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Home Credit Market Inquiry, Provisional Findings Report

Purchasing & Supply

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Last 16 days · 16 data points (no recent data)

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Price distribution over 16 days • 1 price levels

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Most common price: £60 (16 days, 100.0%)

Price range: £60 - £60

Price levels: 1 different prices over 16 days

Description

Home credit loans are mostly cash loans for small sums. The mean value is around £300 and 70 per cent of home credit loans are under £500. Loans are usually repaid over a year or less, in weekly instalments which are collected from the customer's home. Home credit customers are more likely than the population as a whole to be female, to be under 35, to have young families, to fall into socioeconomic groups D and E, to live in a low-income household and to live in housing rented from a local council or housing association. Home credit lenders lent about £1.5 billion to around 2.3 million customers in 2004, and collected around £1.9 billion in repayments. Six large lenders account for around 90 per cent of the market, with one, Provident Financial plc, accounting for around 60 per cent of the market on most measures. Alternative credit products (those used disproportionately by low income consumers, such as agency mail order, pawnbroking, credit unions and the social fund) are not good substitutes for home credit and do not pose a competitive threat to it. Nor has increased use of mainstream credit products (credit cards, personal loans etc) had any impact on home credit prices. No other form of credit imposes a significant competitive constraint on home credit. Price competition among lenders is weak, partly due to price insensitivity among customers. Incumbency is a significant advantage for established lenders and, coupled with the weak price competition, prevents, distorts or restricts competition. Customers consequently pay higher prices than could be expected in a competitive market. The Commission found that several major lenders have earned returns substantially in excess of the cost of capital. Not all the lenders, though, agree with these conclusions and the methods of calculation used. Discussions are continuing.

Product Specifications

Format: paperback
ASIN: 0117036927
Category: Books > Subjects > Business, Finance & Law > Management > Purchasing & Supply
Domain: Amazon UK
Release Date: 12 May 2006
Listed Since: 10 December 2006

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Home Credit Market Inquiry, Provisional Findings Report

It has never been this cheap. We have no record of a lower price.

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