In a move to improve financial inclusion and unlock access to credit for more customers, Experian, the consumer credit reporting company, is joining forces with Oakbrook, a non-bank consumer lender, to offer debt consolidation loans on the Experian Marketplace.
Experian revealed that debt consolidation remains the main reason customers search for loans. However, many customers face challenges in securing a debt consolidation loan due to affordability restrictions.
To address this, Experian is also partnering with UK-based fintech provider Paylink to integrate its ReFinancing (ReFi) solution, designed to expand financial inclusion and provide more customers with the opportunity to consolidate their debts.
ReFi can be helpful to many consumers, enabling them to take out a new loan to pay off their old debts with one manageable monthly payment. This process can save them money on interest overall, and make budgeting easier, both practically and mentally.
Ewan Hamilton, commercial director at Experian Consumer Services, commented: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively. The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”
Oakbrook goes live with ReFi
Following its latest collaboration, Oakbrook becomes the first lender to go live with ReFi-enabled loans on the Experian Marketplace. This partnership will enable customers to simplify their finances and save money by consolidating their existing credit commitments, including personal loans and credit cards, into a single, manageable debt consolidation loan.
Claire Smith, head of marketing at Oakbrook, also commented: “This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments.
“As the first lender to offer ReFi-enabled loans, we’re excited to lead the way in delivering real, positive change for consumers, empowering them to manage their debts more effectively and meet their financial objectives.”
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