Applications for finance have soared since the lifting of lockdown restrictions, according to intelligent decisioning technology provider LendingMetrics.
The company has seen traffic rise 60-65% on its LMX platform during the first two weeks of April, compared to levels during the same weeks in March. Lenders that use its automated decisioning platforms witnessed loan applications rise by between 15-238%.
It can trace the uptick to the announcement of the government’s first lifting of lockdown restrictions on March 8, with demand for finance gathering pace at the time of the second lifting on April 12.
David Wylie, Commercial Director of LM, said: ‘It is a relief for many lenders that they have moved from a situation of over-collecting – where there has been more settling of loans by consumers than new loans taken out – to one where there has been a sharp jump in new loan volumes.’
‘The figures suggest that demand has been suppressed by the pandemic and consumers are taking the lifting of the lockdown as the cue for going ahead with deferred spending. The conditions are right for a very strong rebound provided we continue to move out of lockdown as planned.’