In the current economic climate, it’s no secret that many individuals and businesses are struggling with debt. This is where BetterCents comes into play. As an embedded debt repayment API, BetterCents is committed to making the repayment process effortless for lenders and credit marketplaces while prioritizing the financial wellbeing of customers. In this Startup Showcase, we’ll explore how BetterCents is redefining the debt repayment experience, and why their innovative approach is generating so much buzz in the financial technology sector.
Unique Lender Infrastructure: The Key to BetterCents’ Success
BetterCents’ unique lender infrastructure is what separates them from conventional debt repayment platforms. With automated debt repayment tools, lenders can mitigate the risks associated with non-performing loans while streamlining the repayment process for customers. By becoming the only rails upon which debts can be auto-repaid, BetterCents eliminates the need for manual intervention and highly reduces operational costs. This results in significant savings for lenders and a hassle-free experience for customers.
Lower Loss Rates: Paving the Way for Financial Stability
One of BetterCents’ core objectives is to mitigate persistent debt spirals. Defaulted loans can be costly, and lenders frequently struggle to recover their losses from customers who don’t have the means to repay. BetterCents’ embedded debt repayment tools empower customers to stay on top of their loan repayments, ensuring they don’t fall into long-term debt. This reduces the risk of loss for lenders and creates a more stable financial environment for customers.
FCA Debt Consolidation Oversight: Promoting Responsible Lending
BetterCents is committed to responsible lending, and their infrastructure aligns with the Consumer Duty Act, ensuring that lenders follow best practice guidelines. As a result, the Financial Conduct Authority (FCA) oversees BetterCent’s debt consolidation services, providing customers with peace of mind and banks with a transparent and compliant solution.
Financial Inclusion: Enabling Access to Credit
BetterCents’ innovative approach to debt repayment not only benefits lenders but customers too. The platform prioritizes financial inclusion, providing eligible customers that were previously excluded from the financial system with access to credit. BetterCents’ embedded API tools streamlines the underwriting process and enhances credit risk analysis, allowing lenders to provide broader access to credit facilities.
Lenders Can Boost Affordability Scores -Generating More Revenue
BetterCents has empowered lenders to increase their lending volumes by boosting customer affordability scores. Lenders that utilize BetterCent’s debt repayment infrastructure can earn up to 10-30% in revenue. By streamlining the loan repayment process for customers and lowering default rates, lenders can improve their profitability.
Conclusion
BetterCents’ infrastructure is revolutionizing debt repayment in the UK, empowering lenders and credit marketplaces to serve their customers better. Their unique embedded debt repayment API has helped mitigate persistent debt spirals, support responsible lending and promote financial inclusion, all while enhancing lenders’ profitability. As BetterCents continues to grow, their innovative approach to debt repayment is transforming the financial landscape in the UK.
Website: https://www.bettercents.io/
Twitter: https://twitter.com/BetterCents
Facebook: https://www.facebook.com/HeyBetterCents
LinkedIn: https://www.linkedin.com/company/bettercents
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