5 • 2.6K Ratings
🗓️ 4 May 2023
⏱️ 26 minutes
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☝️ Click above ☝️ to follow the show, it is pretty much the only thing that keeps the show visible and it makes me very happy.
Paydown curves are one of my favourite things. Get a few glasses of wine in me and the right audience at an industry event, and I'll happily chat about them long into the night. The thing is, they can create the impression that there's only one route to Present Value = 0
And that really doesn't need to be the case. After all, everything else in life fluctuates, so why can't your loan balance follow a more fluid path downward? That's not the most elegant way of describing Custom Credit's philosophy, but it's not that far off.
Custom Credit was set up with three mission statements in mind: (1) to become the most customercentric fintech in the UK; (2) to ensure our colleagues better reflect our customers; and (3) to improve financial literacy, both in terms of our customers and the broader community.
Join us as we chat about spending time to understand customer needs, staffing to reflect customer needs, and, ah, designing products that react to customer needs.
Custom Credit is at https://www.customcredit.co.uk/
Custom Credit are also on Linked in at - https://www.linkedin.com/company/custom-credit/ - and as Damien said, you can find him on LinkedIn, too (just tell him the podcast sent you)
You can learn more about myself, Brendan le Grange, on my LinkedIn page (feel free to connect), my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24
If you have any feedback, questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.
Regards, Brendan
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0:00.0 | So really we're trying to flex the payment schedule to their life knowing that most customers |
0:08.2 | are going to experience a blip in the average what two and a half, three years that they'll |
0:12.5 | be borrowing from us. |
0:17.7 | We live in a world that is, shall we say, rich in volatility. |
0:22.0 | We've always had trades people in small business owners whose incomes rise and fall, sometimes |
0:27.1 | with seasonality, sometimes at random. |
0:30.0 | We've had salespeople and commission owners. |
0:32.0 | We still do. |
0:33.1 | And now we have gig workers too. |
0:35.2 | This can be stressful. |
0:36.6 | A study by Gordon Sayer PhD, an assistant professor of organizational behavior at Emley |
0:42.7 | on Business School in France, found that not only was pay volatility related to worse |
0:48.3 | health in lower paid tip jobs or among freelancers in the gig economy, but for higher paid professionals |
0:54.5 | working in finance and sales and marketing too, where a commission and performance bonuses |
0:59.2 | are common. |
1:00.6 | This stress is surely exacerbated by the fact that the incomes fluctuate and interest rates |
1:06.1 | fluctuate when obligations are rigid. |
1:09.5 | Earned £5,000 a month, your loan repayment is £1,000. |
1:13.3 | Earned £2,000 next month, your loan repayment is £1,000, a much tighter squeeze. |
1:20.1 | Welcome to Heart to Lynn Manitus Strangers with Brendan Lagrange. |
1:24.5 | Damian Burke, CEO and founder of Custom Credit. |
1:39.4 | Welcome to the show. |
... |
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