Plend and Monevo partner to offer inclusive lending options

By Gloria Methri

Plend has partnered with Monevo to empower over 150 credit providers and banks to host, manage and distribute pre-qualified credit offers. The partnership aims to provide more inclusive lending options by offering pre-qualified personal loans to customers across the UK, utilising Plend’s proprietary technology.

Plend is an open-data consumer lender that provides affordable, longer-term loans to customers across the UK using its technology, The PLEND Score®, to assess affordability rather than solely relying on the credit score. This innovative approach enables Plend to offer a more inclusive way to lend, providing a fairer alternative to the existing loan landscape.

Monevo is a platform that empowers credit providers to manage and distribute pre-qualified credit offers. Plend is one of its providers, and it allows them to update their lending performance quickly.

Plend has recently introduced the Monevo declines customer solution option, which means that if a customer applies directly for a loan with Plend and is declined, they get a chance to reapply for another loan through Monevo’s partner, Creditspring. If the customer does not qualify for a loan with Creditspring, they are also offered an opportunity to sign up with a credit builder product.

“Plend and Monevo’s new partnership addition aims to help Plend distribute their products to suitable consumers as well as helping declined customers get the loan they need through a trusted partner,” said Dawn Wood Monevos, UK Territory Director. “Working with the team at Plend to enable them to distribute their product as well as being able to help them support their declined consumers has been a pleasure. We are very much looking forward to seeing the relationship continue to grow.”

This partnership will offer tailored support and additional options, resulting in a better customer experience and more affordable choices.

James Pursaill, CTO and Co-Founder of Plend, said, “As our new report shows, a shocking 1 in 10 UK adults are considering using loan sharks within the next 12 months. In a post-consumer-duty landscape, lenders must do more to mitigate poor customer outcomes faced by declined customers. We’re thrilled to introduce our declined customer solution in collaboration with Monevo. This enables us to extend more inclusive lending options to those who fall outside of our standard criteria, guiding them toward more fitting solutions tailored to their circumstances.”