This is placeholder text continue reading » This post is currently collecting data… In the wake of the COVID-19 pandemic, lenders are looking to the past to determine the potential impact on their businesses. In the Great Recession from Q4 2007 to Q2 2009, personal loan lenders tightened their originations to reduce their exposure in an uncertain market. By the end of the recession the number of personal loan accounts across the credit risk tiers was just 11.4 million, a 10% decline from Q3 2007 — the last full quarter before the start of the recession.For a number of reasons, the personal loan landscape looks different now than it did from 2007 to 2009. First, personal loan distribution shifted to more prime and above borrowers in the aftermath of the Great Recession. As of Q3 2020, prime and above accounts represent 54% of personal loans, up from 40% in Q3 2007, right before the Great Recession began. Second, in the current crisis as of the end of Q3 2020, 4.38% of unsecured personal loans are in forbearance or deferment via hardship programs, obscuring performance data that was available in previous crises.Due to these factors, and consumers’ access to government assistance via the CARES Act, lenders may assume they are in a better position in this recession. This assumption, however, does not account for the impact of consumers migrating to different credit tiers during an economic downturn.To understand the risks for FinTechs and other unsecured installment lenders, we analyzed TransUnion’s depersonalized consumer credit database to uncover trends from the Great Recession. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Burnley are to ban 21 people from the club for life following violence in the town last year. Press Association The trouble broke out at Burnley Miners Club following the Clarets’ Championship game against Sheffield Wednesday in January 2014. Burnley chief executive Lee Hoos said: “It is our intention to give lifetime bans to all of those involved in this mindless act of violence. “Naturally, we will cross-check our database and put these bans in place. “These people are clearly not fans and there is no place for them at Burnley Football Club.” The club’s decision comes after those sanctioned were convicted and given football banning orders at Preston Crown Court earlier this week. Nineteen of those involved were also given prison sentences ranging from five to 22 months.