund your
ambitions by spreading the cost of your investment.
Before taking out a business loan, always consider the
following points:
Repayment terms: The length of time you will have to
repay a business loan can range from a few months to several years, so you’ll
need to be mindful of the need to make ongoing monthly repayments during the
term of the loan.
Personal guarantees: If you provide a personal
guarantee on a business loan, you are personally liable to repay the debt if
the business is unable to do so. It is important that you consider getting
independent legal advice to ensure you understand the terms of any personal
guarantee required by a lender.
Terms and conditions: If you breach any of the terms
and conditions of a business loan, this could affect your business’s ability to
borrow money again. For example, lenders will generally inform credit reference
agencies when repayments are missed, so it’s important to understand the terms
and conditions before you take out a loan and make sure you keep up to date
with repayments.
It’s important to make sure that taking out a loan is right
decision for you and your business. If you ever find that you are in
financial difficulty, you should let your lender know as soon as possible so
you can work together to find the best solution.
It takes just minutes to apply for a LendingCrowd business loan – start your journey today.
Please note: all applications are subject to LendingCrowd’s
risk appetite and will be subject to clearance of AML and Cifas checks.
Article author
The Role of Installment Loans in Financing Large Purchases: Is It Worth It?
Installment loans are a type of loan that allows borrowers to repay the amount they owe over a set period through regular, fixed payments. Unlike revolving credit, where the balance can fluctuate, installment loans are structured with a clear start and end date. Common examples include car loans, home improvement loans, and personal loans, which help people manage significant expenses by spreading the cost over time.
Large purchases can be challenging, especially when they are sudden or unexpected. The total amount can be difficult to determine, whether it’s a new car, a significant home repair, or an expensive medical procedure.
Many people turn to loans as a solution, allowing them to purchase without draining their savings. However, this decision comes with its considerations, particularly when deciding whether to use installment loans.
Interest Rates
Interest rates play a crucial role in determining the overall cost of any loan. They represent the percentage of the loan amount the lender charges for borrowing the money. The higher the interest rate, the more you’ll end up paying over the life of the loan. Interest rates vary widely based on factors like credit score, loan amount, and loan term length.
One of the benefits of installment loans is that they often come with fixed interest rates. This means your payments remain consistent throughout the loan term, making it easier to plan and budget. With a fixed rate, there are no surprises, and you can confidently predict your monthly payments from start to finish.
But, the downside is that if you secure a loan with a high interest rate, you could pay significantly more than the initial purchase price. This is especially true for loans with longer terms, where even a seemingly small interest rate can accumulate into a large amount over time. It’s essential to shop around for the best rates and consider the total cost of the loan before committing.
Monthly Budget Impact
A large purchase can significantly impact your monthly budget, especially if you pay out of pocket. A sudden expense might force you to dip into savings or cut back on other areas of your spending. The financial strain can be even more pronounced with multiple ongoing expenses.
An installment loan can help by spreading the purchase cost over several months or years. This can reduce the immediate impact on your budget, allowing you to maintain your regular spending habits without feeling overwhelmed. With fixed monthly payments, you can incorporate the loan repayment into your budget more quickly than a large, one-time payment.
Conversely, committing to monthly loan payments over a long period can strain your finances in the long run. If your financial situation changes or an unexpected expense arises, keeping up with the payments might become challenging. It’s important to ensure that the monthly payments fit comfortably within your budget and that you have a plan for handling any potential financial disruptions.
Loan Terms
Loan terms describe the duration you have to repay the loan and the particular conditions the lender sets. These terms can differ significantly, with some loans needing to be repaid within a few months while others may allow repayment over several years.
One advantage of installment loans is that they offer flexible loan terms, allowing borrowers to choose a repayment period that fits their financial situation. Longer terms typically result in lower monthly payments, making managing the loan more feasible. This flexibility can be particularly helpful when dealing with a large purchase that you might not be able to pay off quickly.
However, longer loan terms come with their drawbacks. The extended repayment period means you’ll pay interest for longer, increasing the loan’s total cost. Additionally, the longer the term, the longer you’ll be committed to making payments, which can limit your financial freedom and flexibility in the future.
Credit Score Considerations
Your credit score is crucial in obtaining any loan, including installment loans. Lenders rely on this score to evaluate your creditworthiness and set the interest rate and loan terms. A higher credit score usually leads to more favorable loan conditions, while a lower score might result in higher interest rates or even challenges in getting approved.
Installment loans can be beneficial for building or improving your credit score as long as you consistently make timely payments. When you pay on schedule, it signals to lenders that you are reliable, which can positively affect your credit history. Over time, this can improve your chances of qualifying for more favorable loan options and lower interest rates.
Conversely, missing payments or defaulting on installment loans can significantly harm your credit score. This can make it harder to obtain credit in the future and may lead to higher interest rates on any loans you qualify for. Understanding your financial commitment and ensuring you can meet the payment obligations to protect your credit score is essential.
Purpose of the Purchase
When considering installment loans, it’s essential to evaluate the necessity of the purchase itself. Large purchases can be tempting, but it’s crucial to determine whether they are essential or simply a desire. Understanding the purpose of the purchase can help guide your decision-making process.
Installment loans can be a great way to finance necessary purchases that would otherwise be out of reach. For example, buying a reliable car for commuting or making essential home repairs can justify taking on debt, as these purchases can improve your quality of life or even save you money in the long run.
However, using installment loans to finance non-essential or impulse purchases can lead to financial strain. Taking on debt for something you don’t truly need can result in long-term regret, especially if you struggle to keep up with the payments. It’s important to carefully consider whether the purchase is worth the financial commitment before taking out a loan.
Conclusion
Choosing a loan for a large purchase requires careful consideration of various factors, including interest rates, monthly budget impact, and loan terms. Evaluating these aspects is crucial to making a wise financial decision. Before committing, assessing your needs, budget, and financial situation is essential to determine if this type of loan is the right choice.
Article written by Tiffany Wagner, tiffanywagtw@gmail.com
NEW RECORD: Bondora Group Stats August 2024
🎉August was another record-breaking month at Bondora Group. After investors made the most out of the One Billion Celebration campaign, investments sky-rocketed once again to set a brand-new record. On the individual credit market level, the Netherlands and Latvia also exceeded their previous loan origination records.
Discover more exciting information about our August stats and numbers.
In August, 1,843 more people created investor accounts with us. Do you have friends who could also benefit from simple online investing? Refer them using your unique code from your Dashboard so you and your friends could each get an investment bonus.
Thank you to everyone who joined our one billion celebration. During the entire campaign, Bondora investors added €40.2 million to their Go & Grow accounts!
This leads us to the total amount you invested during August: a grand €28,478,639. This breaks the record that was set in July and is now the highest invested amount per month.
Our Bondora investor community earned a total of €2,481,252 in returns in August. As we mentioned in another article recently, it’s essential to celebrate your milestones as you continue on your financial journey to achieving your goals.
“Can you tell me more about the Go & Grow return rate?”
With Go & Grow, the annual return rate is up to 6.75% p.a. for investments up to the monthly limit and up to 4% p.a. for amounts exceeding the limit. As of 9 September, you can now earn up to 6.75%* p.a. on your entire Go & Grow portfolio PLUS any extra amount you invest over the monthly limit! (Read more about this news here)
While returns are not guaranteed, investors have consistently received the full possible return on their investment since the launch of Go & Grow in 2018.
The returns you earn are paid into your Go & Grow daily.
And, because Go & Grow has a compound interest rate, you receive interest on the returns you have already earned.
Here’s a small example:
Let’s say you invest €700 every month for a year and earn returns at a rate of up to 6.75% p.a. Your investment will grow thanks to daily compounding interest, and by the end of the year, you’ll have added €8,400 in total (€700 x 12 months).
With the 6.75% annual return, your total balance will be approximately €8,800—meaning you’ve earned around €400 in returns. For amounts exceeding the monthly limit, you would receive up to 4% p.a.
And over time, the compounding effect will grow your returns even more significantly as your returns continue to compound.
If you would like to know more or have any questions about Go & Grow, please feel free to write to our support team.
In August, €27,541,887 was originated in loans across all our active markets. After breaking our overall record of loan originations in July, we are celebrating two new records on the individual market levels in August.
€6,859,008 worth of loans were originated in the Netherlands. This is a 5.7% increase from July and a new record for the highest monthly loan originations figure in the Dutch market.
In Finland, loan customers originated €15,524,047 worth of loans, a 25.1% decrease from July.
In the Estonian market, there were €4,853,948 in loan originations—a 15.4% decrease from July.
Once again, Bondora Group’s most recently launched credit market, Latvia, is showing promising growth, with originations increasing by 36.5% to €304,884 in August. This is now Latvia’s highest-ever origination statistic.
See from which markets the most originations came in August:
Finland continues to hold the title as the market with the largest share of loan originations, 55.9%.
For the second month in a row, the Netherlands holds its position as the second-largest credit market, with 25.2% of all originations, while Estonia has a 17.8% share.
Latvia continues to be in fourth place with a 1.1% share of originations.
At the time of writing, our Instagram community consists of 14,716 followers. If you aren’t already following us, this is your invite to join us on Instagram! You can find regular updates, fun and educational content, and exclusive behind-the-scenes moments.
