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Credi’s new records in August 2017

credi new records in august 2017

Credi.com, the platform that powers “the Bank of Mum and Dad” – has set new records in August 2017. Overall the platform has exponentially increased the number of users and overall loans on the platform.

This August 2017 saw $29 million worth of loans set up to be managed and formalised on the platform. With $9.5 million of this being active/live on our platform – seeing a 12% increase from last month.

The platform has also reached 1238 users on the platform. This has overall seen a 28% increase from last months user statistics.

Keep an eye out for more to come and next months statistics.

 

 

Credi’s #WhatTheLoan – borrowed money to help buy my first car

One Credi user has helped out a family member by lending them money to ‘buy my first car’. #WhatTheLoan What have you lent or borrowed money for?

#WhatTheLoan to buy my first car

 

 

 

Bad Lending experiences shared by listeners on Today FM Ireland

Have you ever had a bad experience when lending to family or friends? Don’t worry, you’re not alone. Today FM’s Paula MacSweeney highlights listeners bad lending experiences in her article and overall sums up ‘Don’t loan what you can’t afford to lose.’

Paula writes that most people who loan money to family and friends are too afraid to ask for it back. She goes on to point out that the average person from Ireland loses around 260 euro a year from unpaid loans between family and friends.

Check out the link to see some of the crazy experiences from listeners of the Early Breakfast show on Today FM. Some will leave you shocked!

Credit: Paula Macsweeney

Source: www.todayfm.com

 

 

Loan from the bank of Mum and Dad- 1 of 3 ways to help your child free themselves from debt

loan from the bank of mum and dad

‘Adulthood isn’t what it’s cut out to be’, Debt Consolidation.com highlights 3 key ways to help your adult children become free from debt- one way is a loan from the bank of Mum and Dad.

Many millennials face the struggle of transition to a life of a financially independent grown up. Paying off loans, bills, expenses and day to day spending becomes challenging especially when they carry with them a significant amount of student debt.

Many young adults find themselves going to their parents for financial support.

Debt Consolidation.com highlight 3 key ways to help your adult children.

One of their three key ways they believe to be ‘the right way’ to help them out and that won’t damage your child’s financial future or your relationship is a loan from the bank of Mum and Dad.

Read the article in full by clicking here!

Credit: Dan Wesley

Source: www.debtconsolidation.com/

 

 

 

Legal & General Infographic on The bank of Mum and Dad

Legal & General have partnered with Cebr to produce this factual and fun infographic on the bank of Mum and Dad. Helping to highlight the impact parents lending to children have on the property market.

 

Legal & general infographic on the bank of mum and dad

 

 

Source: www.legalandgeneral.com/

 

 

New survey highlights peak millennials struggle in buying their first property

Garry Marr from Financial Post in Canada writes of the struggle peak Millennials face in buying their first property. Leger’s research outlines that 50% of 1000 surveyed believe the new mortgage regulations set by the federal government have impacted the type of property they can afford.

2/3 of the peak millennials (those between 25-30 years of age) surveyed do not own their own home and dream of owning a detached home. The online survey completed in June 2017 highlights that 61% of the sample would prefer to buy a detached home, however only 36% believed they could afford it.

Leger’s research also highlights that 14% of those surveyed live with their parents. The article further highlights that the bank of Mum and Dad will continue to be a support, with 25% of respondents saying they’d seek financial support from their families.

Garry Marr further goes onto highlight the shared difficulty between peak millennials in affording to buy their first property. Marr also goes onto highlight the new mortgage regulations and it impacts on the market.

 

Peak Millennials struggle to buy first property

 

Check out the video and article here!

Credit: Garry Marr

Source: business.financialpost.com

 

 

Credi’s #WhatTheLoan – To Pay for my Holiday

#WhatTheLoan is back! What have you lent or borrowed money for? Well, this week we had someone borrow money to “pay for my holiday.”

pay for my holiday

 

 

 

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RFi Group: The Australian Fintech targeting informal lending – Credi

Australian fintech targeting informal lending

RFi Group writes of the new Australian fintech company targeting informal lending. Have you heard of them? It’s Credi!

RFi Group goes onto further highlight how Credi’s platform and how we help Australians who end and borrow from family and friends formalise their agreement and help facilitate the process all in one place.

Credi now has $28 million dollars of loans on the platform, double the number released in July. Credi hopes to “save relationships from the ‘strain of financial dealings’ by turning these informal loan agreements into ones that are credible and manageable”, as said by CEO, Tim Dean.

RFi Group further sums up their article by highlighting some very interesting lending data gathered in March 2017, informing readers of the potential for Credi.

Credit: RFi Group

Source: www.rfigroup.com

 

 

 

Should the bank of Mum and Dad Gift or Loan?

bank of Mum and Dad gift or loan

Katherine Denham from City A.M. brings you an article to help parents decide whether they should gift or loan to their children?

Denham highlights the increasing number of young adults feeling the pinch on their wallets.

With the added burdens of student debt, high property prices and stagnant wages she sees more strain for these individuals to save. Overall, helping to make the idea of owning a home unfathomable for young people.

Denham highlights statistics from Resolution Foundation showing that millennials are the first generation to be worse off in comparison to their parents. So it shouldn’t come as a shock to see most of these individuals turning to the bank of Mum and Dad for financial support and help to get a foot on the property ladder.

Katherine Denham further goes on to discuss the differences between simply giving and lending to children, as well as joint purchasers.

Credit: Katherine Denham

Source: www.cityam.com

 

 

Bank of Mum and Dad equal to the 9th biggest mortgage lender in the UK

Bank of Mum and Dad equal to 9th biggest mortgage lender image

Journalist Isabelle Fraser of the Telegraph in the UK writes of the impact of the bank of mum and dad reporting it to be equivalent to the 9th biggest mortgage lender in the country.

Fraser further states parents in Britain now fund more than a quarter of purchases in the housing market, as their children and the younger geneations struggle to get on the ladder.

Statistics from Legal & General highlight that last year 26% of deposits were paid for with the help of a family member- with parents provididng deposits for an estimated 298,000 mortgages.

Click the link below to read the full article.

Credit: Isabelle Fraser

Source: telegraph.co.uk